Bitcoin, Ethereum Price Prediction- BTC and ETH Plunge 6-8%, Are We Entering A New Period Of Correction?

Bitcoin, Ethereum price prediction: After witnessing an aggressive rally over the last few days, the Bitcoin price stalled at $25000 resistance, while Ethereum price halted at the $1780 mark. Furthermore, these market leaders showcasing higher price rejection candles at their respective resistance indicate exhausted bullish momentum and a possibility for price reversal. Here’s what you need to know for this potential correction in these coins.

Top Gainers and Losers

Source- Coin360 

SingularityNET and XDC Network were the top performers among the 100 leading cryptocurrencies, as they recorded significant gains. AGIX surged by 12.95% in the past 24 hours, elevating its price to $0.4793, while XDC price increased by 7.39%, reaching $0.03215. However, Filecoin and Maker experienced a decline in their value, with FIL dropping by 11.66% and falling to $$6.28, and MKR decreasing by 11.59% to $798.28.

Bitcoin Price

Source- Coinmarketcap

Over the last four days, the Bitcoin price trend witnessed a significant inflow and recorded 26.6% growth from the psychological support of $20000. The sudden rally entirely recovered the losses, witnessed the February-March correction, and brought the BTC price back to the $25000 mark.

However, the daily chart shows higher price rejection at this multimonth’s resistance threatening coin holders with another correction. Having said this, this rejection could indicate exhausted bullish momentum, and therefore the BTC price may consolidate to recuperate it.

Source-trading view

A potential pullback may plunge the $23800 support to check price suitability at a higher level and replenish the bullish momentum. If the coin price is sustained above the aforementioned level, the buyers may get another opportunity to challenge the $25000 mark.

On a contrary note, a breakdown below $23800 could hint at a prolonged downfall in Bitcoin price.

Also Read: Top Crypto Copy Trading Platforms For 2023

Ethereum price

Source- Coinmarketcap

The recent recovery in the Ethereum price seems to be a part of the continuation chart pattern called megaphone. This bull cycle with the pattern surged the ETH’s market value to a six-monthly high of the $1780 mark where it retested the overhead resistance trendline. 

However, the Ethereum price currently trades at $1633 and shows a bearish reversal candle pattern, evening star at the pattern’s resistance. In theory, a reversal from the upper trendline leads the price to the bottom support trendline.

Source-Tradingview

Now that the potential trend for ETH price is set, a daily candle closing below the $1675 mark will encourage sellers to a bearish downfall to $1588 support. 

Anyhow, if the buyers manage to sustain above $1675 or $1588, the coin price may reattempt to breach the overhead trendline to encourage further growth.