As the trading session in Asia gets started, concerns surrounding the monetary well-being of FTX have contributed to a general downward trend in the prices of all of the most important cryptocurrencies. Because of this pattern, the entire market capitalization of all cryptocurrencies has fallen below $1 trillion for the first time ever. The price of Bitcoin took a significant knock and was last spotted trading around $19,600, which caused it to break through an upward trendline in the process. A similar decrease of 7.5% brought the price of Ethereum down to $1,470.
Ethereum Price Prediction
Ethereum’s price was $1,446 on Tuesday. This is a 9% drop from yesterday. On CoinMarketCap, it’s second with a market value of $178 billion, down from $193 billion.
On Ethereum’s 4-hour chart, a bearish engulfing and three black crows pattern indicates investor selling. This pattern also suggests a price decline. Ethereum’s price, $1,460, is below an uptrendline. If the rising trendline breaks, Ethereum might fall to $1,380.
Both indications are oversold, suggesting sellers may soon tyre, allowing bulls to buy. RSI and MACD both reflect a bearish trend.
Bitcoin Price Prediction
The current price of Bitcoin is $19,600, and daily transactions total $60 billion. During the Asian session, about 6% of Bitcoins were lost. With a current market capitalization of $378 billion, down from $438 billion yesterday, it is currently ranked first by CoinMarketCap.
Bitcoin has breached the triple bottom support at $20,000 and the upward channel at $20,400, shifting the technical outlook from bullish to bearish. Bitcoin has produced a “three black crows” candlestick pattern on a 4-hour timeframe, indicating a major pessimistic bias among investors.
A breach of this level might expose Bitcoin to a price of $18,650 or below. Bitcoin’s immediate support is at $19,230 on the downside. Both leading and lagging indicators, such as the RSI, MACD, and 50-day moving averages, support a negative trend. If BTC is unable to reverse the downtrend at $18,650, a breach below will open the door for additional selling to $18,000 and $17,650.
Bitcoin’s immediate upside hurdle is still close to $20,000; if this level is broken, BTC may reach $20,635. The current bias remains gloomy.
Cardano Price Prediction
The short-term outlook for the ninth-largest cryptocurrency is bullish, which may create the framework for a favourable long-term trend. On the daily chart below, the Super Trend indicator has generated a buy signal, encouraging retail and sidelined investors to enter the market in expectation of a strong upward advance.
The Super Trend indicator overlays the chart and analyses market volatility using average true range (ATR) data, similar to a moving average. According to the chart below, a daily close below the Cardano price generates a buy signal. Until the Super Trend indicator switches above it to give a sell signal, the bulls will likely continue to control ADA.