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
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
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,
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
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.
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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