Bitcoin, Ethereum Price Prediction- Here’s How You May Trade In Stagnant Market Situation

Bitcoin, Ethereum price prediction: With the upcoming release of the FOMC’s latest meeting minutes, the crypto market has turned volatile in the last few days. The market leaders are moving towards creating a sense of uncertainty in the market. As a result, a majority of major cryptocurrencies showcased limited growth and sideways trend. 

On Tuesday at 7:20 am EST, the global cryptocurrency market experienced a 1.57% drop, reaching a total value of $1.1 Trillion in the last 24 hours. Additionally, the total trading volume in the market tumbled by 8.82% to $63.95B billion. The total volume in DeFi is currently at $8.19 Billion, which makes up 12.8% of the total crypto market 24-hour volume. 

Ad

Ad

Top Gainers and Losers

Source- Coin360 

As of the latest update, the most significant increases in value among the top 100 cryptocurrencies were observed in Neo and SingularityNET. Specifically, the price of NEO soared by 14.34% to reach $14.17, while the price of AGIX rose by 13.25% to $0.4446. On the other hand, Blur and Filecoin have suffered losses, with BLUR’s value dropping by 13.80% to $1.11 and FIL’s price declining by 9.11% to $7.82.

Ad

Ad

Bitcoin Price 

Source- Coinmarketcap

During the February third week recovery in the crypto market, the Bitcoin price breached its prior swing high resistance of $23820-$23540. This breakout was supposed to accelerate buying pressure but could not drive a price rally beyond the immediate resistance of $25000.

Over the past five days, the coin showcased multiple failed attempts to breach this psychological resistance, leaving long-wick rejection candles in the daily chart. By the press time, the BTC price trades at $23643 with an intraday loss of 0.78. However, it is worth noting that despite multiple rejections, the coin price has not started a correction phase indicating the buyer has not thrown in the towel yet. 

Source-trading view

Thus, the traders can consider the area between $25000 and $23820 as a no-trading zone. However, as the overall market trend remains bullish, a potential breakout above the $25000 ceiling could push the price to the $28000 mark.

Also Read: Top Crypto Discord Servers/Groups Worth Joining In 2023

Ethereum price 

Source- Coinmarketcap

The Ethereum price chart shows the formation of a megaphone pattern in the daily time frame chart. The pattern name resembles its structure formed by using two divergence trendlines. In theory, it’s known as a continuation pattern that could assist traders to resume the prior trend.

As of now the Ethereum price traders at $1672 and show multiple rejection candles at combined resistance of overhead trendline and $1700. If the selling pressure rises, the altcoin may witness another bear cycle which plunges it below $1500.

Source-Tradingview

For the Ethereum price to escape the sideways trend, it needs to break either of the pattern’s resistance trendlines. With a high possibility of an upside breakout, the post-breakout rally may push the price to the $2030 mark.