Bitcoin, Ethereum Price Prediction- Technical Chart Hints An Upcoming Relief Rally

Bitcoin, Ethereum price prediction: following last week’s downfall, the BTC and ETH prices have turned sideways in an attempt to sustain lower prices. However, the reduced size of daily candlesticks and low volume indicates uncertainty in the crypto market. This lateral walk has limited growth in several altcoins keeping a stagnant market sentiment. As a result, the global crypto market cap shows an insignificant rise of 0.01% in the last 24hr and reached the $809.29 Billion mark.

Top Gainers and Losers

Source- Coin360 

Amid the ongoing volatility in the crypto market, the sense of negativity in altcoin persists. Having said that, XDC Network and ImmutableX tokens show the highest gain among the top 100 list. Thus, in the last 24 hours, the XDC price is 5.5% up and currently trades at $0.02509, whereas IMX jumps to $0.434, registering a 3.17% rise. Conversely, Chiliz and Toncoin are top losers, where CHZ at $0.1159 shows a 7.69% loss and TON price at $2.60 displays a 4.95% fall.

Bitcoin Price

Source- Coinmarketcap

On December 16th, the Bitcoin price gave a high momentum breakdown from the support trendline of an inverted flag pattern. In theory, this pattern breakdown indicates the replenished bearish momentum and encourages a deeper correction in BTC.

By press time, the coin price trades at $16731 with an insignificant intraday loss of 0.04%. Furthermore, the daily chart showcased three short body candles, indicating indecisiveness among market participants.

Source- Tradingview

However, if the Bitcoin price shows sustainability below the $16700 level or the 4% higher trendline, the ongoing downfall may resume and tumble the coin 7% down to $15550.

Conversely, if the BTC price rises above the trendline, the bearish thesis will get invalidated. 

Ethereum price

Source- Coinmarketcap

Similar to bitcoin, the Ethereum price followed also followed a bearish continuation pattern called a rising wedge. The recent downfall in the crypto market offered a massive breakdown from the pattern’s support trendline and local support of $1220. 

Furthermore, the prices plunged to the $1160 support and started walking a lateral path. However, If the market witnessed a certain buying pressure, a 4.5% rise in ETH will retest the $1220 mark as potential resistance.

Source-Tradingview

Hitting the new flipped resistance of $1220, the refueled selling momentum will encourage the continuation of the prevailing downfall. A post-retest drop may plummet the Ethereum prices by 9% down to $1100-$10800.