Good morning. Here’s what’s happening this morning:

Market moves: Bitcoin dropped on U.S. Fed Chair Powell’s comment, while ether gained more market share.

Technician’s take: Support levels remain intact, which could establish a tight trading range between $55,000-$60,000 BTC into the Asian trading day.

Catch the latest episodes of CoinDesk TV for insightful interviews with crypto industry leaders and analysis.

Bitcoin (BTC): $57,157 -1.3%

Ether (ETH): $4,642 +4.4%

S&P 500: $4,567 -1.9%

Dow Jones Industrial Average: $34,483 -1.8%

Nasdaq: $15,537 -1.5%

Gold: $1,772 -.80%

Bitcoin’s price sank after U.S. Federal Reserve Chair Jerome Powell warned Tuesday that the risk of higher inflation has “increased,” signaling the central bank would consider fastening the reduction of its asset purchase policies that have boosted the markets for risky assets.

“A faster Fed taper and increased [interest] rate hike expectations was bad news for bitcoin,” Edward Moya, senior market analyst at foreign-exchange broker Oanda, wrote in a market commentary. “Bitcoin is trading more like a risky asset than an inflation hedge.”

On the other hand, ether, the second-largest cryptocurrency by market capitalization, ended Tuesday with its fourth straight day of gains, trading above $4,600, according to CoinDesk’s data.

“Ethereum is still the favorite crypto bet for most traders and seems like it will make another run towards $5000 once risk appetite returns,” Moya added.

Ether’s growing market dominance is also reflected on the ether-bitcoin (ETH/BTC) chart: The ETH/BTC daily chart on crypto exchange Binance was up by more than 5.2%, at the time of writing, according to TradingView.

Other layer 1 blockchain-associated tokens also posted gains on Tuesday, led by Terra blockchain’s LUNA token, which logged a new record high price.

Read More: UST Stablecoin Demand, DeFi Incentives Drive Terra’s LUNA to New All-Time High

Bitcoin Declined Below $58K; Support Between $53K-$55K

Bitcoin (BTC) buyers failed to sustain Monday’s price bounce, although support around $53,000-$55,000 could stabilize the current pullback.

The cryptocurrency is down about 2% over the past 24 hours and is roughly flat over the past week.

The downward-sloping, 100-day moving average on the four-hour chart indicates a short-term downtrend. This means buyers have consistently taken some profit on rallies over the past month.

Recently, the $60,000 resistance level has been a key hurdle for buyers despite oversold readings on the charts. So far, support levels remain intact, which could establish a tight trading range between $55,000-$60,000 into the Asian trading day. BTC was trading around $57,800 at press time.

8:30 a.m. HKT/SGT (12:30 a.m. UTC): Jibun Bank Manufacturing purchasing managers’ index (Nov.)

8:30 a.m. HKT/SGT (12:30 a.m. UTC): Australia gross domestic product (Q3/YoY/QoQ)

9:45 a.m. HKT/SGT (1:45 a.m. UTC): Caixin China purchasing managers’ index (Nov.)

3 p.m. HKT/SGT (7 a.m. UTC): Germany retail sales (Oct. YoY/MoM)

In case you missed it, here are the most recent episodes of “First Mover” on CoinDesk TV:

Jack Dorsey’s Plan After Resigning as Twitter CEO, Hedera Hashgraph CEO on Real-time Intercontinental Settlement Using Stablecoins

“First Mover” hosts spoke with Blockchain Association Executive Director Kristin Smith as her organization raised $4 million to expand its presence on Capitol Hill. WisdomTree Head of Digital Assets Jason Guthrie shared insights into crypto markets as bitcoin six-month “put-call skew” flipped bearish for the first time since May. Plus, Hedera Hashgraph co-founder and CEO Mance Harmon explained the new partnership with South Korea’s Shihan Bank and multinational Standard Bank on stablecoins.

Borderless Capital Launches $500M Algorand-Focused Fund

Indian Finance Minister Says Monitoring Crypto Ads; Not Weighing Ban

A16z Leads $28M Round for Privacy Coin Iron Fish

Avalanche, Layer 1 Tokens Soared in November as Ethereum Fees Drove Competition

Kleiman v. Wright: Jury Deliberations Continue in Week 2

The Future of Money: A History: Accounting has defined civilization for centuries. And, now thanks to crypto, we’re going to see accounting 3.0. This essay is part of CoinDesk’s Future of Money Week.

Who Sets the Rules of Bitcoin as Nation-States and Corps Roll In: Can a small team of Core developers protect bitcoin’s integrity now it’s a matter of geopolitical relevance?

Today’s crypto explainer: Is Bitcoin Legal?