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Bitcoin, Ethereum Price Prediction- Altcoins Continue To Bleed As BTC and ETH Drop Lower

Published November 12, 2022

Bitcoin, Ethereum price prediction: the BTC and ETH price trading in red keeps the crypto market on edge. Some major cryptocurrencies continue to witness losses nearing their 2022 lows. The global crypto market plummeted to 847.10 Billion at 8:53 am EST Saturday, a 3.41% loss since yesterday.

Additionally, the total crypto market volume in the last 24 hours dropped 26.35% to $85.02 Billion. Currently, the total volume in DeFi stands at $4.65 Billion, which makes up 4.52% of the total crypto market 24-hour volume.

Top Gainers and Losers

Heatmap of cryptocurrency pricesSourceCoin360

The highest gainers among the top 100 cryptocurrencies are GMX at $39.20 with a 12.44% rise in the last 24 hours; meanwhile, Chain (XCN) trades at $0.0504 with a 4.76% hike. Alternatively, Solana and Cronos are the biggest losers, with the SOL price dropping 15.96% to research $15.17 and the CRO price falling 15.50% to stand at $0.07882.

bitcoin price

BTCSource Coinmarketcap

On November 9th, the Bitcoin price gave a higher momentum breakdown from the $18400-$18250 multi-month support. Losing this support undermines the coin holders’ hope that BTC bottomed around the $18500 mark.

Thus, this breakdown should replenish the trapped bearish momentum, and the price should continue the downward spiral. As of now, the coin price trades at the $16845 mark, with an intraday loss of $1.33.

However, the price is currently in a retest phase and continues to wobble between $18250 and $16000.

TradingView ChartSource trading view

The daily-RSI slope jumped from the oversold region indicates the recent recovery is a temporary pullback to sustain the price for a longer time.

Ethereum price

ETHSource Coinmarketcap

The Ethereum price is moving quite positively in comparison with the Bitcoin rally. Amid the recent recovery, the altcoin managed to reclaim the breached support of $1250. The lower price rejection candles trying to sustain above the $1250 support mark indicates the buyers are defending this level aggressively.

The altcoin currently trades at $1260 with an intraday loss of 2.41%. However, this development should raise relief rally higher to hit the $1400 psychological mark. However, this barrier is accompanied by a cluster of EMAs(20, 50, and 100) offering resistance to bullish growth.

Ethereum Price PredictionSource trading view

Thus, the Ethereum price is more likely to revert from the $1400 mark and resume the prior downtrend, aiming at the $1000 mark.

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

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.

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