Bitcoin, 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.
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