Altcoins, Bitcoin (BTC), Cryptocurrency, Economy, Ethereum (ETH), News, Price Analysis

Ethereum, Bitcoin Price Forecast – Technical Chart Suggests Prolonged Consolidation

Bitcoin’s daily chart demonstrates reversal signals at the $17K resistance level, suggesting possible price dips in the upcoming session. Furthermore, this reversal will cement BTC in a constricted range and stretch its sideways movement.

Consolidation resumption impacts most top alternative coins, translating to increased uncertainty within the cryptocurrency market. Moreover, the global cryptocurrency market capitalization lost 0.93% over the past day to $811.40 billion. Meanwhile, the total market volume declined by 10.35% to $27.56B.

Tops Losers and Gainers

XDC and Nexo led the top 100 digital assets by market capitalization in gains, with NEXO gaining 2.09% to $0.724, whereas XDC price increased by 1.90% to hit the $0.02518 mark. On the other side, LDO and TXR led the downside, dropping 8.57% to $1.26 and 7.81% to $0.05, respectively.

Bitcoin (BTC)

BTC price bounced back from the $16.3K local support on 30 December. Moreover, the asset has recorded stable recoveries over the past week, benefiting from the latest new year crypto market revival.

The bullish upside triggered a 3.7% hike to challenge the overhead resistance at $16,980 – $17,000. Therefore, the crypto entered a narrow range that trapped Bitcoin prices over the last three weeks. Bitcoin lost 0.63% today and prints an evening star candlestick setup near the $17K value area.

The bearish reversal candlestick pattern at a substantial resistance suggests higher chances of upcoming declines. Therefore, sustained selling might see BTC’s market value declining by 2.35% from the $16,735 current level and remain inside a constricted range for some more sessions.

Ethereum (ETH)

Unlike BTC, Ethereum’s price indicates higher bullish momentum as the alt overpowered a substantial resistance region at $1,220 – $1,230 on 4 January. Nonetheless, Ether has witnessed a slight pullback over the past 48 hours to retest the breached hurdle.

ETH traded near $1,244 during this writing, reflecting a 0.56% intraday loss. Therefore, if it sustains beyond $1,230, buyers might ensure an 8.5% increase toward the price barrier of $1,350. Contrarily, continued crypto market uncertainty might catalyze a 24hr candle closing under $1,220. That would cancel the upside thesis and drag Ethereum to the $1,160 region.

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