Bitcoin, Ethereum Price Prediction- Will They Extend Price Recovery For The Coming Week?
Bitcoin, Ethereum price prediction: the market leaders, Bitcoin and Ethereum, showed sluggish price behavior earlier this week. With no significant gain or loss registered from these coins, the majority of major altcoins continue to struggle in a sideways rally. However, the BTC price breakout from its ongoing range may signal the revival of bullish momentum.
The global crypto market cap is %1.06 Trillion, with a 5.84% jump since yesterday. Meanwhile, the total crypto market volume is $71.87 Billion, showing a 72.8% rise.
Top Gainers and Losers
Among the top 100 cryptocurrencies by market cap, the Aptos and Optimism tokens showcased the highest gain, where the APT price rose 37.16% to reach the $12.91 mark, while the OP price increased 18.51% to $2.33. On the other hand, Frax Share and Rocket Pool tokens are top losers, with FXS price is 2.47% to reach $10.75, while RPL price loss at 21% to reach $36.42.
Following an exceptional rally in the first two weeks of 2023, the Bitcoin price went sideways below the $21600 resistance. Thus, earlier this week, the coin price witnessed a short consolidation between the $21600 and $20400 barriers.
However, this short break allowed the BTC price to neutralize excess buying and replenish the bullish momentum. As a result, this coin price rose 12.6% in the last three days and reached the $23220 mark.
Moreover, this price jump hints at the resumption of prior recovery and recently breached a local resistance of $22600. If the daily candle closes above the mentioned resistance, the accelerated bullish momentum will drive the BTC price 6-8% higher to hit $24700-$25000.
Conversely, if the Bitcoin price fails to sustain above $21500 in the coming week, the bullish momentum will weaken.
Similar to Bitcoin, this altcoin went sideways above the breached resistance of $1500, trying to stabilize the aggressive buying in the market. Furthermore, the post-retest rally surged the price 10% higher to hit the neckline resistance of the rounding bottom pattern.
By press time, the ETH price trades at $1657 and challenges the neckline resistance($1660) of a rounding bottom pattern. However, the daily chart shows a Doji candle indicating uncertainty among market participants.
Anyhow, if the Ethereum price breaches the $1660 resistance, the triggered bullish pattern will encourage buyers to rally further. As per the technical setup, this pattern completion could bolster coin price to surpass $2000.
Conversely, the failure to break the $1600 barrier will weaken the bullish thesis.