Bitcoin (BTC), Ethereum (ETH) and XRP prices have struggled to break above the next major resistance levels despite the short-term bullish momentum in play.
Bitcoin price action has been in a larger downtrend while Ethereum and XRP prices have struggled to gain some bullish momentum. However, a short-term bullish price action pushed the BTC price to $17,094 at press time. ETH gained only 1% on the day, while the price of XRP fell by 0.57%.
The top cryptocurrency in terms of price was followed by ETH and XRP. However, the on-chain data presented some unique trends for these three coins.
Bitcoin price may witness further losses
Participants in BTC’s short-term chain continued to sell at a loss with the short-term Spent Exit Profit Ratio (SOPR) below one. This signaled a lack of confidence among traders, who were strongly resisting the $18,000 BTC price. According to analyst CryptoQuant, the price of $18,000 will be the approximate average price of entry for short-term participants.
Additionally, the analyst emphasized that traders should be cautious as yield curve inversions often precede recessions, and the current 10-year Treasury rate (3.75%) is lower than the three-month rate (4.22%).
It will take some time for the long SOPR holder to turn positive as investors who bought BTC after December 2020 are now at a loss. Hence, the short-term SOPR is a better indicator of the current market trend.
One of the negative trends in the BTC price is positive net inflows, which on December 1 presents more currency inflows than outbound. Bitcoin net flows were $16.80 million.
Another recent analysis from CryptoQuant suggested that the Network Value of Transactions (NVT) sell-off was triggered as the BTC price rose. The same situation may cause the price of bitcoin to fall in the next ten days.
NVT issues a warning signal when the golden cross crosses above the 2.20 level. It is currently at 2.44 and could still go to 2.77 (last value), which could lead to some short-term price declines.
Ethereum continues to flow
At the time of writing, Ethereum price has gained just 0.40% in the daily window as ETH is trading at $1,269.05.
The November losses for ETH were not as severe as for Bitcoin and some other altcoins, as Ethereum was above the psychological support of $1000. The daily on-chain exchange flow showed that net flows were negative for ETH, with an inflow of about $6.7 million on December 1st.
ETH NVT was at a monthly high, which means that investors were valuing ETH at a high price as market cap growth outstripped the use of on-chain transactions. However, futures market data offered some short-term upside for ETH, with Open Interest up 5.44% to $4.80 billion at press time.
According to data from Coinalyze, ETH funding rates were also positive at +0.0099%. Some bullish statistics came from Okex, where short liquidation hit a one-month high, which could help provide some short-term bullish momentum for ETH.
However, the ETH median transaction volume (7d-MA) reached a one-month low, indicating relatively low network vitality.
The next target for ETH bulls could be $1,350 resistance/support. However, a Bitcoin price pullback could further extend losses for ETH and the rest of the market.
XRP Whales Are On The Move
XRP price was trading at $0.3971 at the time of writing, losing 0.99% on the daily chart but up more than 2% on the weekly chart.
The consumed age indicator for XRP showed that more than 580 billion XRP were transferred on December 1st.
Many older XRP coins have been on the move lately, which could point to a possible redistribution. However, XRP has been a big uptick in whale holdings. Notably, the largest XRP whale cohort with 10 million coins to infinity added a billion coins in the last day
While the whales adding XRP could push prices in a positive direction, the XRP price still has a long way to go with the ongoing regulatory battle.
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