Bitcoin, Ethereum Price Prediction- Trendline Breakout May Push BTC Above $21000

Bitcoin, Ethereum price prediction: Following the sell-off from the US Fed interest hike, the Bitcoin and Ethereum prices are in green today, trying to sustain higher grounds. At 10:18 am EST Thursday, the crypto market stood at $999.79 Billion, with a 0.5% loss from yesterday.

Meanwhile, the total crypto market volume over the last 24 hours is $104.81 Billion, which makes a 53.2℅ gain. The total volume in DeFi is currently $5.31 Billion, 5.06% of the total crypto market 24-hour volume. 

Top Gainers and Losers

Source- Coin360

Among the top 100 cryptocurrencies, Arweave and Fantom are the top gainers. By the press time, the AR price trades at $15.13 with a 50.5% gain in the last 24 hours, and the FTM price exchanges hands at $0.265, with a 17.67% jump. Conversely, the top losers are FTX token and Nexo, where the FTT price moves at $24.3, registering a 4.57% loss, while the NEXO price trades at $0.94 with a 4.81% fall.

Bitcoin Price 

Source- Coinmarketcap

The Bitcoin price one-week consolidation between $21000 and $20300 ended on a bearish note as the crypto market witnessed a sell-off on November 2nd. This sharp selling was backed by another 75 bps interest hike from the US Fed.

The BTC price currently trades at $20150with an intraday gain of 0.02%. Thus, with sustained selling, the coin price breaks the $20000 support.

Source- Tradingview

On a contrary note, the 4-hour technical chart shows the price is facing constant resistance from a downsloping trendline. Thus, a bullish breakout from this resistance will undermine the bearish thesis and bolster the resumption of the previous recovery. 

Ethereum Price 

Source- Coinmarketcap

Despite the sudden sell-off due to the Fed interest hike, the Ethereum price maintained a flag pattern in the 4-hour time frame. Though the price is currently on a downward spiral, this pattern should eventually lead to a bullish rally upon completion.

A bullish breakout from the overhead trendline will signal the end of the retracement phase. Thus, the post-correction rally could push a bullish rally to the $1800 mark.

Source- Tradingview

The daily-RSI slope sustained above the midline(50%) indicates the market sentiment remains bullish.