Bitcoin, Ethereum Price Prediction- These Lost Supports Could Extend the Prevailing Downfall

Bitcoin, Ethereum price prediction: the crypto market has paused its aggressive selling and shows a relief rally in a majority of the major cryptocurrencies. Such sudden reversal could be backed by the less-than-expected CPI data and the crypto exchange FTX reopening withdrawals.

At 9:49 am EST Friday:  with the overall sentiment still negative, the global crypto market plunged to $839.59, a 4.74% loss over the last 24 hours. Moreover, the total crypto market volume in the last 24 hours dropped 40.56% to hit $110.62. The current volume in DeFi is $5.00 Billion, making up for 4.52% of total 24-hour volumes in the crypto market. 

Top Gainers and Losers

Source- Coin360

Among the top 100 cryptocurrencies, the higher gainers are Chain(XCN) at $0.0493 with a 24-hour jump of 14.00% and UNUS SED LEO (LEO) trading at $4.03 with a 3.88% hike. Conversely, the top losers are the FTX token and Huobi token, where the FTT price fell 24.7% to hit the $2.64 mark and the HT price 13.87% down to reach the $13.7 mark.

Bitcoin Price

Source- Coinmarketcap

Amid the recent bloodbath in the crypto market, the Bitcoin price lost its last 2022 bottom support of $18400-18250. The high volume breakout with a massive bearish candle reflects the sellers’ confidence in reaching lower levels.

However, the prices have reverted from the $16000 psychological support, triggering a retest phase to the breached support. Bitcoin price currently trades at $17500 with an intraday loss of 2.17%. Thus, If the seller shows sustainability below the $18250 mark, the replenished selling pressure should continue downward.

Source- Tradingview

This development could plunge the price back to $16000, followed by $14400.

The daily RSI reverted from the oversold region also accentuates the minor recovery attracted by the discounted price.

Ethereum price

Source- Coinmarketcap

Unlike Bitcoin, the Ethereum price had reclaimed the breached support of $1240 amidst the recent recovery. However, the crypto market continued to face selling pressure and attempted to push the ETH prices back below $1240.

Currently, the coin price trades at $1214 with an intraday loss of 6.5%. If this bearish candle closes below the breached support, the altcoin has a higher chance of resuming the prior downtrend.

Thus, the ETH price could revisit the $1000 psychological mark with sustained selling.

Source-tradingview

On a contrary note, if the daily candle closes above $1240 will extend the ongoing relief rally.