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Ethereum shows impressive price movement, Bitcoin continues to be stable

By January 15, 2024January 16th, 20242 minute read

Bitcoin will continue to look for a solid support level with investors playing it cautious with the token in the absence of any significant update before the halving takes place a couple months down. Ethereum has demonstrated a consistent price trend over the past week, maintaining close proximity to its recent support levels around $2500.

Analysts predict that even in the case of a drop till $2300, Ethereum has chances of sparking a bull run with buyers stepping in. This has largely been caused by spot ETH ETF approval speculations.

The Exponential Moving Average for a 10-day EMA indicates “Sell” at 43658, and a 200-day EMA indicates “Buy” at 34918. The Simple Moving Average for a 10-day SMA indicates “Buy” at 44384, and a 200-day SMA indicates “Buy” at 33093.

The Ichimoku Base Line, valued at 45177, continues to be neutral. The Hull Moving Average indicates “Sell” at 41408. The Volume Weighted Average indicates “Sell” at 44372. 

The Relative Strength Index (14) sits at 46, indicating “Neutral”. The Stochastic %K (14, 3, 3) at 11 and the Average Directional Index (14) at 17 indicate a Neutral outlook. 

The MACD Level (12, 26), at 242, indicates “Sell”. The Stochastic RSI Fast (3, 3, 14, 14) at 4  indicates ‘Neutral’, and William’s Percentage at -88 indicates ‘Buy’.

As of 10:00 AM, 15th January 2024, on WazirX, Bitcoin’s price is ₹37,70,240, with a 0.86% decrease in the last 24 hours. There was a 3.38% decrease in its price over the last 7 days.

Ethereum (ETH) is trading at ₹2,23,120. There was an increase of 0.94% in the last 24 hours. There was a 10% increase in its price over the last 7 days.

The top gainers on WazirX include Arweave (AR), WazirX Token (WRX) and Pendle(Pendle) with a price increase of 16.42%, 15.81%, and 13.27%, respectively.

However, the tokens that underperformed comprised Zcash (ZEC), MDex(MDX), Chromia(CHR) with price decreases of 22.92%, 15.38%, and 13.58%, respectively.

Shiba Inu (SHIB) saw a price decrease of 1.02% and is now priced at ₹0.000865. Dogecoin (DOGE) saw a increase of 1.89% and is now priced at ₹7.23.

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
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