Concerns regarding the financial health of FTX have contributed to a general downward trend in all of the main cryptocurrencies as the Asian trading session gets began. As a result of this trend, the total market capitalization of all cryptocurrencies has dropped below $1 trillion. Bitcoin’s price took a big hit and was last seen trading at $19,600, breaking through an upward trendline in the process. Similarly, the price of Ethereum fell by 7.5% to $1,470.
Ethereum Price Prediction
On Tuesday, the price of Ethereum, the second most valuable cryptocurrency, was $1,446. This represents a decrease of more than 9% from the previous day. On CoinMarketCap, it is presently positioned in second place with a live market value of $178 billion, which is a decrease from its previous value of $193 billion.
A bearish engulfing and three black crows candlestick pattern has evolved on the 4-hour chart for Ethereum, indicating a significant tilt toward selling among investors. This pattern also indicates that the price is likely to drop in the near future. Ethereum’s price, which is currently at $1,460, has fallen below an upward trendline. In the event that the rising trendline is broken, Ethereum will be able to move lower, potentially testing the support region around $1,380.
However, both indicators have entered the oversold level, which suggests that sellers may soon run out of steam, making it possible for bulls to buy. Both the relative strength index (RSI) and the moving average convergence divergence (MACD) show a strong bearish trend at the same time.
So keep a watch on $1,460 since 4-hour candlesticks closing above this level have the potential to buck the downtrend and aid in our ability to seize a bullish correction. On the downside, bulls may find support at $1,380.
Bitcoin Price Prediction
The price of Bitcoin is at $19,600, and there are $60 billion worth of trades every day. Over 6% of Bitcoin was lost during the Asian session. With a live market cap of $378 billion, down from $438 billion yesterday, CoinMarketCap presently ranks it #1.
The triple bottom support at $20,000 and an upward channel at $20,400 have been breached by Bitcoin, changing the technical perspective from bullish to negative. On the 4-hour timescale, Bitcoin has also developed a “three black crows” candlestick pattern, signifying a significant bearish bias among investors.
A break of this level might expose Bitcoin to a price as low as $18,650. On the downside, Bitcoin’s immediate support is around $19,230. A negative trend is supported by both leading and trailing indicators including the RSI, MACD, and 50-day moving averages. A breach below will open the door for more selling till $18,000 and $17,650 if BTC is unable to reverse the downtrend at $18,650.
On the upside, Bitcoin’s immediate barrier is still near $20,000; if this level is broken, BTC may reach $20,635. Today’s bias is still bearish.
Cardano Price Prediction
The ninth-largest cryptocurrency has a bullish short-term view that may lay the groundwork for a good long-term trend. The Super Trend indicator has provided a buy signal on the daily chart below, encouraging retail and sidelined investors to enter the market in anticipation of a significant upward movement.
Similar to a moving average, the Super Trend indicator overlays the chart and measures market volatility using average true range (ATR) data. As seen in the daily chart below, a daily closure below the Cardano price flashes a buy signal. Up until the Super Trend indicator switches above it to indicate a sell signal, ADA will likely remain in the bulls’ possession.
Cryptocurrency Price Prediction: ETH, BTC, Cardano, 9th Nov 2022
All of the major cryptocurrencies are on a sharp downward trend as…