Published 11 hours ago
Bitcoin, Ethereum price prediction: The BTC and ETH prices witnessed a significant inflow yesterday as they jumped from their respective support. This small recovery boasted several altcoins, but the market sentiment remains indecisive as the market leaders are still trapped in a short range.
With the recent recovery, the global crypto market cap rose to $859.94 billion, showing a 2.17% gain in the last 24 hours. Moreover, the 18.1% jump in the total crypto market volume supported this growth and reached the $38.1 Billion mark. Furthermore, the total volume in DeFi is currently at $2.09 Billion, which makes up 5.47% of the total crypto market 24-hour volume.
Top Gainers and Losers
Among the top 100 cryptocurrencies, Graph and Chain are the biggest gainers today, where the GRT price surged 9.44% to reach the $0.06786 mark, while XCN price increased 7.07% to $0.03904 in the last 24 hours. On the other hand, Synthetix and Toncoin tokens are top losers, with SNX price at $1.89, down 2.98%, while TON price at $1.83 is down 1.21%
The Bitcoin price is currently in a short-term sideways trend, wobbling between $17300 and $16800 levels. It’s been more than a week since the price wavers in a narrow range, creating a sense of uncertainty in the crypto market.
Usually, in a range movement, a safe entry will be when the price breaks either range level and grab a directional rally on the same side. However, the BTC price entered this consolidation when its breached $16800 resistance on November 30th.
Thus, the price hovering above $16800 flipped support is trying to sustain at higher levels. However, in response to Bitcoin’s 2.3% price jump yesterday, the daily-RSI slope jumped above the neutral line, indicating the underlying growth in bullish momentum.
The BTC price currently trades at the $17228 mark, but new traders looking for entry opportunities can enter naer the $16800 mark as support buying or after the breakout of $17300.
In response to market uncertainty, the Ethereum price follows a similar range movement resonating between $1300 and $1220. This altcoin has tested both mentioned levels multiple times, indicating the traders respect the range set-up and should do the same for its potential target.
The ETH price currently trades at $1285 with an intraday gain of 0.44%. However, the long-wick rejection attached to the daily candle as it retests the $1300 resistance suggests a high possibility of bearish reversal.
This potential reversal from $1300 will set the altcoin to chase $1220 support and thus prolong the consolidation phase for a few more sessions.
Furthermore, a daily candle closing below $1220 will accelerate the selling pressure and plunge the price to the $1158 mark. Conversely, if the prices break overhead resistance, the investor may witness an uptrend resumption of $1420.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.