The situation on Bitkin remains extremely interesting: after Saturday's "strait” there was an instant rebound, after which the quotes were locked in the flag, which then transformed into a triangle. So far, the situation looks rather pessimistic for the bulls. The most likely scenario seems to be the removal of shortists who have opened positions near the level of $ 50 thousand per coin, and further downward movement. Confirmation of the fall in quotations will be a decrease in the price below $46.5 thousand.
It's hard not to pay attention to the fact that Ethereum feels better than many other assets. It's all about the large-scale update expected in 2022 (the transition to PoS), within the framework of which a token burning mechanism was already implemented in August of this year. At the moment, more than 1 million native tokens of the network out of about 119 million have been withdrawn from circulation . About half of all 12 thousand coins appearing daily are burned, as a result of which some researchers believe that ETH is becoming a more deflationary asset than BTC. For example, according to the Australian University, inflation in the Etherium network is half of Bitcoin's inflation: 0.98% versus 1.99%. Thus, in addition to its functionality as a fuel for applications running on the Ethereum network, ETH also becomes a "store of value". In other words, after the start of recovery processes, ETH has every chance to grow at a faster pace. Apparently, many people think so: the volume of the token in fund portfolios in November increased by 5.4%, to $16.7 billion, while the AUM for BTC decreased by 9.8%, to $48.5 billion.