Bitcoin, Ethereum price prediction: The market leaders following yesterday’s gains have created a sense of relief rally in the crypto market. As a result, the major altcoins are in the green today, carrying bullish momentum forward.
Furthermore, at 10:23 am EST Wednesday, the global crypto market rose to $825.26B, gaining 2.87% in the last 24 hours. However, the total crypto market volume tumbled 9.34% to hit the $61.03 Billion mark. The total volume in DeFi is currently at $3.91 Billion, which makes up 6.41% of the total crypto market 24-hour volume.
Top Gainers and Losers
In the top 100 listed cryptocurrencies, the DASH and Kalytn tokens show the highest gains. As of press time, DASH price rose 15.6% to reach the $42 mark, while the KLAY price appreciated 14.10% to hit $0.1826. Conversely, the Trust Wallet Token and Chiliz are top losers, where the TWT price at $2.14 shows a 4.08% fall, whereas the CHZ price at $0.1794 reflects a 1.52% drop.
Bitcoin Mining Difficulty Hits All-Time High
The leading Bitcoin mining company Core Scientific Inc. has warned of bankruptcy by the end of 2022. This crisis occurred as the network difficulty increased continuously and now reached an all-time high of 36.95 trillion. Moreover, the insufficient reward due to the falling bitcoin price and increasing competition also contribute to the issue.
Moreover, Glassnode recently highlighted in a tweet that the “miner Hash Price has plunged to a new all-time low of $58.3k per Exahash per day”. Thus, with the overall market sentiment being bearish and fear of a recession still haunting investors, the mining industry could continue to suffer.
The ongoing consolidation in Bitcoin price shaped a descending triangle pattern. Though this bearish continuation pattern encourages the resumption of prior downfall, in rare conditions, the coin price may break the overhead trendline to reflect the rising bullish momentum.
Thus, earlier today, the Bitcoin price surged 3% and pierced the pattern’s resistance trendline. The coin price currently trades at $16434 and tries to retest the breached resistance as potential support.
If the buyers manage to sustain above the downsloping trendline, the coin price may rise to a 10% high to reach the $18000 psychological resistance.
On a contrary note, a daily candle closing below the trendline will invalidate the bullish thesis.
On November 22nd, the Ethereum coin price rebounded from $1080 support with a tweezer bottom candle pattern. This bullish reversal surged the prices 7.5% higher to hit the combined resistance of $1180 and a downsloping trendline.
The altcoin currently trades at $1170 and shows indecision for further action. However, the decreasing volume of activity during the bullish recovery indicates a lack of commitment from buyers. Therefore, if the selling pressure persists in the market, the Ethereum price could witness another reversal from the resistance trendline.
A potential downfall could dump the coin price back to $1080 support.
However, the buyers looking for an entry opportunity should wait for the price to break the overhead resistance.