Can you predict the price movements of major cryptocurrencies like BTC and ETH for the next few hours?

Answered at Oct 22, 2024

Predicting Short-Term Price Movements for BTC and ETH

Cryptocurrency markets are known for their volatility and rapid price changes. Let's dive into the short-term price predictions for two major cryptocurrencies: Bitcoin (BTC) and Ethereum (ETH).

Current Market Overview

As of October 22, 2024, Ethereum is trading at approximately $3,762.59, showing a significant increase of $120.03 in the past 24 hours. Over the last week, ETH has surged by 29.61%, indicating a strong upward trend (source). Bitcoin, on the other hand, is undergoing a corrective phase, with expectations of a potential upward impulse soon (source).

Ethereum (ETH) Analysis

Technical Indicators

  • Weekly Timeframe: Ethereum appears bullish. The 50-day moving average is above the price and rising, potentially acting as resistance. The 200-day moving average supports a sustained trend (source).
  • Four-Hour Chart: The 50-day moving average is rising, suggesting a strong short-term trend. The 200-day moving average has been rising since October 18, 2024, indicating a strong longer-term trend (source).
  • Daily Chart: Ethereum is bearish. The 50-day moving average is below the price and falling, which might support future price movements. The 200-day moving average has been falling since September 23, 2024, showing long-term weakness (source).

Fundamental Factors

Ethereum's growth is driven by its adoption in the DeFi and NFT sectors. The network's advancements, including the ETH 2.0 upgrade, are key drivers for long-term projections (source).

Bitcoin (BTC) Analysis

Elliott Wave Analysis

Bitcoin is expected to form a large corrective trend in the form of a triple zigzag (W)-(X)-(Y)-(X)-(Z). The second linking wave (X) is currently unfolding as a horizontal flat A-B-C, with subwaves A and B completed. The impulse subwave C appears to be developing, with subwaves [1]-[2]-[3]-[4] completed. The price may grow soon in impulse [5] to around $69,970.00 (source).

Trading Plan

  • Buy: $67,703.35
  • Take Profit: $69,970.00

Conclusion

In the short term, Ethereum shows a mixed technical outlook with bullish tendencies on the weekly and four-hour charts but bearish signals on the daily chart. Its strong performance in the DeFi and NFT sectors continues to support its growth. Bitcoin, meanwhile, is poised for a potential upward impulse, as indicated by the Elliott Wave analysis. Traders should consider these technical indicators and market trends when making investment decisions. Always remember, cryptocurrency investments carry risks, and it's crucial to stay informed and cautious.