Price Analysis

Ethereum is up nearly 9% as the market reacts to the upcoming Fusaka upgrade. Analysts are divided, with some pointing to a critical support level at $2,800, while others warn of high leverage and potential volatility.

The crypto market is in full rally mode, with Bitcoin climbing 8% and numerous altcoins posting even larger gains, some exceeding 30%. The surge marks a strong reversal from recent sharp price declines.

Despite a 25% year-to-date decline and a 44% drop from its July peak, technical analysts are spotting bullish signals for XRP, including a bullish divergence on the RSI and a hold above key historical levels.

Ethereum’s price has fallen below the critical $3,000 support level, risking a further decline towards $2,850. However, the MVRV Z-Score indicator suggests the asset may be undervalued and could be nearing a bottom.

Bitcoin is trading in a narrow range amid heavy selling from long-term holders. Analyst Ali Martinez warns that a break below the $83,300 support level could trigger a steep decline to $66,900.

Despite a significant price drop, Fundstrat’s Tom Lee predicts Bitcoin will hit a new all-time high by the end of January. He cites a recovering stock market and a potentially less aggressive Fed as key drivers, while his firm, Bitmine, continues to aggressively accumulate Ethereum.

The price of XRP fell by 6.5% to around $2, with trading volume surging over 90%. Analysts are watching the $2 psychological support level, while some point to a historical pattern from 2017 that preceded a massive price increase.

Bitcoin’s price has dropped over 5% in early December, triggering a rare bearish signal on the monthly MACD indicator. This signal has previously preceded major bear markets, raising concerns, though past performance doesn’t guarantee future results.

Dogecoin’s price has dropped 7.5% following disappointing inflows into newly launched DOGE ETFs from Bitwise and Grayscale. The memecoin is also facing broader market headwinds, with the Crypto Fear and Greed Index signaling ‘Extreme Fear’ and key support levels being broken.

XRP has fallen approximately 7% to around $2 amid a broader crypto market decline, with technical factors and ‘sell the news’ sentiment exacerbating the drop.