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BTC, ETH and ADA Price Analysis for January 4

Tue, 01/04/2022 - 18:12
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Denys Serhiichuk
Is the cryptocurrency market ready for mid-term growth?
BTC, ETH and ADA Price Analysis for January 4
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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

Top coins by CoinMarketCap
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.

BTC/USD chart by TradingView
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%.

ETH/USD chart by TradingView
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.

ADA/USD chart by TradingView
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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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.