December 10: BTC, ETH, SOL, MERL, ZEC Market Analysis
On December 10, Bitcoin (BTC) experienced a sharp rally during U.S. trading hours, reaching a high of $94,640 before pulling back to around $92,000. Continued Coinbase premium suggests strong institutional accumulation. Analysts note that retail sentiment remains weak and may only recover if BTC reclaims $100,000.
Technically, BTC has broken out of a descending trendline on the daily chart with increasing volume. A retest of support levels around $92,000 or $90,540 could offer long opportunities, with a break below $90,540 invalidating the bullish structure. Key resistance lies near $98,000.
Ethereum (ETH) shows stronger momentum with four consecutive bullish daily closes, breaking above $3,260. However, the 4-hour chart suggests a pullback may be due. Resistance is seen at $3,380 and $3,480, while supports are at $3,230, $3,150, and $3,060.
Solana (SOL) has been relatively weak, struggling to break $147. A decisive move above $147.50 could open the path toward $154–$158, provided it holds above $138.85. Both long and short opportunities are possible around key levels.
MERL remains in a clear downtrend, with repeated rejections near $0.50. The critical level to watch is $0.20, which aligns with project cost bases and retail psychological support. A break below could trigger further declines.
ZEC is showing signs of a potential short-term correction with a 1-hour rising wedge and M-top pattern. Long positions are advised to take profit around $440 levels due to emerging bearish divergence.
Overall, institutional optimism is growing, but retail participation remains low. A sustained bullish move across major cryptocurrencies may require stronger price momentum and broader market confidence.
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