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.
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.
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.
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.
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