Coingape - 12/6/2022 5:33:29 PM - GMT (+0 )
Bitcoin (BTC) and Ethereum (ETH) prices continue to move sideways as traders remain uncertain whether the crypto market has bottomed out. Analysts believe the crypto market had already bottomed amid the FTX fiasco.
While Bitcoin price remains under pressure due to miners capitulation risks, Ethereum shows better signs rally to $1,350 and possibly to $1,550.Will Bitcoin and Ethereum Prices Break Resistance Levels?
Bitcoin and Ethereum hit a high of $17,378 and $1,302, respectively after U.S. Federal Reserve Chair Jerome Powell announced a slowdown in rate hikes from December. However, bearish divergence formation on Bitcoin and Ethereum caused slight retracements in BTC and ETH prices.
According to Spent Output Profit Ratio (SOPR) on-chain data, short-term participants continued to sell in losses with SOPR of less than 1. Therefore, the lack of positive sentiments makes $18k a strong resistance level. The miner capitulation risk remains the primary factor to drive the prices downwards.
Moreover, crypto analyst Michael van de Poppe predicted that Bitcoin price can continue to rally toward $18.3k after a retest of the $16.6k support level. He also pointed out that Bitcoin price has reached the previous bear markets bottom where the price historically started to rise.
Michael van de Poppe earlier predicted that the Ethereum price is already showing strength as it flipped from the $1,150 level. He still remains optimistic that a break-out above $1,225 opens a run towards $1,350 and possibly $1,550.
“Wolf of Wall Street” Jordan Belfort recommends staying away from the crypto market. However, he only sees Bitcoin and Ethereum as possible investment options, representing a small part of the portfolio. He believes traders should wait until the FTX contagion subdues due to uncertainty in the crypto market.
Bitcoin is currently trading near $17,000, slowly moving towards $18K. The BTC price soared over 4% in the last 7 days. The 24-hour low and high are $16,922 and $17,109, respectively.
Ethereum price is also trading in consolidation, with the current price holding above $1,250. In the last 24 hours, the ETH price hasn’t shown much price movement. Similar to Bitcoin, Ethereum also soared over 4% in a week.