Bitcoin, Ethereum Price Prediction- Why the Bullish Recovery Has Stalled?

Bitcoin, Ethereum Price Prediction- Why the Bullish Recovery Has Stalled?

btc and eth

Published January 20, 2023

Bitcoin, Ethereum price prediction: The ongoing recovery in the crypto market has taken a halt since last weekend. The market leader showed higher price rejection on their daily chart, indicating the formation of a local top. However, the possibility for temporary correction is high as the excess buying need to stabilize.

Furthermore, the global crypto market cap stands at $979.20 Billion, gaining 1.13% since yesterday. Moreover, the total crypto market volume dropped 30.5% to reach the 39.3% Billion mark.

Top Gainers and Losers

heatmap of cryptocurrency pricesSource- Coin360 

Among the top 100 cryptocurrencies by market cap, the Nexo and Synthetix tokens are the highest gainers, in which NEXO price surged 18.07% to hit the $0.8467 mark, while SNX price rose 12.46% to $2.37. On the other hand, Casper and Decentraland Tokens are the top losers, with the CSPR price 1.85% down to $0.03586, whereas the MANA price tumbled 1.53% to reach the $0.6302 mark.

Bitcoin 

BTCSource- Coinmarketcap

Following a remarkable bull run in the first two weeks of 2023, the Bitcoin price registered 30% growth and reached $21600. However, over the last few days, the daily chart showcased several higher price rejection candles at the mentioned level, indicating the exhausted bullish momentum.

Anyhow, a minor correction will be beneficial for Bitcoin as it will stabilize the excessive buying activity and validate whether the buyers can sustain higher levels.

Also Read: CRYPTO TELEGRAM CHANNELS LIST 2023

Bitcoin Price PredictionSource- Tradingview

If the coin forms a local top at the $21600 mark, the potential retracement can tumble the prices 10-14% down to revisit the $19000 or $18200 level, respectively.

Interested buyers could enter at this pullback opportunity or wait for $21600 to add additional coins.

Ethereum 

ethSource- Coinmarketcap

Amid the recent recovery in the crypto market, the Ethereum price gave a massive breakout from the combined resistance of $1500 and 20-day EMA. Thus, similar aforementioned Bitcoin price analysis, the ETH chart shows higher price rejection near the $1600 mark, indicating the profit booking from temporary traders.

As a result, the altcoin may witness a short-term consolidation above at retracement to neutralize the aggressive buying. 

Ethereum Price PredictionSource-Tradingview

The recently reclaimed $1500 mark should switch to strong support and assist buyers in sustaining higher levels.

Thus, interested traders can grab entry opportunities near the $1500 mark or at $1420 local support in case of a deeper correction.

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

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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