Bitcoin Price and Ethereum Prediction; Choppy Sessions in Play as New Year 2023 Approaches
To finish 2022, a dreadful year for coin prices, the top two cryptocurrencies are virtually unchanged from the weekend before. Bitcoin (BTC) continues to trade choppy due to a lack of volatility as investors prepare to celebrate the New Year 2023. However, the Bitcoin price and Ethereum prediction haven't changed much recently, as BTC has been consolidating in a narrow range of $16,450 to $16,750.
Similarly, Ethereum is choppy, oscillating in a narrow range of $1,180 to 1,200, and a break of this level has the potential to determine future trends. Ethereum (ETH) has had a rough year, but its underlying worth is higher than its current market price.
ETH Fundamentally Stronger Than Before, But Investors Wary of Price Falls
In 2022, the network finally implemented its long-awaited Merge, marking the beginning of its switch to a proof-of-stake consensus method. When validators were used in place of miners, the blockchain's energy consumption dropped by 98%.
To this day, more almost a hundred days after the Merge, ETH is trading at only $1,217. There are presently over 490,000 validators in the network, and that figure is only anticipated to expand by 2022.
Beaconcha.in, an open-source Ethereum blockchain explorer, reports that as of November 1, over $19.2 billion in ETH have been staked on the network since September. Even though ETH2 will make the network more efficient and speedier, the price has been struggling in recent months, despite early optimism about the cryptocurrency's potential for significant gains.
While its fundamentals have wowed market experts in the past, this year the asset has lost more than 55% of its value. Mike McGlone, senior macro strategist at Bloomberg, predicts Ethereum (ETH) will surge past Bitcoin (BTC) in the coming bull market. Because of the smart contracts and widespread use of the Ethereum network, they influence his opinion of the cryptocurrency.
The current bitcoin price is $16,547, and the volume of trading in the last 24 hours is $10 billion. Bitcoin is gaining good support on the 4-hour time frame at $16,460, which is being extended by an outward trend line visible in the chart below.
Bitcoin must break out of a narrow trading range to determine future price movement. A positive breakout of the $16,720 level might lead to Bitcoin price reaching the next resistance level of $16,990.
Because the RSI and MCD are negative, a bearish breakout of the $16,460 level might expose Bitcoin to immediate support levels of $16,200 or $16,000. A further negative breakdown of $16,000 today might expose BTC to the $15,500 level.
The current price of Ethereum is $1,195, with a $2.5 billion 24-hour trading volume. Ethereum, like Bitcoin, is declining; however, the ETH has found immediate support at $1,180. This support level is extended by a rising trend line observed over a 4-hour time period.
A candle closing above $1,180 in the 4-hour timeframe will almost probably imply a bullish reversal. In contrast, a positive reversal may take the Ethereum price to an immediate resistance level of $1,220, which is stretched by the 50-day simple moving average.
A break below an upward trend line, on the other hand, has the potential to extend the selling trend to the following support levels of $1,150 and $1,100.
High Potential Alternative Coins
Despite the market's ongoing bearish trend, a few altcoins are making headlines in the new year 2023.
The FightOut (FGHT) platform works in the same way as a personal trainer, except that the FGHT token is proactively rewarded for exercise time. All activities are recorded and can be used to improve the statistics of one's metaverse avatar.
FGHT presale is doing pretty well and it has already raised more than $2.5 million. As the sale progresses, the current selling price of 60.06 FGHT for $1 (FGHT can be purchased with ETH or USDT) will rise.
Visit FightOut Now
Dash 2 Trade (D2T)
Dash 2 Trade will be an Ethereum-based platform that will provide real-time statistics and social trading data when it launches early this year 2023. Trading signals, on-chain analytics, strategy-building tools, and newsfeeds will be among the first features, assisting both new and experienced traders in keeping up with the volatile bitcoin market.
Dash 2 Trade, one of the largest ICOs of 2022, has launched its dashboard beta with only 7 days until the presale ends. D2T has already raised over $11.8 million in venture capital.
D2T is the system's access coin, and it is now worth $0.0533 in the presale after initially selling to investors for $0.0476.s coin, and it is now worth $0.0533 in the presale after initially selling to investors for $0.0476.
C+Charge (CCHG) is a novel blockchain-based technology that aims to reward owners of electric vehicles for charging and driving their vehicles. Its native token, CCHG, is currently on presale. Electric car use has increased significantly in recent years around the world.
The electric vehicle (EV) business has developed as an environmentally beneficial alternative to the traditional automotive area, which has been yearning for a change. People may now buy EVs and be a part of the green revolution thanks to firms like Tesla, Rivian, and others.
The platform has already agreed to add 20% of Turkey's EV chargers to its network, demonstrating its ability to scale quickly. 1 CCHG costs $0.013, and it can be purchased using BNB or USDT.