Published 1 day ago
Bitcoin, Ethereum Price Prediction: Following last week’s sell-off, BTC and ETH prices sideways in an attempt to keep prices low. However, the shrinking daily candlestick size and low volume indicate uncertainty in the crypto market. This lateral walk has limited the growth of several altcoins and stagnated market sentiment.As a result, the global crypto market cap It rose slightly by 0.01% over the last 24 hours to reach $809.29 billion.
top winners and losers
Source – Coin360
Amid continued volatility in the cryptocurrency market, negative sentiment towards altcoins persists. That being said, the XDC Network and ImmutableX tokens show the highest returns in the top 100 list. So, over the past 24 hours, the XDC price has risen 5.5% and is currently trading at $0.02509, while the IMX has jumped to $0.434, registering a 3.17% gain. Conversely, Chiliz and Toncoin are the top losers, with CHZ at $0.1159 showing a 7.69% loss and TON price at $2.60 showing his 4.95% drop.
bitcoin price
Source – Coinmarketcap
On Dec 16, Bitcoin price broke down with high momentum from the support trendline of the reversal flag pattern. Theoretically, a break in this pattern would indicate a replenishment of bearish momentum, prompting a deeper correction in BTC.
By the time of press, the coin’s price is trading at $16731 with a slight intraday loss of 0.04%. Additionally, the daily chart shows his three short-body candlesticks, showing market participants to be indecisive.
Source – Tradingview
However, if the Bitcoin price breaks below the $16700 or 4% higher trendline, the continuous decline could resume and drop 7% to $15550.
Conversely, if BTC price rises above the trendline, the bearish thesis will be invalidated.
ethereum price
Source – Coinmarketcap
Similar to Bitcoin, Ethereum’s price also followed a bearish continuation pattern known as an ascending wedge. The crypto market’s recent sell-off has shown a significant breakdown from the pattern’s support trendline and local support at $1220.
Further, the price started to tread sideways as it plummeted to the $1160 support. However, if the market sees some buying pressure, ETH’s 4.5% rise will retest the $1220 mark for potential resistance.
Source – Tradingview
Reaching a new reversal resistance at $1,220 will add to the selling momentum and continue the current decline. Post-retest drop could see Ethereum price plunge 9% to $1100-$10800.
The content presented may contain the author’s personal opinions and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication accepts no responsibility for your personal financial loss.
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