Bitcoin, Ethereum price prediction: Market leaders struggling to sustain at higher levels create indecisiveness among crypto trades A sudden rise in selling pressure undermined the earlier gains and prolonged the ongoing consolidation in Bitcoin and Ethereum.
Furthermore, at 10:18 am EST Tuesday, the global crypto market rose to $861.4 billion, gaining 0.89% in the last 24 hours. Moreover, the total crypto market volume surged 28.9% to hit the $38.44 billion mark. The total volume in DeFi is currently at $2.59 Billion, which makes up 6.75% of the total crypto market 24-hour volume.
Top Gainers and Losers
The top 100 listed cryptocurrencies, the Axie Infinity and Cronos show the highest gains today. As of press time, AXS price surged 21.49% to reach the $8.26 mark; meanwhile, CRO price increased 9.59% to $0.07013. However, Celo and Trust Wallet Token are top losers, with CELO’s price at $0.6634 down 3.33%, while TWT’s price at $2.41 is down 0.33%.
Amid the recent recovery in the crypto market, the Bitcoin price gave a massive breakout from the local resistance of $16900. Following this jump, the price action went sideways for the next four days to sustain above the breached resistance.
However, this consolidation shaped into a double bottom pattern in the 4-hour time frame. Earlier today, the BTC price pierced the $17200 neckline resistance, offering additional confirmation for a further price rally.
Source trading view
The Bitcoin price currently trades at $17209 and tries to retest the breached neckline. Thus, with sustained buying, the prices may rise 7.5% higher to the $18500 mark.
Conversely, a 4-hour candle closing below the neckline will invalidate the bullish thesis.
A parallel channel pattern is leading the ongoing recovery in the Ethereum price chart. The ascending trendline of the 4-hour chart pattern offers dynamic support to the rising prices.
However, in theory, this rising channel pattern often triggers a significant downfall upon the breakdown of the bottom support trendline. Furthermore, the current bull-cycle within this pattern struggles to surpass the last swing high of $1300.
Thus, the failure to break the $1300 resistance suggests the losing bearish momentum, which may bolster a breakdown of the lower trendline.
Source trading view
The altcoin currently trades at $1270 and is about to retest the support trendline. Thus, a 4-hour candle closing below the trendline will trigger this aforementioned pattern for a significant price correction.
Anyhow, the Ethereum bull run will continue until this pattern is intact.
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.
Comments are closed.