Bitcoin and Ethereum- will they survive?
January 2, 2018 6:25 am,
As on the 31st December 2017, the Bitcoin price is ranging at approximately 13,000 USD. On the other hand, Ethereum price is at approximately 740 USD on the same day.
The market cap of BTC now stands at USD 235 billion on USD 6.46 billion in volume over the past 24 hours. There has been a slow down in the volumes of currencies across the cryptocurrency markets, which is most likely due the holiday season.
Also, it has been noted that BTC transactions per day have declined since the peak around 490,000. There has been a similar trend match through ETH, Bitcoin Cash (BCH), and Litecoin (LTC).
Among all, ETH continues to process the highest number of transactions per day, almost the double that of BTC. However, the average value of a BTC transaction is over 10 times greater than ETH.
Bitcoin has hit several new all-time highs over the course of this past year. The asset was at one point up over 1800%. Despite news events which lead to a fall in the prices, BTC has proven that it remains more anti-fragile or less volatile now than it has ever been. Mainstream adoption will continue to rise into 2018 with Bitcoin-backed ETFs shortly on the horizon.
The field experts or technical analysts in the near term suggest a crucial week ahead in a historically bearish month for Bitcoin prices. The likely support for any dip remains between USD 8,500- USD 10,500. Otherwise, new highs to beyond USD 30,000 are reasonable based on the current trend.
Check the price levels at this moment here: https://in.investing.com/currencies/btc-usd-technical
Ethereum is gaining bullish momentum and it is now placed nicely above $700.00 against the USD. There is a major bearish trend line forming with current resistance at $740.00-750.00 on the 4-hour chart of ETH/USD.
There were further declines in ETH price below the $700 level against the US Dollar. The price declined below the $675 level and tested the $670 support zone. A low was formed at $663 from where an upside wave was initiated. During the upside move, the price was able to break the 23.6% Fib retracement level of the last drop from the $761 high to $663 low.
Moreover, there was a break above a key bearish trend line with resistance at $702 on the hourly chart of ETH/USD. The pair gained upside momentum and was able to move above the 50% Fib retracement level of the last drop from the $761 high to $663 low. At the moment, the pair is attempting a close above the 100 hourly simple moving averages and the $718 resistance. Once the pair settles above the 100 hourly SMA, there can be a break above $725.