Bitcoin Price Prediction and Ethereum Price Prediction: Does BTC’s 61.8% Fibonacci retracement indicate a price bounce on Sunday?
The overall stability of the cryptocurrency market was evident during the Asian trading session. BTC held above $23,000 while ETH rebounded above $1,550. As market participants expect a busy week ahead, the leading cryptocurrency cryptocurrencies, such as Bitcoin, and Ethereum, are trading in narrow price ranges due to low volatility.
Let’s first look at the basic aspects of the market, before we get into the technical outlook.
Whales moving millions: Are Coinbase or Binance the Next Big Ethereum and Bitcoin Hotspots
Three people have died in the last 24 hours Ethereum whales Significant transfers have been made to Binance, Coinbase. From an undisclosed wallet, the first transfer brought 92,170 Ethereum to Binance. It was worth $150.9 Million. The whale also left 1,000 ETH worth $1.6 million in their wallet.
Another Ethereum whale followed up shortly with a transfer worth $40.5 million of 25,361 Ethereum from an unknown wallet to Coinbase.
The whale almost wiped out their Ethereum wallet. Shortly thereafter, another Ethereum whale transferred 15,110 Ethereum worth $24.3 Million from an undisclosed wallet directly to Coinbase. This also depleted their bank account.
A big Bitcoin whale was next and transferred 9,475 BTC worth $219.5 Million between two unidentified wallets. It does not appear that the Bitcoin is on its way to any cryptocurrency exchanges where it could trade on the open market.
What does this mean for crypto prices?
Whales can often transfer large amounts of money, which can cause market ripples and be taken as an indication of possible price movements. These transfers may be interpreted by investors as a sign of positive sentiment. This could lead to an increase in the price of Bitcoin and Ethereum.
However, investors might interpret these transfers to be a sign that there is potential selling pressure. This could lead to a decline in the price of these cryptocurrencies.
Week ahead: The US Economy’s Key Events to Be Watchful of
Financial markets will closely monitor several key indicators that could impact cryptocurrency prices over the next week. CB Consumer Confidence and ISM Manufacturing PMI, Unemployment Claims and ISM Services PMI are some of the indicators.
- The CB Consumer Confidence Index Investor confidence can have an impact on cryptocurrency demand. A high level of consumer confidence could indicate a positive outlook on the economy, which may lead to increased demand for cryptocurrency.
- The ISM Manufacturing PMI This indicator provides information about the health of the manufacturing sector, which is an important driver of economic growth. This indicator may be strong if it indicates that the economy is in good shape, which could increase cryptocurrency demand.
- Unemployment claims Information about the health of your labor market is vital to the overall economy. Low unemployment rates can signal a positive mood, which could lead to increased demand for cryptocurrency.
- The final word is the ISM Services PMI This indicator provides information on the health of the service sector, which is a major contributor to the economy. This indicator could be strong and indicate positive sentiment, which could lead to increased demand for cryptocurrency.
Bitcoin trades at $23,000 currently, with a daily trading volume of $18 Billion and a 0.50% rise in the last day. Bitcoin’s immediate support level is at $22,800. A break below this level by BTC/USD could expose Bitcoin to the next support level at $22,150.
Bitcoin completed the 61.8% Fibonacci Retracement at $22,800 mark in the time span of 4 hours. A close above this level could drive an uptrend.
Bitcoin’s immediate resistance remains at $23,500. The BTC/USD pair is in the oversold zone. However, it’s possible that BTC will rebound and break through $23,500 resistance, potentially leading to a $24,250 price.
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The Ethereum live price is just below $1600. On the technical side, the ETH/USD pair faces a significant resistance level of $1,620. This is reinforced by the 50 day EMA. A selling trend could occur if the pair closes below that level.
Ethereum’s current price is trading below $1,570 as its immediate support level. The $1,515 level will be the next support level for Ethereum if this level is not broken. However, Ethereum may reach the $1,674 resistance level if it breaks through the $1625 resistance level.
The next major barrier to price growth is at $1,740.
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The Top 15 Cryptocurrencies You Should Watch in 2023
There are many other options for investors in the cryptocurrency market than Bitcoin (BTC), Ethereum (ETH), and Ethereum (ETH). The Cryptonews Industry Talk team compiled a list highlighting the top 15 altcoins that investors should be watching in 2023.
This list is constantly updated with new ICOs and altcoins. Make sure you check back often for the most recent additions.
Disclaimer: The Industry Talk section contains insights from crypto industry players, and is not part of Cryptonews.com’s editorial content.