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BTC, ETH and ADA Price Analysis for January 4

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Tue, 4/01/2022 - 18:12
BTC, ETH and ADA Price Analysis for January 4
Cover image via www.tradingview.com

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The cryptocurrency market is facing a correction today as most of the coins are in the red zone.

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Top coins by CoinMarketCap

BTC/USD

Yesterday, the Bitcoin (BTC) price could not overcome the resistance of the two-hour EMA55 and again rolled back to the support of $46,000.

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BTC/USD chart by TradingView

The price tested the zone of December lows tonight but remained above $46,000 by morning.

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The strengthening of the bearish onslaught and the breakout of the support might lead to the implementation of our negative scenario, in which the Bitcoin price can retrace to the $42,447 level.

Bitcoin is trading at $46,891 at press time.

ETH/USD

Ethereum (ETH) is the biggest gainer today with a growth of 0.31%.

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ETH/USD chart by TradingView

Ethereum (ETH) has successfully bounced back to the support at $3,670 on the daily chart. However, despite the ongoing growth, the rise is not supported by a high trading volume, which means that traders may not have accumulated enough energy for a sharp move.

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In this case, if bulls can hold the gained initiative, one may expect the smooth price rise to the vital mark of $4,000.

Ethereum is trading at $3,851 at press time.

ADA/USD

Cardano (ADA) is the biggest loser from the list with a drop of 2% over the last 24 hours.

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ADA/USD chart by TradingView

Cardano (ADA) is still located in a wide channel despite today's price drop. However, the buying trading volume seems likely to rise, which would be a prerequisite for possible upward movement. If such a situation occurs, there is a high possibility to see ADA around the purple resistance at $1.479 by the end of the week.

ADA is trading at $1.342 at press time.

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