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Bitcoin, Ethereum Price Prediction- This May Break Bitcoin’s Ongoing Consolidation

Bitcoin, Ethereum price prediction: The traders' sentiment remains uncertain and keeps the market leaders in a narrow consolidation. Therefore, the BTC and ETH are still struggling to follow a direction rally.

However, the global crypto market appreciated to $830.92 Billion by 1.54 Pm EST Tuesday, gaining 1.42% in the last 24 hours. However, the total crypto market volume plummeted 15.78% to reach the $43.2 Billion mark. The total volume in DeFi is currently at $2.78 Billion, making up 6.47% of the total crypto market 24-hour volume.

Top Gainers and Losers

Source- Coin360

The Huobi token and chain are the highest gains among the top 100 listed cryptocurrencies. In the last 24 hours, the HT price rose 9.91% to reach thx BNX, the current price of $6.98, whereas the XCN price jumps 9.28% to $45.22. On the flip side, Nexo and BinaryX are top losers, where the NEXO price at $0.639 shows a 4.22% fall, whereas the BNX price at $141.7 reflects a 3.9% drop.

Bitcoin Price

Source- Coinmarketcap

The short-term trend in Bitcoin price is sideways. Moreover, the multiple short daily candles, with high wicks, also reflect high volatility in the market; however, despite the unstable market behavior, the BTC price strictly follows two technical levels.

Over the fortnight, a descending trendline has restricted coin prices from reaching higher levels. The multiple reversals from this resistance indicate the traders are aggressively selling at this trendline. On the flip side, the $15600 support has already rebounded the price twice.

Source- Tradingview

Thus, the Bitcoin price currently trades at $163786, with an intraday gain of 1%. Nonetheless, for prices to escape the ongoing consolidation, it must overcome the aforementioned barriers.

Ethereum price

Source- Coinmarketcap

On November 24th, the Ethereum price gave a bullish breakout from a downsloping trendline. This bullish breakout sets the altcoin for a potential upswing, but the sluggish market behavior prolongs the retest phase. The several higher price rejection candle during the retest indicates the high supply near the $1220 mark.

The ETH price currently trades at $1208 with an intraday gain of 3.47%. The strong bullish candle reattempted to surpass the immediate resistance of $1187. If the price manages to sustain above the breached level, the bulls may drive the price to the $1340 mark.

On a contrary note, if the buyers couldn’t hold above the $1187 mark, the price could drop back to $1080.

Source-Tradingview

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.