The overall crypto price analysis indicates most of the cryptocurrencies are trying to break out of the descending trendlines and recover from their recent lows. Bitcoin and Ethereum have been leading the pack, with both cryptocurrencies trading around support levels.
Cryptocurrencies price heatmap:Coin360
Bitcoin faced a stiff rejection of around $17,000 and is currently trading around $16,890.55, a critical juncture whereby a breakdown could lead to a sharp correction toward the $15,000 level.
Meanwhile, Ethereum has been trading between$1,214.10 and $1,284.22 over the past few hours, but it appears that this support level is holding strong. If ETH can break above this resistance, it could indicate an upcoming bullish rally for the cryptocurrency market.Ethereum is trading at $1,271.97, up by 0.37% at the moment of writing.
BTC/USD and ETH/USD Technical Analysis
Looking at the daily and 4-hour timeframe analysis for BTC/USD pair, we can see that the pair is trading within a range between $16,200 – $17,000. The 20-day EMA and 50-day EMA are both trending upward, indicating an impending bullish run in the long term.
BTC/USD daily chart:TradingView
However, the daily price chart indicates that BTC/USD could be heading for a breakdown from this range if the pair breaks below $16,200. This would open up a downtrend to around $15,000.
As for ETH/USD analysis, we can see that the price is currently trading above the 20-day EMA and 50-day EMA, indicating an impending uptrend in the short term.
ETH/USD daily chart:TradingView
From a technical perspective, it looks like Bitcoin and Ethereum are showing signs of a potential market recovery in the near future. The technical indicators for BTC/USD and ETH/USD are both indicating that the price could break out of the descending trendlines and move toward previous support levels. The overall market sentiment is neutral at the moment as the RSI and MACD indicators are indicating a steady price movement.
The bears and the bulls seem to be evenly balanced at the moment, so it is important to watch these levels closely in order to make a trading decision. However, given Bitcoin’s momentum and positive price action in Ethereum, we could see an impending market recovery in the next few days.
Altcoins Performance on the daily chart
Despite the bear market, some altcoins have performed relatively well, with top performers such as Trust wallet which surged by over 21.48%, XRP also surged by 9.35% and Quant token which surged by over 19.31%. The worst performers include Convex Finance CVX and Kucoin Token KCS which have declined by over 4.0% and 3.84%, respectively.
Other altcoins have also been showing signs of improvement, with most of the coins trading in a neutral zone. The top 10 coins have not seen a significant price surge as they have been mostly consolidating in the past hours.
Overall, it seems that the crypto markets are slowly warming up for recovery, with BTC and ETH leading the pack. However, it remains to be seen if these price levels can hold over the long term or if we will see further declines in the near future. Nevertheless, a downside breakout could lead to a sharp decline and increased selling pressure could push the prices below the support levels set at the moment.
