Key Insights:
- Bitcoin (BTC) and ethereum (ETH) had combined fortunes on Saturday, with BTC extending its shedding streak to a few periods.
- Ethereum community updates continued to resonate as traders waited on information from FTX debtors and collectors.
- After a combined Saturday, it has been a bullish Sunday morning, with investor resilience sturdy regardless of lingering uncertainty.
Ethereum (ETH) rose by 0.50% on Saturday. Reversing a 0.33% loss from Friday, ETH ended the day at $1,205. ETH wrapped up the day at $1,200 for the second time in seven periods.
After a bullish morning, ETH rose to an early afternoon excessive of $1,235. ETH broke via the First Major Resistance Level (R1) at $1,214 and the Second Major Resistance Level (R2) at $1,229. However, a bearish afternoon noticed ETH fall to a late low of $1,196 earlier than wrapping up the day at $1,205. ETH averted the First Major Support Level (S1) at $1,177.
On Saturday, bitcoin (BTC) slipped by 0.36%. Following a 0.52% loss on Friday, BTC ended the day at $16,460. Notably, BTC averted sub-$16,000 for the fourth consecutive session.
A bullish begin to the day noticed BTC rise to an early excessive of $16,697. BTC broke via the First Major Resistance Level (R1) at $16,639 earlier than falling to a late low of $16,389. However, steering away from the First Major Support Level (S1) at $16,376, BTC discovered late help to finish the day at $16,460.
Ethereum community updates resonated into the weekend, with ETH holding onto the $1,200 deal with.
On Thursday, the Ethereum Foundation introduced the subsequent set of post-Merge and transition to PoS upgrades. Set to happen in H2 2023, a characteristic of the Shanghai exhausting fork would be the Beacon Chain Staked Ether (ETH). The exhausting fork will enable customers with pre-Merge-staked ETH to entry the tokens and rewards.
While the announcement was optimistic, the builders offered no timelines. Further updates on the Shanghai exhausting fork will present ETH value motion.
For BTC and the broader market, returning traders from the Thanksgiving holidays might help a breakout afternoon session. This morning, the BTC Fear & Greed Index moved out of the Extreme Fear zone for the primary time because the collapse of FTX.
Ethereum (ETH) Price Action
At the time of writing, ETH was up 1.17% to $1,219. A bullish begin to the day noticed ETH rise from an early low of $1,204 to a excessive of $1,223.
ETHUSD 271122 Daily Chart
Technical Indicators
ETH must keep away from the $1,212 pivot to focus on the First Major Resistance Level (R1) at $1,228 and the Saturday excessive of $1,235. An ETH return to $1,230 would sign a bullish afternoon session. However, the crypto news wires want to supply help.
In the occasion of an prolonged rally, ETH would doubtless take a look at the Second Major Resistance Level (R2) at $1,251. Third Major Resistance Level (R3) sits at $1,290.
A fall via the pivot would carry the First Major Support Level (S1) at $1,189 into play. However, barring an prolonged afternoon sell-off, ETH ought to keep away from sub-$1,150. The Second Major Support Level (S2) at $1,173 ought to restrict the draw back. The third Major Support Level sits at $1,134.
News of extra crypto platforms freezing withdrawals would carry sub-$1,100 into play.
ETHUSD 271122 Hourly Chart
Looking on the EMAs and the 4-hourly candlestick chart (under), it was a bearish sign. Ethereum sat under the 100-day EMA, at the moment at $1,231. The 50-day EMA narrowed to the 100-day EMA, whereas the 100-day EMA slipped again from the 200-day EMA, delivering combined indicators.
A transfer via R1 ($1,228) and the 100-day EMA ($1,231) would help a run at R2 ($1,251). However, a slide via the 50-day EMA ($1,195) would depart ETH beneath stress.
ETHUSD 271122 4 Hourly Chart
Bitcoin (BTC) Price Action
At the time of writing, BTC was up 0.67% to $16,571. A bullish begin to the day noticed BTC rise from an early low of $16,452 to a excessive of $16,603 earlier than easing again.
BTCUSD 271122 Daily Chart
Technical Indicators
BTC must keep away from the $16,515 pivot to focus on the First Major Resistance Level (R1) at $16,642 and the Saturday excessive of $16,697. A return to $16,600 would sign a bullish session. However, BTC would wish pleasant FTX-linked information updates to help a breakout session. A scarcity of reports might see BTC transfer inside tight ranges.
In the occasion of an prolonged rally, BTC would doubtless take a look at the Second Major Resistance Level (R2) at $16,823 and resistance at $17,000. The Third Major Resistance Level (R3) sits at $17,131.
A fall via the pivot would carry the First Major Support Level (S1) at $16,334 into play. Barring an prolonged sell-off, BTC ought to keep away from sub-$16,000. The Second Major Support Level (S2) at $16,207 ought to restrict the draw back. However, damaging FTX-related information might ship BTC to sub-$16,000.
The Third Major Support Level (S3) sits at $15,899.
BTCUSD 271122 Houly Chart
Looking on the EMAs and the 4-hourly candlestick chart (under), it was a bearish sign. This morning, bitcoin sat on the 50-day EMA, at the moment at $16,545. The 50-day EMA flattened on the 100-day EMA, whereas the 100-day EMA eased again from the 200-day EMA, delivering combined indicators.
A breakout from the 50-day EMA ($16,545) would help a transfer via R1 ($16,642) to focus on R2 ($16,823) and $17,000. However, a failure to interrupt out from the 50-day EMA ($16,545) would depart S1 ($16,334) in play.
BTCUSD 271122 4 Hourly Chart
