Bitcoin (BTC) price has broken from consolidation, sliding south as cryptocurrency market players decry a shrinking volatility. The same goes for Ethe
. The same goes for Ethereum price, which is showing a close correlation to BTC, with an almost similar price pattern over the last few weeks. On the other hand, Ripple price continues on its load-shedding exercise as chatter around the legal battle against the US Securities and Exchange Commission continues.for Bitcoin has shrunk to an all-time low, with liquidity also reducing. This increases market volatility, susceptible to easy manipulation.
The ensuing demand pressure could see Bitcoin price shatter past the EMAs and escape above the downtrend line. Such a move would clear the path for a possible breach of the $30,079 resistance level and, in a highly bullish case, tag the $30,441 resisatnce level. Such a move would constitute a 5% climb.Conversely, if selling pressure increases, Bitcoin price could break below the immediate support at $28,758.
The Relative Strength Inex position below 50 adds credence to this bearish outlook, together with the Awesome Oscillator histograms in the negative zone.Ethereum price, like BTC, is on a downtrend, but this could be corrected soon as open interest rises. With more money coming into the ETH market, the PoS token could break out 5%, overcoming the $1,891 resistance level before a possible tag of the $1,921 resistance level.
For now, however, Ethereum price is looking for a possible pivot, with the $1,8118 level presenting as a possible turnaround point for a northbound move. If this bullish outlook plays out, ETH could move above the 200-, 50-, and 100-day EMAs at $1,842, $1,852, and $1,857, respectively. Further north, ETH could breach the $1,981 level and, in a highly bullish case, tag the $1,921 hurdle. This would constitute a 5% climb.
The RS supports the downside, heading south with a potential breach of the 30 level. Similarly, the AO histograms are red and negative, solidifying bears' presence in the market.
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