Crypto Price Prediction For January 10 as Fake BTC ETF News Surged Market Volatility: ETH, ARB, LDO
Crypto Price Prediction: The crypto market has been quite volatile since Tuesday as uncertainty among market participants grew due to the Fake news of US Sec Approval on Spot Bitcoin ETFs.
On January 9th, The @SECgov account, which was recently compromised, issued a tweet stating, “Today the SEC grants approval for #Bitcoin ETFs for listing on all registered national securities exchanges. The approved Bitcoin ETFs will be subject to ongoing surveillance and compliance measures to ensure continued investor protection.”
While the post was deleted about 30 minutes after it appeared, it triggered a temporary surge of BTC to $48000 and a sharp fall to $45000. As a result, approximately $90 million in Bitcoin (BTC) long and short positions have been liquidated, highlighting the potential risks of manipulation and volatility in the cryptocurrency sector.
The ongoing speculation about whether the recent hack was an inside job continues to stoke market volatility. Nevertheless, despite the turmoil on social media, if the process for ETF approval remains on course, there’s a possibility that the US SEC could officially approve a spot Bitcoin ETF. This approval could come as soon as tomorrow or as late as this week, according to predictions from various analysts.
Amid the uncertainty, crypto coins like Ethereum(ETH), Arbitrum (ARB), and Lido DAO (LDO) showcased a notable uptick, projecting their sustainability at higher levels.
Ethereum(ETH) Price Eyes Bullish Breakout Aiming for $2,680 and Beyond
Over the past six weeks, Ethereum, the second-largest cryptocurrency, has primarily oscillated between $2,400 and $2,140, indicating a period of consolidation without clear dominance from buyers or sellers.
Despite this sideways movement, the prior uptrend and the growing anticipation for spot Bitcoin ETF approvals suggest a bullish sentiment. Recently, the Ethereum price rose from $2,169 to $2,407, an 11% increase in just three days.
This surge, accompanied by significant whale accumulation, hints at a potential bullish breakout above the key resistance level of $2,400. Should the ETH price close a daily candle above this level, it could establish a firm base for further gains.
A successful breakout might lead to an 11.5% increase in the ETH price, targeting $2,680, with the next psychological milestone at $3,000.
The current low Average Directional Index value of 15% reflects the recent period of consolidation that bolstered buyers to gather strength for the next move.
Is Lida Dao(LDO) Price Heading to $5?
As Coingape predicted in its earlier article, the Lido Dao coin price under the influence of an inverted head and shoulder pattern hit the $3.87 target on Wednesday.
Amid the growing optimism towards the approval of Spot Bitcoin ETF and no signs of weakness in LDO price behavior, the buyers may continue its upward trajectory to higher levels. The Daily Time Frame chart indicates that the next significant resistance lies at $4.05, about 5% higher.
If a correction is triggered at this level, investors might use the Fibonacci retracement tool to identify potential support levels. Historical trends during the current recovery phase show that Lido Dao price often finds support at the 50% or 38.2% Fibonacci levels. ‘
A breakout above the $4 resistance could propel the coin’s price by another 25%, potentially reaching the $5 mark. The coin’s 20-EMA slope provides additional dynamic support during periodic pullbacks
Arbitrum(ARB) Price Reversal Pattern Signals a Climb to $2.9 Target
The daily time frame chart for the Arbitrum coin displays a major trend reversal signal with the formation of a rounding-bottom pattern. On January 3, the coin broke through the $1.82 neckline resistance, signaling an opportunity for continued recovery.
Despite a brief false breakdown due to market volatility, buyers quickly regained control, and the coin is currently trading at $1.975. If Arbitrum sustains its position above this neckline resistance, the price could aim for the rounding bottom pattern’s target of $2.9, which would be a 45% increase.
However, traditional pivot levels on the daily chart suggest potential resistance at $2.07 and $2.49 during this anticipated rally.
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