Posted 20 minutes ago
Bitcoin, Ethereum Price Prediction: BTC and ETH price rejecting higher price indices, consolidation resumption underway. Thus, the global crypto market cap stands at $807.19 billion, showing a loss of 0.43% in the last 24 hours. Additionally, the total crypto market volume shows a jump of 4.42% to $19.07 billion.
Main winners and losers
Source – Coin360
Among the top 100 cryptocurrencies by market capitalization, OKB and Lido DAO show the highest gain, where OKB’s price rose 5.05% to hit the $22.88 mark, while that the price of LDO rose 3.01% to $0.966. On the other hand, Trust Wallet tokens and MultiversX (Elrond) tokens are the main losers, with TWT price at $1.34 down 8.91%, while EGLD price at $33.20 is down. down 5.09%.
Source – Coinmarketcap
After the mid-December crash, Bitcoin price immediately went into a tailspin. Although this drop broke through some crucial support levels, such as the Inverted Flag Pattern support level and $16900-16820, sellers found it difficult to follow this breakdown.
Over the past five days, BTC price has exhibited short-bodied candles with price rejection on both sides. These candle patterns and falling volume activity define the indecisiveness of 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 drive the prices lower. Thus, a possible fall could cause the price to plunge to $15,600.
On a country note, a daily candle closing above $16,900 will encourage a resumption of the earlier rally.
Source – Coinmarketcap
Similar to Bitcoin, Ethereum price lost local support at $1230 amid the recent drop. As sellers attempt to follow this drop, mounting buying pressure is undermining their attempt and keeping price action to the side.
ETH price has been consolidating over the past five days and showing a long decline in price rejection candles. So, if the buying pressure persists, a daily candle closing above $1230 will accelerate the buying pressure and could push prices up 12% to $1350.
Conversely, if the price holds below $1230, the sellers may eventually push prices lower.
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.