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Bitcoin and ethereumtwo of the most popular cryptocurrencies experienced a significant drop, with BTC currently trading at $29,780 and ETH at $1,889.
With investors closely monitoring these developments, a deep dive into the technical outlook will be essential to determine potential price movements in the coming days.
This Bitcoin and Ethereum price prediction aims to analyze recent price movements and explore the possibility that both BTC and ETH may bounce back by the end of the week.
Bitcoin price prediction
From a technical standpoint, Bitcoin is trading just above the critical $29,500 support level.
This support level is further validated by the presence of the triple bottom pattern observed on the 4-hour timeframe.
Both the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators are showing bearish sentiment, with the RSI hovering at 42 and the MACD below 0.
Additionally, the 50-day exponential moving average acts as a resistance level at $29,995, just below the psychological level of $30,000.
Considering these factors, it is highly probable that Bitcoin will maintain its bearish stance below $30,000.
If the $29,500 support level is breached, the cryptocurrency could face further downward pressure and could reach the next support of $28,900.
On the other hand, a failure to break below $29,500 would trigger a bullish rally, pushing the price towards $30,000 initially and a bullish crossover above $30,500.
In particular, a surge in Bitcoin demand above $30,450 could push the price towards the next resistance level of $31,200.
As a result, it will be important to closely monitor the $29,500 levels. A break above this level could offer a buying opportunity, while a drop below it could encourage a selling position.
ethereum price prediction
Looking at Ethereum from a technical standpoint, the cryptocurrency is currently trading within a tight range with $1,920 acting as resistance and $1,880 acting as support.
with a child Top Candlestick Pattern Being in this range indicates that investors are uncertain and eagerly awaiting significant developments that could trigger a breakout in either direction.
of Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) Both indicators suggest a neutral position.
The RSI is hovering around the 50 level, indicating a lack of clear market trend. However, the MACD histogram has fluctuated below the zero line, suggesting a bit of bearish sentiment among investors.
Moreover, the 50-day exponential moving average is consolidating near $1,920, and Ethereum price has been swinging above and below this level reflecting investor indecision.
If Ethereum breaks out of the $1,920 levels, it could target resistance at $1,945 or $1,975, signaling a continuation of the uptrend.
Conversely, a bearish breakdown below $1,900 could see the price fall towards $1,880 or even down to $1,845.
In conclusion, close monitoring of the $1,900 level is essential as any decisive move above or below this point could indicate a change in market trend.
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