Ethereum and Bitcoin price forecast: ETH/USD and BTC/USD before big price movement
Steffen Bösweich Last updated: 18 January 2021Linkedin Twitter FacebookCrypto as the currency of the future
The crypto market currently seems to be in a consolidation phase. At least that is what the current price movement of Bitcoin and Ethereum, the most valuable altcoin by market capitalisation, indicates. The Bitcoin price is currently unable to move further up from the corridor between 30,000 and 40,000 dollars. However, the strong technical support zone at $30,000 has also held so far. At the time of publication, BTC/USD is trading at around $36,500.
The price of ETH/USD is similarly indecisive. Ethereum investors currently see a movement in the corridor between $1,150 and $1,250. This means that Ethereum has not yet reached its all-time high from January 2018, despite the steep rise in recent weeks. At that time, the altcoin climbed to highs of around 1450 dollars. Currently, ETH/USD is trading at around 1,230 dollars.
Bitcoin Prime Overview
Bitcoin Prime was invented about a year ago, going by the information on the crypto trading platform. However, it was revealed to the public only a few months ago because the automated crypto trading platform was tested for a long time. The tests were done to ensure that it will be used to generate money from the crypto market, when crypto traders start using it regularly. Source: https://enviedeurope.eu/en/bitcoin-prime-review/
ETHUSD CHART from TradingView
However, both the Bitcoin and Ethereum prices could be in for a very strong price move in the short term. This is indicated by current technical analyses of the price movements. BTC/USD and ETH/USD are both moving in a so-called symmetrical triangle and the hourly candles are in an increasingly smaller corridor with decreasing volume. At the latest when the hourly candles reach the apex of this triangle, a very strong movement is very likely according to the rules of technical analysis.
BTC/USD at $50,000 or $20,000?
On the Bitcoin chart, the technicals indicate that the breakout should occur no later than 24 January. However, an earlier date can be expected as soon as the upper or lower line of the symmetrical triangle is broken. Bitcoin has been moving in this symmetrical triangle since mid-December and has tested both the upper and lower lines several times. Technical resistance has been too strong at $42,000 so far, meanwhile the lower support line has kept the price above $30,000. Analysts‘ price targets for the upcoming breakout are enormous. Should BTC/USD break out to the upside, analysts believe a price of $50,000 is possible. If, on the other hand, the breakout is to the downside, analysts expect that the bitcoin price could fall deep into the 20,000 dollar range.
ETH/USD: New all-time high possible?
The upcoming move in Ethereum is also likely to be massive. Chart analysis also suggests that the breakout will take place as early as tomorrow, 19 January, at the latest. It is thus likely that the bitcoin price could also break out as early as tomorrow due to the correlation of the two cryptocurrencies. The symmetrical triangle indicates that the price of Ethereum could break out by 30 percent upwards or downwards. Measured against the current price, ETH/USD could thus reach a price of around 1,600 dollars in the event of an upward breakout, which would create a new all-time high for ETH/USD. If, on the other hand, there is a downward correction, this could bring the price back below 900 dollars.
It is impossible to predict with certainty in which direction the two cryptocurrencies will go. In any case, investors should observe the market closely in order to be able to react in time. Traders who want to take advantage of the price movement should wait for a confirmation of the breakout. If the price breaks through the upper or lower trend line and then tests it again, analysts often see this as a good indication of the following trend movement.
Translated with www.DeepL.com/Translator (free version)