Downtrend

Ethereum price movement has remained stagnant for the past 48 hours. Ethereum is in a stalemate as the buyers fail to break into the $160 to $200 zones, while the bearish move seems to dry up. Yesterday, ETH pulled through to $152 but was resisted and it faced another selling pressure.

Bitcoin is three steps higher as the bears fail to breach the low at $6,800. Interestingly, the coin has temporary respite as the market maintains its upward move. Buyers are also struggling so that the coin remains above $7,000 price level. The price movement has been unstable. Bitcoin moves up after a pullback from its low of $7, 240, and commences consolidation above $7,500.

Ripple (XRP) is making an impressive move but may face resistance at $0.23.

Litecoin crashed to $43 after the last bearish impulse. Previously, the coin had been trading above $50 for over a month before the market went up. This sudden price jump hit resistance at $65. After a pullback, the bulls retested the resistance to form a bearish double top pattern. This pattern formation led to a further drop of Litecoin to a low of $43.

The Persistent tussle between the bulls and bears over the support at $0.22 has given the bears an advantage over the bulls. Buyers could not sustain hold above the support because of the absence of buyers at the previous highs. Yesterday, XRP dropped suddenly to $0.21, but a pullback was not sufficient to keep the coin above the $ 0.22.

Since November 29, the bears are in control of price as the selling pressure persists. The price movement has been insignificant as the coin gradually depreciates daily. On December 2, Bitcoin dropped to a low of $7,302, while today the market is approaching the low of $7,100 as at the time of writing.

Bitcoin Cash continues its bearish run but may revisit the price at $192. It has maintained its fluctuation within the price range of $200 and $240. Nevertheless, the bears had at one time broken the support as the price reaches another low of $192. There was a spontaneous pullback as BCH moved up toward the earlier range.

As bulls and bears struggle below the resistance at $50, the bears seem to have the upper hand. On November 29, the bulls were resisted at $50, and the coin drops to a low at $46. The bulls pulled back and retested the resistance at $48. Litecoin is now in a downward move and it is likely to reach the previous low at $43. A break below the previous low at $43 will depreciate Litecoin to drop at $36. Meanwhile, a defense by the bulls at the current support will make the coin resumes a sideways move and probably form a price range. From every indication, the coin may fall since it is under bears’ control.

Ethereum has continued its gradual slide as the price drops from the previous high of $158. Sellers have formed a formidable resistance at the $150 and $160 which was once under buyers’ control. The selling is expected to continue to a low of $136. However, if the bears break the low at $136, Ethereum will continue its downtrend. Alternatively, if  ETH falls and finds support at $140, buyers will come in and take control of price. There are indications that if the downtrend resumes, ETH will nosedive to the low of $120.