Market Analysis: Bitcoin and Ethereum Price Prediction – Are They Preparing to Take Off?

On October 24, the price of Bitcoin showed a bearish correction after being pushed back at the $19,700 resistance line. On the other hand, theEthereum is up, gaining more than 2% to $1,347 during the start of the Asian session.

Major Cryptocurrencies Trade Higher Early on October 24, with a global crypto market capitalization of $931 billion the day before, and a trading volume of $479 billion. Let’s take a look at the main winners and losers of the day so far.

The main winners and losers of altcoins

The main winners of the Asian session are Klaytn (KLAY), Polygon (MATIC) and TerraClassicUSD (USTC). Klaytn (KLAY) is up over 25% at $0.18, while MATIC is up over 6% at $0.88. Meanwhile, USTC has jumped more than 6% in the past 24 hours.

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Top altcoin winners and losers – Source: Coin360

In the past 24 hours, The Chain (XCN) price has fallen over 3% to $0.05. The price of Axie Infinity (AXS) fell more than 2% to around $8.6.

bitcoin price

The current bitcoin price is $19,339, and the 24-hour trading volume is $25 billion. Bitcoin has gained more than 0.50% in the past 24 hours. CoinMarketCap currently puts it in the lead, with a live market capitalization of $370 billion.

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Bitcoin price and tokenomics – Source: coinmarketcap

Monday, the BTC/USD broke the symmetrical triangle at $19,250, and now the same level is likely to act as a major support. The close of the candles above this level has the potential to drive an uptrend to the $19,650 level, and a bullish break above this level could drive BTC towards $19,950.

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Bitcoin price chart – Source: Tradingview

Usually, the bullish breakout of the symmetrical triangle leads to a continuation of the uptrend ; therefore, the bulls could dominate the market. The MACD and RSI are also holding in a buy zone, signaling an uptrend. We can consider maintaining the uptrend above the $19,200 support today.

On the other hand, a break below the $19,200 level may open more room for selling up to $18,950 or $18,650.

Ethereum price

The current Ethereum price is $1,344, with a 24-hour trading volume of $11 billion. In the past 24 hours, Ethereum gained more than 2%. Separately, CoinMarketCap now ranks ETH in second place, with a live market cap of $164 billion.

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Ethereum price and tokenomics – Source: coinmarketcap

Technically, the pair ETH/USD has broken upward ascending triangle pattern. After failing at the $1,365 level, Ethereum is once again in a downtrend and is likely to gain immediate support near $1,340, the double bottom zone.

The 50-day moving average is now likely to provide further support near the psychological trading level of $1,300.

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Ethereum price chart – Source: Tradingview

On the upside, the main resistance levels for Ethereum remain at $1,360 and $1,384. The uptrend remains strong above $1,340 today.

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Cryptocurrency Price Tracker – Source: Crypto news

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Market Analysis: Bitcoin and Ethereum Price Prediction – Are They Preparing to Take Off?


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