As the running week began, the investors continued experiencing the downtrend that the major cryptocurrencies had been experiencing since the last week. From the beginning of the week, the analysts had predicted that all major cryptocurrencies will be pinned down by the bearish barrage.
It seems that this time, the predictions made by the analysts were spot-on, as the overall cryptocurrency is indeed facing a constant downtrend. As of now, the overall performance of major cryptocurrencies has turned bearish.
As the overall cryptocurrency trend turns bearish, the majority of the cryptocurrency investors have their eyes set upon Bitcoin (BTC) and Ethereum (ETH). As the couple is the top duo within the crypto-verse, the majority of the investors look up to them to assess the crypto-market.
Among the two, it is Bitcoin that deserves the first mentioning because of its performance in the last week. The data from analytical sources such as TradingView reveals that Bitcoin has been struggling really hard to maintain its bullish run.
It was back on November 10, 2021, when Bitcoin managed to hit an all-time high of $68,789.63 midday. On the same day, Bitcoin experienced an all-day low of $63,208.11 and closed the day at $64,995.23.
Since then, Bitcoin’s price has continued deteriorating and is constantly being challenged by the bearish trend. From November 19, 2021, Bitcoin’s price has been hovering between $57,000 and $57,900 per BTC.
According to the performance graph from TradingView, Bitcoin is struggling to keep its head higher than $57k per BTC benchmark. On the other hand, the bearish trend is showing a lot of resistance at the $57k figure.
The data from the relative strength index (RSI) showed that Bitcoin may soon give in and go below $55k per BTC. Surprisingly, Bitcoin’s price at present is $54,397.52 per BTC, from its all-time high of $68,789.63 from November 10, 2021. This means that the price of Bitcoin has experienced an almost 21% drop since November 10, 2021. According to data from the RSI and historical data from TradingView, Bitcoin may still be looking at yet another price drop.
Next in line is Ethereum (ETH), which according to data from TradingView, seems to be following on Bitcoin’s footprints. For Ethereum however, the all-time high was achieved on November 16 midday, when it reached a price of $4,891.70.
Ethereum started the particular day at $4570.48 per ETH, then hit an all-time high, before closing the day at $4,216.37 per ETH. This goes to show that ETH grew by 7.03% and then ended the day at 7.75% in negative. The data from TradingView showed that from November 16 until November 25, Ethereum struggled at an average price of $4,266.98 per ETH.
The price prediction for Ethereum by TradingView was to go below the $4,100 per ETH figure. At the time of writing, Ethereum is at a price of $4,040.35 per ETH. This means that so far, the RSI and TradingView predictions are turning out to be true. However, the RSI data shows that the price of ETH may return above the figure of $4,970.68 per ETH by the end of December 2021.