Published 13 hours ago
Bitcoin, Ethereum price prediction: the crypto market has paused its aggressive selling and shows a relief rally in a majority of the major cryptocurrencies. Such sudden reversal could be backed by the less-than-expected CPI data and the crypto exchange FTX reopening withdrawals.
At 9:49 am EST Friday: with the overall sentiment still negative, the global crypto market plunged to $839.59, a 4.74% loss over the last 24 hours. Moreover, the total crypto market volume in the last 24 hours dropped 40.56% to hit $110.62. The current volume in DeFi is $5.00 Billion, making up for 4.52% of total 24-hour volumes in the crypto market.
Top Gainers and Losers
Source- Coin360
Among the top 100 cryptocurrencies, the higher gainers are Chain(XCN) at $0.0493 with a 24-hour jump of 14.00% and UNUS SED LEO (LEO) trading at $4.03 with a 3.88% hike. Conversely, the top losers are the FTX token and Huobi token, where the FTT price fell 24.7% to hit the $2.64 mark and the HT price 13.87% down to reach the $13.7 mark.
Bitcoin Price
Source- Coinmarketcap
Amid the recent bloodbath in the crypto market, the Bitcoin price lost its last 2022 bottom support of $18400-18250. The high volume breakout with a massive bearish candle reflects the sellers’ confidence in reaching lower levels.
However, the prices have reverted from the $16000 psychological support, triggering a retest phase to the breached support. Bitcoin price currently trades at $17500 with an intraday loss of 2.17%. Thus, If the seller shows sustainability below the $18250 mark, the replenished selling pressure should continue downward.
Source- Tradingview
This development could plunge the price back to $16000, followed by $14400.
The daily RSI reverted from the oversold region also accentuates the minor recovery attracted by the discounted price.
Ethereum price
Source- Coinmarketcap
Unlike Bitcoin, the Ethereum price had reclaimed the breached support of $1240 amidst the recent recovery. However, the crypto market continued to face selling pressure and attempted to push the ETH prices back below $1240.
Currently, the coin price trades at $1214 with an intraday loss of 6.5%. If this bearish candle closes below the breached support, the altcoin has a higher chance of resuming the prior downtrend.
Thus, the ETH price could revisit the $1000 psychological mark with sustained selling.
Source-tradingview
On a contrary note, if the daily candle closes above $1240 will extend the ongoing relief rally.
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-these-lost-supports-could-extend-the-prevailing-downfall/