Bitcoin, Ethereum Price Prediction- Technical Chart Hints Prolong Consolidation In Crypto Market

Bitcoin, Ethereum price prediction: The Bitcoin daily chart shows a reversal sign at the $17000 resistance zone, indicating the prices could drop for the upcoming trading session. Moreover, this reversal will keep the BTC price in a narrow range and extend the sideways movement. The resumption of consolidation may also affect a majority of major altcoins and keep the crypto market in uncertainty.

Furthermore, The global crypto market cap is $811.40 Billion, losing 0.93% since yesterday. Moreover, the total crypto market volume dropped 10.35% to stand at $27.56 Billion marl currently.

Top Gainers and Losers

Source- Coin360 

Among the top 100 cryptocurrencies by market cap, the Nexo and XDC Network tokens display the highest gain, in which NEXO price rose 2.09% to hit the $0.724 mark, while XDC price jumped 1.90% to $0.02518. On the other hand, Lido DAO Tokens are the top losers, with the LDO price 8.57% down to $1.26, whereas the TRX price loses 7.81% to reach the $0.05 mark.

Bitcoin  

Source- Coinmarketcap

On December 30th, the Bitcoin price rebounded from the local support of $16300. Amid the recent new year recovery in the crypto market, the Bitcoin price has witnessed a steady recovery since last week.

The bullish recovery registered a 3.7% jump and challenged the overhead barrier of $17000-$16980. Thus, the aforementioned level has created a narrow range, and Bitcoin price has been trapped within it for the past three weeks.

Source- Tradingview

However, today the BTC price is down 0.63% and shows the formation of an evening star candle pattern at $17000. This bearish reversal candle pattern appearing at a know resistance indicates a higher possibility for upcoming downfall.

Thus, with sustained selling, the Bitcoin market value may drop 2.35% down from its current price of $16735 and entrap it within the narrow range for a few more trading sessions.

Also read: 5 Cryptocurrency Books To Read This Winter

Ethereum 

Source- Coinmarketcap

Unlike Bitcoin, the Ethereum price shows higher bullish strength as it breached a significant resistance zone of $1220-$1230 on January 4th. However, the altcoin has been going through a minor pullback in the last two days and retested the breached resistance.

The Ethereum price currently trades at $1244 with an intraday loss of 0.56%. Thus, if the coin sustains above the $1230 mark, the buyers should drive the prices 8.5% higher to hit the $1350 barrier.

Source-Tradingview

Conversely, if the crypto market remains uncertain, a daily candle closing below $1220 will undermine the bullish trap in crypto thesis and plunge the ETH price back to $1160.