Liangqiu: 12.5 Bitcoin/Ethereum Staged Pullback, Monitor Strength of Subsequent Retracement

Bitcoin/Ethereum have both experienced a sharp short-term drop followed by a rebound since last night, currently in a key price level battle. As mentioned in yesterday’s analysis, the first support at 90,500-91,000 for Bitcoin and 3,050-3,100 for Ethereum proved effective and triggered a rebound. Here is today’s detailed analysis:

Bitcoin consolidated at a high between 92,800 and 94,000 yesterday. In the evening, impacted by the US initial jobless claims data, it dropped sharply to a low of 90,842 before quickly rebounding and is now hovering around 92,000. Technically, the key resistance area is 93,000-95,000—if broken with volume, a move toward 100,000 is possible; the main support zone is 89,500-90,000, with further support at 88,000-88,500. A break below could trigger a deeper pullback. In addition, Trump’s reported plan to nominate a crypto-friendly person as SEC Chair and expectations of Fed rate cuts provide macro support.

Ethereum’s price movement is linked to Bitcoin but with greater volatility. Yesterday, it spiked to 3,240 before fluctuating and then dropped to 3,065, rebounding to 3,190 before pulling back again. Technically, the hourly RSI has recovered from oversold to neutral, indicating the oversold correction is complete. The key support levels are the 3,064 low and the 3,100 mark, with resistance concentrated in the 3,180-3,220 range. Strong resistance is at yesterday’s high of 3,240. On the fundamentals side, the Fusaka upgrade is a positive, and December 1 saw net inflows of $180 million into ETH ETFs, with institutions holding over $13 billion—a clear sign of capital returning, supporting the price.

Trading Suggestions: Short Bitcoin near 92,100-92,500, target 90,500-89,500; short Ethereum near 3,170-3,190, target 3,100-3,050, continue lower if support breaks.
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