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Amid the ongoing bloodbath in the cryptocurrency market, Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has not been spared. Over the past week, ETH has experienced a significant 9% price decline, bringing it down to the $3,130 level.
As market participants closely monitor the situation, the focus now lies on crucial levels that must be held back to prevent a deeper retrace that could lead to substantial losses and heightened liquidation rates not witnessed in months.
Make-Or-Break Moment For Ethereum Price
Crypto analyst “Inspo Crypto” has drawn attention that Ethereum’s price has retraced to levels last seen at the beginning of May.
According to the analyst, the upcoming 8-hour trading period, represented by a 1-day candle, will be a critical juncture to determine whether the bulls have capitulated or can muster a comeback.
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A retracement above the abovementioned level could be considered a deviation from the bearish trend. However, if Ethereum fails to retest the lower trend channel at $3,170, it could pave the way for a further decline towards $2,700, consequently impacting altcoins and leading to significant losses across the market.
Upward Trajectory To $5,000 if Price Holds At $3,170
The analyst further asserts that, in his opinion, Ethereum has been operating within a new trend channel since October 2013. Hence, if ETH manages to hold its price within the range of $3,170 without breaking down, it would confirm an upward trajectory towards $5,000. It is important to note that this timeframe extends until the end of the year.
Additionally, it should be considered that Ethereum is still operating within a long-term trend channel.
If the described scenario unfolds, it would also confirm the long-term trend channel, indicating that ETH was trapped in a bearish phase between August 2023 and February 2024 and is now embarking towards $8,000 over the coming months.
However, it is crucial to acknowledge that this analysis does not account for external factors such as monetary policy decisions or geopolitical conflicts.
Nevertheless, if Ethereum manages to hold the $3,170 level and begins an upward ascent, the possibility of an altcoin season becomes increasingly feasible, as suggested by the analyst.
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Ultimately, ETH’s next moves will affect its trajectory and impact the broader crypto landscape, particularly the altcoin market, which has also seen significant losses in recent days.
ETH trades at $3,130 at the time of writing, reflecting a 5% decline in the past 24 hours. As a result, it becomes crucial that the token closes above the aforementioned critical level of $3,170 in the coming hours to prevent potential additional losses, as emphasized by the analyst.
Featured image from DALL-E, chart from TradingView.com
In a riveting turn of events, amid Bitcoin’s recent upside momentum, a renowned crypto market analyst has taken to X, cautioning against a pullback in BTC price looming ahead. John Bollinger, a well-known analyst and the inventor of the technical analysis tool Bollinger Bands, has made a bold remark, proclaiming that a pullback in BTC’s price lies ahead, attributing it to a bearish pattern on Bollinger Bands tool.
John Bollinger’s statement has promptly gained significant traction across the crypto market, coinciding with a decline in BTC’s price over the past 24 hours. Let’s delve deeper into the analyst’s insights and BTC’s current price movements.
John Bollinger Says Pullback Not Long-Term
In Bollinger’s post on X, the analyst stresses the formation of a two-bar reversal at the upper Bollinger Band in the BTC/USD chart.
For context, the Bollinger Bands are a widely used technical analysis tool. They consist of a middle band and two outer bands. Bollinger has pointed out a bearish pattern forming on the upper band, suggesting a potential price consolidation or pullback.
However, the analyst added, “Not bearish here, just short-term concerned,” hinting that the pullback or sideways trading might be short-lived. As a whole, Bollinger’s remarks on BTC’s price movements have projected a ray of optimism on the token’s price movements in the long run.
A consolidation in BTC’s price trajectory would mean trading within a tight range moving ahead. On the other hand, a pullback in prices often results in an approximately 5% dip. Notably, it’s worth noting that, in tandem with the analyst’s remarks on BTC’s price movements, the token’s price action actually waned.
Also Read: Bitcoin Price To Face Potential Correction If It Hits This Level
BTC’s Price Slips
As of writing, Bitcoin’s price chart illustrated a fall of 1.75% in the past 24 hours and is currently trading at $69,645. It’s 24-hour lows and highs are $69,191.12 and $70,876.14, respectively.
Coinglass data spotlighted a fall of 2.17% in BTC’s Futures and Options OI to $34.89 billion, further followed by a derivatives volume plunge of 42.19% to $56.42 billion. This data, aligning with the slip in BTC’s price, underscored a reduced market appeal among investors for Bitcoin, potentially leading to further volatility.
However, the RSI hovered at 61, signaling that the broader technicals paint an optimistic scenario for BTC. This could further align with the analyst’s remarks, which claim a pullback is only for the short term, with long-term prospects being bullish post-halving.
Also Read: Joe Lubin Teases Plan To Take ConsenSys Mainstream, What’s Next?
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.
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- Gox to distribute 142,000 BTC and 143,000 BCH, valued at over $9 billion, to creditors.
- The payout process could commence as early as next month.
- All eyes are on the impact of the payout on Bitcoin and Bitcoin Cash price especially after the bitcoin halving event.
Mt. Gox, once a major player in the cryptocurrency exchange scene, faced a devastating hack in 2014, leading to its collapse. Now, nearly a decade later, the defunct exchange is preparing to distribute a significant sum of digital assets including approximately 142,000 Bitcoin (BTC) and 143,000 Bitcoin Cash (BCH), amounting to over $9 billion in total, to creditors.
This impending payout has prompted concerns among market observers, with K33 Research highlighting the possibility of a negative impact on the price of Bitcoin in a report released on Tuesday.
According to the analysts, the influx of Mt. Gox coins into the market could create downward pressure on BTC valuation in the coming weeks.
Possible implications for Bitcoin (BTC) price
K33 Research analysts have highlighted concerns that the influx of Mt. Gox’s digital assets into the market could exert downward pressure on Bitcoin’s price in the coming weeks. While creditors may not immediately liquidate their assets, the anticipation surrounding the payout could instil caution among investors, potentially dampening market sentiment.
Creditors recently received updates on their BTC and BCH claims, indicating that payments could commence sooner than initially anticipated. This development, coupled with the looming deadline set by Mt. Gox trustees for reimbursements, has intensified speculation within the crypto community.
Market observers remain divided on the potential impact of Mt. Gox’s payout on Bitcoin’s price. While some believe that creditors may opt to hold onto their funds, others fear that the sheer volume of digital assets entering the market could trigger a sell-off, leading to a temporary downturn in prices.
Despite the uncertainty surrounding Mt. Gox’s payout, the crypto market continues to show resilience in the face of external pressures. However, investors are advised to exercise caution and closely monitor developments related to the distribution process to mitigate any adverse effects on their portfolios especially according to the K33 Research analysts warning.
Popular crypto analyst JD, known for predicting XRP’s bottom at the $0.28 price level, has warned of a batch of ‘dumb money’ traders missing on the next XRP price surge. According to JD, this set of traders may overlook the opportunity to get on before the next price surge, drawing parallels to past XRP price action.
Analyst JD Draws Parallels To Past XRP Trends
Despite the volatile nature of the crypto market, most cryptocurrencies are known to repeat or mirror past phenomena in their price action. As a result, it is very common for crypto analysts to look at the past and assess current trends when trying to predict the future movement of cryptocurrencies.
The expert compared the present price pattern to 2017, which was the year that XRP finally broke its boring price action that lasted from 2013 to 2017. A look through this cycle shows XRP underperforming when compared to other cryptocurrencies. As a result, the ‘dumb money’ traders complained and bolted, causing them to miss the astounding gain that came after.
However, XRP would then go on a 600x price gain after breaking out of the 4-year consolidation trendline. As a result, the crypto reached as high as $3.84 in January 2018, its current all-time high.
XRP has had its ups and downs this year stemming from different updates within the Ripple ecosystem. The crypto went on a price surge in the middle of the year, reaching a yearly high of $0.82 in July. XRP has traded below this price point since then, despite most cryptocurrencies registering new yearly highs in the last quarter of the year.
JD noted that XRP’s price action is currently mimicking the point at which it broke out of the consolidation in 2017, warning of ‘dumb money’ traders who might miss out on the next potential price surge.
#XRP – I remember 2017 when “Dumb money” capitulated after 4years of “boring emotional” action while other coins
“Dumb money” complained & capitulated missing the 600x gain LOL!
Present pattern looks exactly like 2017. Need more dumb money to complain before
LOL! $XRP… pic.twitter.com/tbyckfYA8V
— JD
(@jaydee_757) December 26, 2023
Token price sitting at $0.64 Source: XRPUSD On Tradingview.com
XRP Price Target
XRP has grown massively since its 2017 days and now has a market cap of over $34 billion. When asked about a potential price target, JD noted that the repeat of a 600x in the case of a breakout would be unrealistic at this point. An 8-10x surge is more likely according to the current technicals. With XRP currently trading at $0.639, a 10x price surge would make a price target just over $6.
In another chart shared by the analyst, he noted that XRP’s price is currently forming a cup and handle formation in the 2-day timeframe. If this formation holds, a bullish breakout would see XRP reaching a $0.95 price target.
#XRP – As long as handle does not break down 50% of the size of cup, then C&H is in play!
This may be what we need for Symmetric triangle to breakout on Log Scale! Loaded up at 0.28, 0.33, 0.45, 0.52, and 0.59 during FEAR! Be ready both ways!
Retweet/like for updates!… pic.twitter.com/T67EhrHKO2
— JD
Featured image from The Bitcoin News, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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