Bitcoin, Ethereum Price Prediction- Bitcoin’s Sluggish Price Action Stalls Altcoins Growth

Bitcoin, Ethereum price prediction: the BTC and ETH prices undermine yesterday’s downfall by showing sustainability at respective local support. These coins obtain sufficient buying pressure from below, encouraging the resumption of the ongoing consolidation phase.

By 11:33 am EST Wednesday, the global crypto market stands at $846.98 Billion, gaining 0.7% in the last 24 hours. Moreover, the total crypto market volume tumbled 18.79% to hit the $32.04 Billion mark. The total volume in DeFi is currently at $2.04 Billion, which makes up 6.37% of the total crypto market 24-hour volume. 

Top Gainers and Losers

Source- Coin360 

Despite a sloppy price action in Bitcoin, the Trust Wallet Token and Bitcoin SV show the highest gains today among the top 100 cryptocurrencies In the 24-hour, the TWT price appreciated 7.89% to reach the $2.58 mark, while the BSV price increased 6.79% to hit $43.68. On a contrary note, the Axie Infinity and Toncoin tokens displayed the higher losses, with the AXS price at $7.98, down 7.05%, while the TON price at $1.83 is down 3.14%

Bitcoin Price

Source- Coinmarketcap

A bullish breakout from the $16900 resistance offered higher footing for buyers and an opportunity to prolong price recovery. However, the post-retest rally struggled to surpass the $17160 mark and initiated a sideways movement.

It’s been more than a week since Bitcoin price has been wobbling between the two aforementioned levels, creating a narrow range. Following yesterday’s downfall, the coin price has plunged back to the $16900 mark, trying to replenish bullish momentum.

Source- Tradingview

The investors, believing the bitcoin price could rise in the near future, can find an entry point near the $16900 mark. Moreover, if market sentiment improves, a rally from the mentioned support could drive the prices to be 7.5% higher to hit $18200. However, the safe traders could hold their entry till the BTC price breaks the $17200 mark.

Conversely, a breakdown below $16800 will undermine the bullish thesis.

Ethereum price

Source- Coinmarketcap

The Ethereum price shows similar price behavior to Bitcoin by walking on a lateral path. Amid the recent recovery, this altcoin breached the $1238 resistance for higher footing but failed to overcome the $1300 local resistance.

Moreover, on November 7th, the crypto market witnessed a sharp sell-off causing the coin price to break $1238 flipped support. However, the Ethereum price jumped 1.58% today and rose above the mentioned horizontal level.

Source-Tradingview

The coin price currently trades at $1250; if the daily candle closes above the $1238 mark, the prior breakdown will be invalidated. Moreover, this fake breakdown scenario will accelerate the buying pressure and push prices back to the $1300 mark.

In addition, the $1300 breakout could push the prices by 13% up to $1420.