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As of December 3, 2024, the latest prices for Bitcoin (BTC) and Ethereum (ETH) are as follows
Operational Suggestions
Bitcoin (BTC)
It is recommended to arrange short positions in the $96,500 to $97,000 range, with the initial target at $95,000. If this level is breached, further attention should be paid to the yesterday's low point around $93,600 to $94,000, and once broken, it could continue to look down towards the vicinity of $92,100.
Ethereum (ETH)
Reference the high point of $3,670 from yesterday to short on rallies, with a key support level at $3,500. If this support is breached, the focus will shift to around $3,400.
Market Analysis
Recently, after a rebound, the cryptocurrency market fell into high-level consolidation, with daily candlesticks alternating between bullish and bearish, indicating that the battle between bulls and bears has entered a heated stage. There is heavy selling pressure above, while the lows continue to probe downwards, with bears gradually gaining the upper hand. In terms of technical indicators, the Relative Strength Index (RSI) has fallen from the overbought zone to the neutral range, but there are still downside risks. If key positions are breached, prices may sharply decline again. Trading volume significantly increased during the downturn, with strong selling pressure, and the possibility of Bitcoin testing the $90,000 support level is high.
Ethereum was affected by events in the South Korean market, with the price plunging to around $3,500. Although the market sentiment later eased and the price rebounded slightly, the risks have not been completely eliminated. South Korea holds an important position in the global cryptocurrency market, and there remains uncertainty about the follow-up effects of recent events, which require ongoing attention. The market trend shows that although there was a rebound after the price retracement, the pressure above is evident, and the highs are gradually moving lower, creating a strong bearish atmosphere. The daily upward channel appears intact, but there are no signs of a short-term bottom yet, and the pullback may continue.
Recent Market Dynamics
South Korean President Yoon Suk-yeol announced an 'emergency martial law' on December 3, leading to a drop in the Korean won exchange rate, with the dollar rising over 1.5% against the won. Additionally, the trading volume in South Korea's cryptocurrency market, dominated by retail investors, surged to $18 billion, marking the second-highest level this year, surpassing the local stock market's $14 billion trading volume. Among them, XRP's trading volume reached $6.3 billion, and altcoins such as DOGE, XLM, ENS, HBAR, and SHIB also received enthusiastic support from retail investors.
Risk Warning
The cryptocurrency market is highly volatile, and investors should operate cautiously, strictly setting stop-loss levels to avoid losses caused by drastic market fluctuations.
