Bitcoin, Ethereum price prediction: A bullish breakout of rising BTC and ETH prices from their respective resistance suggests further growth in the crypto market. This improving market sentiment drove several major cryptocurrencies higher, providing a relief rally to coin holders.
Additionally, the global crypto market rose to $831.40 Billion by 7:14 am EST Thursday, gaining 0.3% in the last 24 hours. However, the total crypto market volume plummeted 11.87% to reach the $$57.61 Billion mark. The total volume in DeFi is currently at $3.64 Billion, making up 6.31% of the total crypto market 24-hour volume.
Top Gainers and Losers
The Curve DAO and GMX tokens show the highest gains among the top 100 listed cryptocurrencies. In the last 24 hours, the CRV price rose 10.22% to $0.685, while the GMX price rose 7.41% to $45.22. On the flip side, the EthereumPoW and Aptos are top losers, where the ETHW price at $3.33 shows a 5.48% fall, whereas the APT price at $4.28 reflects a 4.16% drop.
On November 23rd, the Bitcoin price gave a bullish breakout from the resistance trendline of a descending triangle pattern. A bullish breakout from a bearish continuation pattern accentuates the buyer’s commitment to reach a higher level.
However, the BTC price currently trades at the $16558 mark with an intraday loss of 0.35%. This bearish candle is supposed to retest the breached resistance and check for price sustainability above it.
If the buying pressure persists, the potential rally will push the prices 7% high to the $18200-$18000 mark. Having said that, the buyers may struggle at an in-between resistance of $17000 before reaching its target.
On a contrary note, a daily candle closing below the $16400-$16300 or trendline will offset the bullish thesis.
The Ethereum price rising for three consecutive days gave a bullish breakout from combined resistance of $1185 and a downsloping trendline. For the past two weeks, this dynamic resistance has assisted sellers in restricting bullish growth and maintaining a steady downfall.
Thus, this bullish breakout indicates a switch in market sentiment from selling on rallies to buying on dips. However, the altcoin currently trades at the $1195 mark and shows a bullish retest to the breached trendline in a 4-hour time frame chart.
If the ETH price sustains above the $1180 mark, the potential upswing may drive the prices 12% high to reach $1340.
Conversely, if the selling fails the retest phase with a 4-hour candle closing below the downsloping trendline, the Ethereum price may plunge back to $1080.
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.