Bitcoin Price and Ethereum Prediction; US Unemployment Claims to Drive Price Action Today
On December 29, Bitcoin price prediction may shift from bearish to bullish as the upward trendline is supporting the leading crypto at $16,450. Likewise, Ethereum has also halted its downward trend above an upward trendline support level of $1,180 level. Later today, investors’ attention will be focused on US jobless claims, which may drive price action.
Major cryptocurrencies were trading in the negative early on December 29 as the global crypto market cap fell 1.51% to $793.46 billion on the previous day. The overall crypto market volume in the last 24 hours has increased by 15.10% to $31.03 billion.
DeFi’s total volume is now $2.13 billion, accounting for 6.88% of the overall crypto market 24-hour volume. The overall volume of all stablecoins is now $29.05 billion, accounting for 93.61% of the total 24-hour volume of the crypto market.
US Unemployment Claims to Drive Price Action
In the week ending December 17th, the number of Americans filing for new claims for unemployment benefits rose by 2,000 to 216,000. This was below market expectations of 220,000 and extended signals of a stubbornly tight labor market, adding to hawkish projections for the Federal Reserve along with the upward revision to US GDP.
On January 1, the maximum weekly benefit amount for new…— NJ Labor Department (@NJLaborDept) December 28, 2022
-Unemployment Insurance claims increases to $830 from $804
-Temporary Disability/Family Leave claims increases to $1,025 from $993
-Workers’ Compensation claims rises to $1,099 from $1,065
Read https://t.co/KcxJ5dDqs0 pic.twitter.com/5ZaSN9Pct7
Weekly fluctuations were smoothed out by a 6,250-point drop in the 4-week moving average, which now sits at 221,750.
For the week ending December 3rd, continuing claims dropped by 6,000 to 1,672,000, the first weekly decline since October but still the second-highest figures since February.
Strong jobless claims data typically drive a bullish trend in the US dollar, followed by a selling trend in Bitcoin and the overall cryptocurrency market.
The current price of a bitcoin is $16,564, and the volume of trades in the last 24 hours is $15 billion. On the 4-hour time frame, Bitcoin is gaining strong support at $16,460, which is being extended by an outward trend line visible in the chart below.
The formation of a doji candle above and an upward trend line support a strong hours of a bullish reversal, and if this occurs, Bitcoin may retest its initial target of $16,750.
On the higher side, a bullish breakout of the $16,720 level may expose Bitcoin price to the next resistance level of $16,990.
Because the RSI and MCD are in the bearish zone, a bearish breakout of the $16,460 level could expose Bitcoin to an immediate support level of $16,200 or $16,000.
Ethereum’s current price is $1,195, with a $4 billion 24-hour trading volume. In the last 24 hours, Ethereum has gained nearly 0.25%, and CoinMarketCap currently ranks second, with a live market cap of $149 billion.
Ethereum, like Bitcoin, is trading with a bearish bias; however, the ETH has found immediate support at the $1,180 level. This support level is being extended by an upward trend line visible in the 4-hour time frame.
A 4-hour candle close above $1,180 is likely to trigger a bullish reversal. However, the bullish reversal may lead the Ethereum price to an immediate resistance level of $1,220, which is extended by the 50-day simple moving average.
Alternatively, a breakout below an upward trend line can extend the selling trend until the next support levels of $1,150 and $1,100.
Alternative Coins with High Yields
Despite the cryptocurrency market’s overall decline, only a few coins have gained traction.
FightOut (FGHT) platform functions similarly to a personal trainer, with the exception that the FGHT token is proactively rewarded for exercise time. All activities are recorded and can be used to improve one’s metaverse avatar’s statistics.
Earning FGHT tokens provides an additional incentive for people to stay healthy and exercise while reaping the benefits of blockchain technology. FightOut has succeeded and attracted investors despite the general lack of liquidity in the cryptocurrency market.
It has already raised more than $2.4 million through its token sale, which began last week. The current selling price of 60.06 FGHT for $1 (FGHT can be purchased with ETH or USDT) will rise as the sale progresses.
Visit FightOut Now
Dash 2 Trade (D2T)
Dash 2 Trade is an Ethereum-based platform that will provide real-time statistics and social trading data when it launches early next year. Trading signals, on-chain analytics, strategy-building tools, and newsfeeds will be among the first features, assisting both novice and experienced traders in keeping up with the volatile bitcoin market.
Dash 2 Trade, one of 2022’s largest ICOs, has only 8 days left to end presale and launched its dashboard beta. D2T has already raised over $11 million.
D2T is the system’s access coin, and it is now worth $0.0533 in the presale after being sold to investors for $0.0476 initially.
C+Charge (CCHG) is a peer-to-peer payment system for electric vehicle (EV) charging stations based on the Binance Chain. Its goal is to expand access to carbon credits by rewarding customers who charge their electric vehicles at its terminals, which will begin in the second quarter of next year.
The platform has already agreed to add 20% of Turkey’s EV chargers to its network, demonstrating how quickly it can grow. 1 CCHG costs $0.013, and can be bought with BNB or USDT.