Prediction of Bitcoin and Ethereum Prices – Are BTC/ETH Ready to Start Their Next Recovery Cycle?
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Brian Bollinger Bitcoin, Ethereum Price Predictions: Market leaders continue to move in range bound movement, creating the impression of a sideways trend. The technical chart showed trading opportunities during this consolidation phase, and how it could impact the future price for Bitcoin and Ethereum. AdvertisementThe global cryptocurrency market saw a 1.4% increase on Thursday at 10:31 EST. This resulted in a total of $1.1 Trillion in the last 24 hours. The market’s total trading volume fell by 1.79% to $62.5 million. The DeFi market currently accounts for $7.09 Billion, which is 11.34% of all cryptocurrency markets’ 24-hour volume. Enjin Coin and Optimism had the highest gains. The OP saw a 19.86% price increase, pushing it to $2.94. ENJ saw a 14.59% price rise, reaching $0.5478. Neo and 1inch Network both saw declines in their values, with NEO falling by 3.58% to $13.01 and 1INCH falling by 2.50% to $0.6233. Trending StoriesBitcoinSource- CoinmarketcapSince last Wednesday, the Bitcoin price has been in a range-bound rally that stretches from $25100 to $23500. The coin price has tested both these levels twice, indicating that traders are responding to these levels. This could lead to a prolonged consolidation phase that could push prices back to the $23500 mark. Source-trading viewTraders looking for entry points should wait for breakout opportunities above the aforementioned level. A daily candle closing above $25000 will indicate a resumption in the bullish trend. Conversely, a breakdown below $23500 may encourage a bearish correction phase.EthereumSource- CoinmarketcapIn the daily time frame chart, the Ethereum price wobbling between two diverging trend lines indicates the formation of a megaphone pattern. This continuation pattern is usually formed when assets are volatile and indecisive from market participants. On February 21st, the Ethereum price fell 3.5% to $1651. Thus, if the selling pressure in the market persists, the ETH price may witness a potential down to $1500 or lower support trendline.Source-TradingviewadvertisementThis chart will be completed when the price breaks out from either of the divergence trendlines. Considering the higher possibility, a bullish breakout from the overhead trendline could set the ETH price to the $1865 or $2000 mark.Share this article on:advertisementAbout author
The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.