Bitcoin, Ethereum Price Prediction- Trendline Breakout May Push BTC Above $21000
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Published 22 mins ago
Bitcoin, Ethereum price prediction: Following the sell-off from the US Fed interest hike, the Bitcoin and Ethereum prices are in green today, trying to sustain higher grounds. At 10:18 am EST Thursday, the crypto market stood at $999.79 Billion, with a 0.5% loss from yesterday.
Meanwhile, the total crypto market volume over the last 24 hours is $104.81 Billion, which makes a 53.2℅ gain. The total volume in DeFi is currently $5.31 Billion, 5.06% of the total crypto market 24-hour volume.
Top Gainers and Losers
Source- Coin360
Among the top 100 cryptocurrencies, Arweave and Fantom are the top gainers. By the press time, the AR price trades at $15.13 with a 50.5% gain in the last 24 hours, and the FTM price exchanges hands at $0.265, with a 17.67% jump. Conversely, the top losers are FTX token and Nexo, where the FTT price moves at $24.3, registering a 4.57% loss, while the NEXO price trades at $0.94 with a 4.81% fall.
Bitcoin Price
Source- Coinmarketcap
The Bitcoin price one-week consolidation between $21000 and $20300 ended on a bearish note as the crypto market witnessed a sell-off on November 2nd. This sharp selling was backed by another 75 bps interest hike from the US Fed.
The BTC price currently trades at $20150with an intraday gain of 0.02%. Thus, with sustained selling, the coin price breaks the $20000 support.
Source- Tradingview
On a contrary note, the 4-hour technical chart shows the price is facing constant resistance from a downsloping trendline. Thus, a bullish breakout from this resistance will undermine the bearish thesis and bolster the resumption of the previous recovery.
Ethereum Price
Source- Coinmarketcap
Despite the sudden sell-off due to the Fed interest hike, the Ethereum price maintained a flag pattern in the 4-hour time frame. Though the price is currently on a downward spiral, this pattern should eventually lead to a bullish rally upon completion.
A bullish breakout from the overhead trendline will signal the end of the retracement phase. Thus, the post-correction rally could push a bullish rally to the $1800 mark.
Source- Tradingview
The daily-RSI slope sustained above the midline(50%) indicates the market sentiment remains bullish.
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.
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