Altcoins

Bitcoin, Ethereum Price Prediction- Technical Chart Hints Prolong Consolidation In Crypto Market

btc and eth

Published 10 hours ago

Bitcoin, Ethereum price prediction: The Bitcoin daily chart shows a reversal sign at the $17000 resistance zone, indicating the prices could drop for the upcoming trading session. Moreover, this reversal will keep the BTC price in a narrow range and extend the sideways movement. The resumption of consolidation may also affect a majority of major altcoins and keep the crypto market in uncertainty.

Furthermore, The global crypto market cap is $811.40 Billion, losing 0.93% since yesterday. Moreover, the total crypto market volume dropped 10.35% to stand at $27.56 Billion marl currently.

Top Gainers and Losers

Source- Coin360 

Among the top 100 cryptocurrencies by market cap, the Nexo and XDC Network tokens display the highest gain, in which NEXO price rose 2.09% to hit the $0.724 mark, while XDC price jumped 1.90% to $0.02518. On the other hand, Lido DAO Tokens are the top losers, with the LDO price 8.57% down to $1.26, whereas the TRX price loses 7.81% to reach the $0.05 mark.

Bitcoin  

Source- Coinmarketcap

On December 30th, the Bitcoin price rebounded from the local support of $16300. Amid the recent new year recovery in the crypto market, the Bitcoin price has witnessed a steady recovery since last week.

The bullish recovery registered a 3.7% jump and challenged the overhead barrier of $17000-$16980. Thus, the aforementioned level has created a narrow range, and Bitcoin price has been trapped within it for the past three weeks.

Bitcoin price predictionSource- Tradingview

However, today the BTC price is down 0.63% and shows the formation of an evening star candle pattern at $17000. This bearish reversal candle pattern appearing at a know resistance indicates a higher possibility for upcoming downfall.

Thus, with sustained selling, the Bitcoin market value may drop 2.35% down from its current price of $16735 and entrap it within the narrow range for a few more trading sessions.

Also read: 5 Cryptocurrency Books To Read This Winter

Ethereum 

Source- Coinmarketcap

Unlike Bitcoin, the Ethereum price shows higher bullish strength as it breached a significant resistance zone of $1220-$1230 on January 4th. However, the altcoin has been going through a minor pullback in the last two days and retested the breached resistance.

The Ethereum price currently trades at $1244 with an intraday loss of 0.56%. Thus, if the coin sustains above the $1230 mark, the buyers should drive the prices 8.5% higher to hit the $1350 barrier.

Ethereum price predictionSource-Tradingview

Conversely, if the crypto market remains uncertain, a daily candle closing below $1220 will undermine the bullish thesis and plunge the ETH price back to $1160.

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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