Since the beginning of the running week, Ethereum (ETH) seems to be making progress that is higher than Bitcoin (BTC). The performance for ETH has been demonstrating high figures compared to Bitcoin. This is mainly because the analysts seem to be supporting ETH over BTC in the upcoming days.
In the upcoming days, it is expected that ETH will be more promising than BTC in terms of achieving its all-time high. While the analysts are predicting that the price for Bitcoin would remain bearish, they are supporting a bullish run for the price of Ethereum.
One of the major factors the analysts support ETH over BTC at present is its dominance as the store of value. The analysts believe that as of now, ETH is a better store of value than BTC, following its Ethereum Improvement Proposal (EIP) 1559 upgrade.
As a result of the above, the supply for ETH has increased at a higher rate than BTC on an annual basis. This is proving to be promising for ETH, which is the reason why it is demonstrating better performance than BTC.
Even after showing a lot of potentials, the bearish is making all the efforts of keeping ETH below the $4,319 figure, which is the 50-day SMA for ETH. The performance chart for ETH shows that on the 1st of December, 2021, the price of ETH peaked at a figure of $4,780.73 per ETH. However, as the day closed, its price came all the way down to $4,586.99 per ETH.
On the 2nd of December, 2021, ETH sustained itself at an average price of $4,542.02 per ETH. However, 3rd of December, its price was revolving at an average price of $4,370.63 per ETH. On the other hand, the 50-day SMA for ETH was at a figure of $4,319 per ETH.
According to analysts, the bears are making an attempt to ensure that ETH does not go above its all-time high of $4,868.50. This is the reason why there is strong resistance from the bear side to keep it below that figure.
As of December 4, 2021, the price of ETH took a trip down to $3,525.49 per ETH for a brief amount of time. However, it landed at an average price of $4,028.89 per ETH for the entire day.
At the time of writing, the price of ETH is at a price of $4,100.15 per ETH, suggesting that ETH is facing a strong resistance even at the 50-day SMA price.
If ETH manages to cross the 50-day SMA price in the upcoming days, it would suggest that the investors are buying the dip. This would mean that the sentiments of the investors are positive about ETH. If the buying continues, it is expected that ETH will break through the all-time high barrier of $4,868.50.