Published 10 mins ago
Bitcoin, Ethereum price prediction: the BTC and ETH price rejecting higher price hints resumption of ongoing consolidation. Thus, the global crypto market cap stands at $807.19 billion, showing a 0.43% loss in the last 24 hours. Moreover, the total crypto market volume shows a 4.42% jump to reach $19.07 Billion.
Top Gainers and Losers
Source- Coin360
Among the top 100 cryptocurrencies by market cap, the OKB and Lido DAO showcase the highest gain, where the OKB price rose 5.05% to reach the $22.88 mark, while LDO price increased 3.01% to $0.966. On the other hand, Trust Wallet Tokens and MultiversX (Elrond) Tokens are top losers, with TWT price at $1.34 down 8.91%, while EGLD price at $33.20 is down 5.09%.
Bitcoin Price
Source- Coinmarketcap
Following the mid-December downfall, the Bitcoin price went sideways immediately. Though this downfall breached some crucial support levels, such as the support level of the inverted flag pattern and $16900-16820, the sellers struggled to follow up on this breakdown.
Over the past five days, the BTC price has showcased short-body candles with price rejection on both sides. These candle structures and decreasing volume activity define indecisiveness among market participants.
Source- Tradingview
However, if the Bitcoin price remains below the mentioned resistance, the sellers will have the upper hand and are likely to drop prices lower. Thus, a possible downfall may plunge the price to $15600.
On a country note, a daily candle closing above $16900 will encourage the resumption of prior recovery.
Ethereum price
Source- Coinmarketcap
Similar to Bitcoin, the Ethereum price lost local support of $1230 amid the recent downfall. As the sellers try to follow up on this downfall, the increasing buying pressure undermines their attempt and keeps the price action sideways.
The ETH price consolidating for the last five days and shows a long lower price rejection candles. Thus, if the buying pressure persists, a daily candle closing above $1230 will accelerate the buying pressure and may push the prices 12% higher to $1350.
Source-Tradingview
Conversely, if the price sustains below $1230, the sellers may eventually lead the prices lower.
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.
Source: https://coingape.com/markets/bitcoin-ethereum-price-prediction-as-the-crypto-market-struggle-in-uncertainty/