Bitcoin, Ethereum Price Prediction- Here’s How Bitcoin May Escape Ongoing Uncertainty

Bitcoin, Ethereum price prediction: The BTC and ETH prices witnessed a significant inflow yesterday as they jumped from their respective support. This small recovery boasted several altcoins, but the market sentiment remains indecisive as the market leaders are still trapped in a short range.

With the recent recovery, the global crypto market cap rose to $859.94 billion, showing a 2.17% gain in the last 24 hours. Moreover, the 18.1% jump in the total crypto market volume supported this growth and reached the $38.1 Billion mark. Furthermore, the total volume in DeFi is currently at $2.09 Billion, which makes up 5.47% of the total crypto market 24-hour volume. 

Top Gainers and Losers

Source- Coin360 

Among the top 100 cryptocurrencies, Graph and Chain are the biggest gainers today, where the GRT price surged 9.44% to reach the $0.06786 mark, while XCN price increased 7.07% to $0.03904 in the last 24 hours. On the other hand, Synthetix and Toncoin tokens are top losers, with SNX price at $1.89, down 2.98%, while TON price at $1.83 is down 1.21%

Bitcoin Price 

Source- Coinmarketcap

The Bitcoin price is currently in a short-term sideways trend, wobbling between $17300 and $16800 levels. It’s been more than a week since the price wavers in a narrow range, creating a sense of uncertainty in the crypto market.

Usually, in a range movement, a safe entry will be when the price breaks either range level and grab a directional rally on the same side. However, the BTC price entered this consolidation when its breached $16800 resistance on November 30th.

Source- Tradingview

Thus, the price hovering above $16800 flipped support is trying to sustain at higher levels. However, in response to Bitcoin’s 2.3% price jump yesterday, the daily-RSI slope jumped above the neutral line, indicating the underlying growth in bullish momentum.

The BTC price currently trades at the $17228 mark, but new traders looking for entry opportunities can enter naer the $16800 mark as support buying or after the breakout of $17300.

Ethereum price 

Source- Coinmarketcap

In response to market uncertainty, the Ethereum price follows a similar range movement resonating between $1300 and $1220. This altcoin has tested both mentioned levels multiple times, indicating the traders respect the range set-up and should do the same for its potential target.

The ETH price currently trades at $1285 with an intraday gain of 0.44%. However, the long-wick rejection attached to the daily candle as it retests the $1300 resistance suggests a high possibility of bearish reversal. 

Source-Tradingview

This potential reversal from $1300 will set the altcoin to chase $1220 support and thus prolong the consolidation phase for a few more sessions. 

Furthermore, a daily candle closing below $1220 will accelerate the selling pressure and plunge the price to the $1158 mark. Conversely, if the prices break overhead resistance, the investor may witness an uptrend resumption of $1420.