. Daily Crypto Analysis - Bitcoin at $43,450, Ethereum targets $2,500, Solana rises.

Daily Crypto Analysis – Bitcoin at $43,450, Ethereum targets $2,500, Solana rises.

Daily Crypto Analysis – Bitcoin at $43,450, Ethereum targets $2,500, Solana rises.

26 Dec 2023

Introduction:

In the crypto landscape, Bitcoin experiences wavering momentum as the anticipated Santa Rally fades. Over the Christmas weekend, BTC/USD hovers around 43,450, signaling a consolidative phase with limited movement and lower volumes. The holiday season sees reduced activity, with significant investors closing offices. Meanwhile, Ethereum targets $2,500 amidst a decline in on-exchange ETH supply. The second-largest cryptocurrency, closely correlated with Bitcoin, witnesses a historic low in on-exchange ETH holdings, suggesting potential price gains. XRP shows subdued market performance, and Solana overtakes Binance Coin to secure the fourth-largest crypto position.

Bitcoin:

Bitcoin Wavers as Santa Rally Fades.

Bitcoin maintained a consolidative stance over the Christmas weekend as traders anticipated significant developments. The BTC/USD pair traded at 43,450 on Tuesday, a level it has held for the past few weeks.

The BTC/USD price has exhibited limited movement within a narrow range, with significantly lower volume compared to the recent month’s average. This anticipated price behavior aligns with the holiday season, as many traders and investors are away. Several major investors have also shuttered their offices until the upcoming week.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 43108.44 | Negative Crossover | Bearish
  • MA 20: 43294.62| Negative Crossover | Bearish
  • MA 50: 42715.20| Negative Crossover | Bearish

Simple:

  • MA 5: 43200.08 | Negative Crossover | Bearish
  • MA 20: 43524.85| Negative Crossover | Bearish
  • MA 50: 42810.34| Positive Crossover | Bearish

RSI (Relative Strength Index): 43.02| Neutral Zone |Neutral

Stochastic Oscillator: 7.38| Sell Zone | Negative

Resistance And Support Levels:

  • R1: 43579.79| R2: 44678.00
  • S1: 42646.32| S2: 40999.01

Overall Sentiment: Bearish | Market Direction: Sell

Trade Suggestion: Stop Sell: 42289.40 | Take Profit: 40999.01 | Stop Loss: 43277.79.

Ethereum:

Ethereum price target is set at $2,500 amid a reduction in ETH supply on exchanges.

The quantity of Ethereum tokens on exchange platforms decreased by approximately 240,000 in the last day. The supply of Ethereum on exchanges has reached an unprecedented low, contributing to a positive outlook for ETH price. Technical indicators suggest that the ETH price may recover and reach $2,500.

The recent price movements of Ethereum (ETH) closely mimic those of Bitcoin (BTC), exhibiting a three-month correlation of 0.97. As the second-largest cryptocurrency by market capitalization closely trails the performance of BTC, data from the crypto intelligence tracker Sentiment reveals that the supply of ETH on exchanges has dropped to an unprecedented low, indicating the potential for additional price increases.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 2257.39 | Negative Crossover | Bearish
  • MA 20: 2260.81| Negative Crossover | Bearish
  • MA 50: 2241.26| Negative Crossover | Bearish

Simple:

  • MA 5: 2263.48 | Negative Crossover | Bearish
  • MA 20: 2257.80| Negative Crossover | Bearish
  • MA 50: 2248.97| Negative Crossover | Bearish

RSI (Relative Strength Index): 46.91| Buy Zone |Bullish

Stochastic Oscillator: 15.92| Sell Zone | Negative

Resistance And Support Levels:

  • R1: 2308.84| R2: 2397.50
  • S1: 2235.31| S2: 2114.21

Overall Sentiment: Bearish | Market Direction: Sell

Trade Suggestion: Stop Sell: 2211.52 | Take Profit: 2114.21 | Stop Loss: 2282.88.

Elsewhere In the Crypto Market

XRP’s market performance has been lackluster, lacking indications of a bullish breakout. Solana surpasses Binance Coin to claim the position of the fourth-largest cryptocurrency.

Bitcoin is down (0.3%) at 43,747, Ethereum is up (3.41%) at 2,316.4, Litecoin is up (0.24%) at 71.17, Solana is down (1.48%) at 92.48, Dogecoin is up at (1.39%) at 0.92 as of writing time.

Key Economic Events & Data Release Today:

No Major key events for today.