In this update, we will explore the predictions for these two leading cryptocurrencies, as they appear to be positioned for a significant 50% retracement.
We will discuss a brief analysis of the market conditions surrounding Bitcoin and Ethereum, highlighting key factors that may influence their price movements in the near future.
Stay tuned for valuable insights into the potential direction of these digital assets.
Bitcoin Price
The current price of Bitcoin is $27,700, and it has experienced a trading volume of $17 billion over the past 24 hours. In this timeframe, Bitcoin has seen a nearly 0.50% increase.
As per CoinMarketCap, Bitcoin holds the top ranking (#1) with a market capitalization of $537,048,136,864.
Currently, 19,387,487 BTC coins are circulating out of a maximum supply of 21,000,000 BTC coins.
Bitcoin Price Prediction
Bitcoin is currently facing significant resistance at the $28,300 level from a technical standpoint. This level is further reinforced by the presence of a ‘double tap’ pattern observed on the four-hour timeframe.
The consistent closing of candles below this level indicates a possible exhaustion among buyers, potentially leading to sellers gaining temporary dominance in the market.
To support this analysis, prominent technical indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) have been examined.
Additionally, the 50-day exponential moving average (EMA) is positioned around the $27,000 level, while the current market price of Bitcoin is approximately $28,000.
This significant disparity between the market price and the 50-day EMA suggests an overbought market condition, which could potentially trigger a notable correction in Bitcoin’s price.
If this scenario unfolds and Bitcoin fails to surpass the $28,300 level, investors may be able to engage in short selling below $28,300.
The initial target for such a move could be a decline to $27,500, followed by a potential further drop to the next support level at $27,000.
Conversely, suppose Bitcoin successfully breaks above the $28,300 level and secures a close above it. In that case, investors may consider taking long positions, targeting an initial resistance level of $29,000, with the next resistance likely located near $29,450.
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Ethereum Price
The current price of Ethereum (ETH) is $1,893.23, and it has experienced a 2% increase in the past 24 hours. The trading volume during this period reached $7.4 billion.
Ethereum is currently ranked as the second-largest cryptocurrency according to CoinMarketCap, with a live market capitalization of $227,668,838,442. The circulating supply of ETH coins is 120,254,303.
Ethereum Price Prediction
In terms of technical analysis, Ethereum is displaying robust bullish momentum as it surpasses key resistance levels. It has successfully broken through the resistance at $1,870 and the psychologically significant level at $1,900.
Currently, Ethereum is facing a double-top trend resistance in the range of $1,922 to $1,925. The appearance of an inverted hammer candlestick pattern below the $1,925 level indicates a potential weakening of the bullish strength, suggesting that buyers might be nearing exhaustion.
Consequently, we could anticipate a downward correction in Ethereum’s price below $1,925, potentially reaching the notable support level at $1,885.
Additional support may be found around the $1,870 level if the downtrend continues. Furthermore, if the downward trend persists, Ethereum’s price could potentially drop further toward a lower support level of $1,850.
It is important to note that both the RSI and MACD indicators are currently in the overbought zone, indicating the possibility of a rebound above the $1,870 level.
On the other hand, if Ethereum successfully breaks through the resistance level at $1,925, it could aim for a higher target, potentially around $1,960 or even higher toward the $1,995 level.
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Top 15 Cryptocurrencies to Watch in 2023
Keep yourself updated on the latest initial coin offering (ICO) projects and alternative cryptocurrencies by regularly exploring the handpicked collection of the top 15 most promising digital assets to monitor in 2023.
This thoughtfully curated list has been compiled by industry experts from Industry Talk and Cryptonews, guaranteeing that you have access to professional recommendations and valuable insights.
Stay ahead of the curve and uncover the potential of these cryptocurrencies as you navigate the constantly evolving landscape of digital assets.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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