Crypto Price Predictions: The cryptocurrency market has been sluggish since mid-February as the Bitcoin price trajectory went sideways below the $52200 barrier. This consolidation slowed the recovery momentum in the altcoin market, with the top asset Ethereum showing a 6.65% surge, while Solana and XRP dipped by 6% and 1% respectively.
The traditional market’s appetite for Bitcoin remains robust, as evidenced on February 23, when the spot Exchange-Traded Fund (ETF) experienced a significant surge, recording net inflows of $232.3 million. Furthermore, the Grayscale Bitcoin Trust (GBTC) saw its lowest outflow since January 11, amounting to just $44 million. BlackRock, a global asset management giant, played a major role by injecting a remarkable $168 million into Bitcoin ETFs, while Fidelity added $53 million to the inflows.
Feb 23 Update:#Grayscale decreased 3,929 $BTC($200M).
8 ETFs added 5,781 $BTC($294.3M), of which #Fidelity added 3,061 $BTC($155.8M).https://t.co/1krmtPXviy pic.twitter.com/MyrOIxUFYW
— Lookonchain (@lookonchain) February 23, 2024
As the broader market remains bullish, the current sideways trend may represent a pre-rally consolidation, to replenish bullish momentum.
Also Read: Crypto Prices Today: Bitcoin Drops To $50K, PEPE Rebounds As Uniswap Soars 70%
Ethereum Price Enters Consolidation to Fuel a Leap Above $300
Mirroring the Bitcoin price consolidation, the Ethereum price has witnessed overhead supply at $3030. This consolidation can be marked from the February 20th daily candle with a high and low of $3030 and $2875.
The candles with short bodies and higher wicks may reflect an uncertain sentiment but it seems that smart money has a different view. In a recent highlight from onchain data tracker ‘Lookonchain’, a wallet believed to be associated with Justin Sun has made significant purchases of Ethereum (ETH) on the cryptocurrency exchange Binance. The latest transaction involved the acquisition of 18,616 ETH, valued at approximately $54.57 million.
This follows a spree of purchases totaling 151,196 ETH, worth around $435.3 million, at an average price of $2,879 per ETH, conducted across Binance and various Decentralized Exchanges (DEX) within 12 days.
The suspected #JustinSun wallet bought 18,616 $ETH($54.57M) from #Binance again 10 mins ago.
He bought 151,196 $ETH($435.3M) at $2,879 from #Binance and #DEX in less than 12 days!😱https://t.co/pq40KOW7Fi pic.twitter.com/1aZjvWCnvB
— Lookonchain (@lookonchain) February 23, 2024
Thus, the Ethereum price broke above the overhead resistance of $3030, signaling the continuation of the recovery trend. The post-breakout rally drove the asset to $3280, registering a 10% potential gain.
Also Read: Ethereum Dencun Upgrade: Which Layer-2 Platforms Will Benefit the Most?
Is Avalanche Price Ready to Hit $40?
The waning bullish momentum in the crypto market took a significant toll on the AVAX coin as the price entered a new correction from $43.6. Within two weeks, the coin value tumbled 16% to currency trade at $36.6.
However, the correction trend hit a low of $35.14 on Friday following a network disruption. This five-hour outage, attributed to a software bug as reported on its status page, temporarily took the network offline. In response, developers issued a software update for Avalanche nodes, deactivating the mechanism responsible for causing an “excessive amount of gossip” among validator nodes, effectively addressing the issue.
Today, the Avalanche price rebounded from the 50% Fibonacci retracement level and recorded a 2% gain. As per the FIB analyst, this halfway pullback is still considered a health correction for buyers to regain strength.
With the formation of a bullish reversal candle called tweezer bottom, the AVAX price may hit an immediate resistance of $39.3. A breakout beyond this barrier will surpass $44, signaling the continuation of the recovery trend.
Also Read: Ethereum Price Could Reach $4,000 In March On 4 Factors Including Spot ETF
Here’s How Dogecoin Price May Regain $0.1 Mark
The leading memecoin DOGE has been trapped in a consolidation range for nearly two months now, resonating with two horizontal levels of $0.09 and $0.075. On February 20th, the coin price reverted from the range’s upper boundary triggering a correction to $0.083 and registering a 9.22% loss.
However, an emerging trendline stalled the falling price and reverted the Dogecoin price to $0.085. If the dynamic support remains intact, the buyers may rechallenge the $0.0915 resistance and chase a further target of $0.105.
However, a breakdown below the trendline may push the coin price back to $0.075.
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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/crypto-price-predictions-for-eth-avax-and-doge-as-uncertainty/
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