NewsletterBitcoin, Ethereum Price Prediction- Is This A Temporary Recovery In Crypto Market?
Bitcoin, Ethereum price prediction: In the last 24hour, the global crypto market cap rose 0.5% and reached the $811.84 Billion mark. As a result, a majority of cryptocurrencies are trading in the green today, creating a sense of relief rally in the market. But how far may this recovery last?
Top Gainers and Losers
Source- Coin360
On today’s bullish day, XDC Network and ImmutableX tokens are the biggest gainers among the top 100 list. As per coinmarkecap website, the XDC price shows a 5.79% rise in the last 24hour, hitting the current price of $0.026, whereas IMX jumps to $0.4544, registering a 5.35% rise. Conversely, Chain and MultiversX (Elrond) tokens show the highest loss, where XCD dumped 9.74% to trade, and EGLD price tumbled 8.54% to trade at $35.7.
Bitcoin Price
Source- Coinmarketcap
On December 16th, the Bitcoin price gave a massive breakdown from the combined support of $16800 and a rising trendline. This breakdown poised BTC for a deeper correction phase if it shows sustainability below the $16800 mark.
Furthermore, the coin price has been sideways for the last four days trying to replenish the bearish momentum at the newly obtained resistance of $16800. Today, the Bitcoin price is 2.3% up and shows a retest to the mentioned barrier,
Source- Tradingview
Therefore, if the selling pressure persists, the sellers will resume the prevailing and plunge the price below $16000 support into revisiting $16820.
Conversely, a daily candle closing below $16820 will weaken the bearish thesis.
Ethereum price
Source- Coinmarketcap
Following the recent downfall, the Ethereum price managed to sustain above local support of $1160. Today, as the crypto market turned bullish for major cryptocurrencies, the ETH price rose 4% and reached the $1213 mark.
Furthermore, with sustained buying, this altcoin will retest the recently breached support of $1240-1220. However, this relief rally backed by lesser volume indicates this growth is temporary, and the ETH price soon resumes the prior downfall.
Source-Tradingview
Thus, with a high possibility for Ethereum price to start a fresh decline from the $1240-$1220 mark, the coin holders may witness an 11% downfall to reach $1080.
Alternatively, a breakout above $1240 will undermine the bearish momentum.
- Firelight Confirms November Mainnet as Flare TVL Rises and Xaman Introduces Smart Accounts
- Cardano News: Wirex Partners EMURGO To Launch First Ever ADA Card
- Hyperliquid Rival Lighter Raises $68 Million at $1.5 Billion Valuation
- $37B Bank SoFi Launches Crypto Trading For Retail Customers
- China’s CVERC Accuses U.S. of Stealing 127k Bitcoin Amid Rising Government Crypto Adoption
- Can Dogecoin Price Hold Above $0.17 Amid Weekly Surge?
- Chainlink Price Could Crash as 3 Risky Patterns Form Amid Whale Selling
- Cardano Price Could Reclaim $0.7 After Key Stakeholders Add $204M in ADA
- Uniswap Price Soars 21% on Fee Switch and Token Burn Proposal— Eyes $15 Target
- Bitcoin Price Eyes Bulls as Crypto Market Structure Bill Draft Finally Drops
- SUI Price Prediction: Analyst Eyes $20 Amid Bluefin Partnership and 2M Token Lending Deal
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
