Bitcoin, Ethereum Price Prediction- This Range Breakout May Clear Uncertainty In Crypto Market
Bitcoin, Ethereum price prediction: the BTC and ETH price prolong consolation has created a sense of indecisiveness among market participants. However, both these coin shows a range formation in the daily chart, which offers a technical setup for the directional rally. Here’s how this setup may influence Bitcoin and Ethereum’s future price.
Top Gainers and Losers
Source- Coin360
Among the top 100 cryptocurrencies by market cap, the Trust Wallet Token and Solana show the highest gains in the 24 hours. Thus, the TWT price rose 8.05% to hit the $1.42 mark, while the SOL price increased 7.95% to reach $9.87. Conversely, Hedera and GateToken Tokens are top losers, with HBAR price at 2.91%, down $0.03735, while GT price shows a 2.83% loss to hit $3.03.
Bitcoin
Source- Coinmarketcap
For over two weeks, the Bitcoin price has resonated between definite levels of $16950 and $16285. Within this range, the prices retested the mentioned levels several times, indicating the market participants are trapped in uncertainty.
On December 30th, the Bitcoin price showed a long lower price rejection candle at the $16285 mark suggesting the buying pressure persists and the consolidation phase would continue for a few more sessions.
By the press time, the Bitcoin price traders at $16563 with an intraday loss of 0.24%
Source- Tradingview
Thus, for Bitcoin price to escape the stagnant market condition, it needs to break out from this narrow range. A bullish breakout from $16950 will replenish the recovery phase and may encourage BTC to reach $17300, followed by $18300.
On a contrary note, a daily candle closing below $16285 will drop the prices back to $15600.
Also Read: Bitcoin Price Prediction: Complete Report On What To Expect In 2023
Ethereum
Source- Coinmarketcap
Similar to Bitcoin, the Ethereum price is following its own consolidation phase, stretched from the $1230 and $1160 mark. This altcoin also shows price rejection on both ends of the several candles, accentuating the ongoing uncertainty in the market.
Currently, the Ethereum price trades at the $1198 mark with an intraday loss of 0.12%.
With ongoing negativity in the crypto market and the downsloping EMA resistances(20, 50, 100, and 200), the ETH price is likely to breach the range support of $1160. This breakdown will tumble the prices of $1100-$10808 support.
Source-Tradingview
Conversely, a bullish breakout from the $1230 resistance will increase prices to $1350.
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