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Bitcoin, Ethereum experience price correction, short sellers add pressure to the price decline

By January 3, 20242 minute read

Bitcoin and Ethereum experienced slight declines following their ascent to $45,000 levels, a peak not seen since April 2022. The ongoing correction is anticipated to persist in the coming days, countering the bullish trend observed in the previous week.

The Exponential Moving Average for a 10-day EMA indicates “Buy” at 43665, and a 200-day EMA indicates “Buy” at 33743. The Simple Moving Average for a 10-day SMA indicates “Buy” at 43313, and a 200-day SMA indicates “Buy” at 32217.

The Ichimoku Base Line, valued at 43052, continues to be neutral. The Hull Moving Average indicates “Buy” at 43112. The Volume Weighted Average indicates “Buy” at 44873. 

The Relative Strength Index (14) sits at 65, indicating “Neutral”. The Stochastic %K (14, 3, 3) at 86 and the Average Directional Index (14) at 22 indicate a Neutral outlook. 

The MACD Level (12, 26), at 834, indicates “Buy”. The Stochastic RSI Fast (3, 3, 14, 14) at 92  indicates ‘Neutral’, and William’s Percentage at -13 indicates ‘Neutral’.

As of 10:00 AM, 3rd December 2023, on WazirX, Bitcoin’s price is ₹39,63,090, with a 0.43% decrease in the last 24 hours. There was a 6.42% increase in its price over the last 7 days.

Ethereum (ETH) is trading at ₹2,09,013. There was an increase of 0.01% in the last 24 hours. There was a 6.80% increase in its price over the last 7 days.

The top gainers on WazirX include Perpetual Protocol(PERP), Theta Fuel(TFUEL), Internet Computer(ICP) with price increases of 28.92%, 18.35%, and 17.61%, respectively.

However, the tokens that underperformed comprised Bakery Token (BAKE), Loopring (LRC) and Orchid(OXT) with a price decrease of 23.25%, 23.03%, and 21.22%, respectively.

Shiba Inu (SHIB) saw a price decrease of 2.20% and is now priced at ₹0.000930. Dogecoin (DOGE) saw a decrease of 0.61% and is now priced at ₹8.03.

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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