Bitcoin, Ethereum Price Prediction- This Range Breakout May Clear Uncertainty In Crypto Market
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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
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.
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%
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.
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.
Conversely, a bullish breakout from the $1230 resistance will increase prices to $1350.
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.