Bitcoin, Ethereum Price Prediction- Bearish Pattern Triggered Hints Prolong Selling In Crypto Market

Coinmama


Published 2 hours ago

Bitcoin, Ethereum price prediction: the BTC and ETH prices on red maintain a strong selling pressure intact in the majority of altcoins. Moreover, the global crypto market drooped to $823.45 Billion at 10:47 am EST Sunday, displaying a loss of 1.05% in the last 24 hours.

However, the total crypto market volume grew 20.28% since yesterday to reach $42.17 Billion. Currently, the total volume in DeFi stands at $3.55B, which makes up 8.41% of the total crypto market 24-hour volume. 

Top Gainers and Losers

Heatmap of cryptocurrencies priceSource- Coin360

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Among the top 100 cryptocurrencies, GMX at $44.08 records the highest gain of 7.72% in the last 24 hours, followed by Solana (SOL) at $13, displaying a 2.42% increase. Conversely, the top losers include Trust Wallet Token at $1.98 and Chiliz (CHZ) at $0.2275, which dropped 10.55% and 7.48%, respectively.

Bitcoin Price 

btcSource- Coinmarketcap

Sloppy price action in Bitcoin for nearly two weeks revealed the formation of an inverted pennant pattern in the 4-hour time frame chart. Thus, a bearish continuation pattern signals the replenished selling momentum once the price breaks the support trendline.

Today, the Bitcoin price dropped 1% and gave a high volume breakdown from the pattern support trendline. If the coin sustains the ongoing retest to the breached support, the sellers may plunge the prices 4.4% down to revisit the $15850 mark.

TradingView ChartSource- Tradingview

On a contrary note, if the buyers push the Bitcoin price above the overhead trendline, the bearish thesis will get invalidated.

Ethereum price 

ethSource- Coinmarketcap

The Ethereum 4-hour time frame chart displays a textbook example of descending triangle pattern. This bearish also assist sellers in prolonging the prevailing downtrend upon the breakdown of its neckline support.

Today, the Eth price is down 3.5% and offers a high momentum breakdown from the $1192 neckline support. If the selling pressure does not subside, the altcoin will drop 7.5% to hit $1080.

Ethereum Price PredictionSource-Tradingview

Moreover, the Ethereum coin price will remain under bearish threat until the price remains below the downsloping trendline.

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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