Technical Analysis

Ethereum rose above $3,000 on December 3 following the activation of its Fusaka mainnet upgrade. The fork introduces PeerDAS technology and doubles block gas capacity, laying groundwork for expanded blob throughput. ETH trades near $3,070 after breaking through a descending trendline that had limited gains since late October.

Bitcoin climbed nearly 7% in a single trading session, pushing its market capitalization above $1.86 trillion. The rally followed the Federal Reserve's decision to end its quantitative tightening program, which had removed approximately $2.4 trillion from the financial system since mid-2022. Major institutions including Vanguard and Bank of America have introduced crypto-friendly policies, with Vanguard announcing on December 2 it will permit trading of crypto-focused ETFs across Bitcoin, Ethereum, XRP, and Solana.

BlackRock's iShares Bitcoin Trust ETF generated $3.7 billion in trading volume, exceeding Vanguard's S&P 500 ETF at $3.28 billion. Bitcoin price increased approximately 7% within 24 hours, reaching $93,040. Mining stocks declined despite the broader market recovery, with hash price falling to roughly $39 per PH/s.

Bitcoin climbed back above $93,000 during Wednesday morning trading in Asia, less than 48 hours after dropping to $84,000. The cryptocurrency has recouped all losses from the recent decline and reached a key resistance level. Market sentiment has turned positive following the rebound.

Bitcoin dropped nearly 10% early this week, retesting the $84,000 level before recovering. Analyst Rekt Capital warns BTC remains in a vulnerable position below key moving averages. The upcoming weeks will prove crucial for determining its trajectory as early bear market indicators emerge.

XRP has climbed above its 9-day and 20-day exponential moving averages following a consolidation period, signaling renewed buying interest. The token now confronts a resistance cluster between $2.19 and $2.24, where order-book data reveals sell walls exceeding $413,000 USDT at $2.20. Support remains anchored near $2.14, with bid walls totaling nearly $1 million USDT providing downside protection.

Bitcoin remains below $90,000 as long liquidations dominate derivatives markets. Data show the liquidation dominance oscillator reached 32%, one of the highest readings in three years. The asset is now testing the 100-week simple moving average after declining from $115,000 to the $86,000–$88,000 range.

Bitcoin traded near $86,000 with 58% market dominance as analyst Peter Brandt identified a break in the cryptocurrency's historical four-year parabolic cycle pattern. Brandt suggests a potential decline to $50,000 could set the stage for a subsequent rally toward $200,000-$250,000 in the next bull phase. Current technical indicators show weakening bearish momentum despite the cycle disruption.

Bitcoin opened December 2024 under selling pressure, continuing a pattern observed throughout the year. Analyst Daan Crypto Trades found that approximately 80% of months in 2024 established their monthly high or low within the first 12 days. December has followed this trend with an immediate decline from the monthly open, leaving no upside wick.

Ethereum has dropped below $2,800 following a sharp decline, triggering widespread concern across the market. Open interest on Binance has collapsed by more than half over three months, according to a CryptoQuant report by Darkfost. After peaking at $12.6 billion on August 22, open interest has fallen to $6.2 billion, representing a 51% contraction and the elimination of nearly $6.4 billion in derivative positions.