ETH, SHIB, and CORE Price Prediction As April Sparks Fresh Correction Wave in Crypto Market

Crypto Price Prediction: The cryptocurrency market kicked off April in a bearish tone witnessing a notable correction in the majority of major cryptocurrencies. The leading digital asset Bitcoin fell to $66284 in the Asian trading session, registering 7.3% in the last 48 hours, while Ethereum plunged 8.5% to hit $3339.

The selling pressure picked up additional momentum yesterday as Bitcoin spot ETFs experienced a significant total net outflow of $85.84 million highlighted by Wu Blockchain. Notably, the Grayscale ETF GBTC saw a substantial single-day net outflow of $302 million. Conversely, the BlackRock ETF IBIT and Fidelity ETF FBTC registered net inflows of $165 million and $43.99 million, respectively.

According to SoSoValue, Bitcoin spot ETFs had a total net outflow of $85.84 million on April 1. Grayscale ETF GBTC had a single-day net outflow of $302 million, BlackRock ETF IBIT had net inflow of $165 million, Fidelity ETF FBTC had net inflow of $43.99 million, and the Bitcoin… pic.twitter.com/hCp6nk7T1Q

— Wu Blockchain (@WuBlockchain) April 2, 2024

According to a derivatives market analytics platform Coinglass, 140,149 traders faced liquidation since yesterday, totaling $448.81 million in liquidations across the market.

However, several analysts perceive this pullback as a pre-halving correction/consolidation to shake weak hands and draw in more steadfast market participants.

Also Read: Crypto Prices Today April 2: Bitcoin Plunges To $66K, Ethereum Below $3400, SOL & XRP Crash

1)Ethereum (ETH)

Ethereum stands as a pioneering force in the blockchain space, being the first to implement smart contracts that enable decentralized applications (dApps). Ether (ETH), the native cryptocurrency of this ecosystem is currently trading at $3328 and has a market cap of $398.7 Billion.

The Ethereum price has been under a correction trend for the past three weeks, projecting an 18.6% drop from the last high of $4093. Last week, the sellers bolstered for a new lower high formation around $3675, indicating the downward pressure is intact.

Adding to the downturn, the ETH price slipped 5.25% accompanied by $19.1 Billion in trading volume. If the supply pressure persists, the coin holder may seek support at $3250 and $3050 levels.

Also Read: Will Ethereum Price Stay Bullish in April? Historical Data Says Yes

2) Shiba Inu (SHIB)

Shiba Inu (SHIB) originated as a meme token, often regarded as a Dogecoin competitor. It has grown into a decentralized ecosystem with its own decentralized exchange, ShibaSwap, and has plans to expand into NFTs and game development.

Amid the recent market consolidation, the SHIB price recovery witnessed a notable downturn from the $0.0000328 resistance in late March. The bearish reversal plunged the coin value by 21.5% in the last six days.

By the press time, Shiba Inu’s market cap stands at $15.29 Billion, while the trading volume is around $15.92 since yesterday. According to the recent data by Shibburn, the memecoin has seen a dramatic increase in its burn rate, soaring to 2307.19% over the last 24 hours. During this period, a massive total of 110,384,799 SHIB tokens were removed from circulation.

However, if the supply pressure from broader markets persists, the Shiba Inu price will retest the 61.8% FIB level at $0.00002368.

Also Read: Why Dogecoin and Shiba Inu Prices Fell Today?

3)CORE

CORE, known formally as cVault.finance, is a DeFi project renowned for its unique approach to yield farming and liquidity provision. Defying the recent market correction, the CORE coin emerged as a high-performing asset in the fourth week of March.

From the March 20th low of $0.53, the asset rallied 685% to reach a year’s high of $4.19. This rally gained notable momentum from Core DAO’s launch of coreBTC, facilitating a trustless bridge for Bitcoin to the Core Chain and integrating Bitcoin’s robust security into its DeFi ecosystem.

However, the overextended rally coupled with market correction plunged the CORE price 15% to currently trade at $3.2. As per the Fibonacci retracement tool, the CORE price could obtain suitable support at $2.8 and $2.37 levels. 

Takeaway

The cryptocurrency market sparked a new correction trend in April, following the lead of Bitcoin and Ethereum prices. A notable outflow from Spot BTC ETF on April 1st further accelerated the supply pressure among top altcoins. However, this downturn is still perceived as a pre-halving correction that can offer investors a suitable pullback before the anticipated rally.