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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 β€œBuy” at 43665, and a 200-day EMA indicates β€œBuy” at 33743. The Simple Moving Average for a 10-day SMA indicates β€œBuy” at 43313, and a 200-day SMA indicates β€œBuy” at 32217.

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

The Relative Strength Index (14) sits at 65, indicating β€œNeutral”. 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 β€œBuy”. The Stochastic RSI Fast (3, 3, 14, 14) at 92Β  indicates β€˜Neutral’, and William’s Percentage at -13 indicates β€˜Neutral’.

As of 10:00 AM, 3rd December 2023, on WazirX, Bitcoin’s price is β‚Ή39,63,090, 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 β‚Ή2,09,013. 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 β‚Ή0.000930. Dogecoin (DOGE) saw a decrease of 0.61% and is now priced at β‚Ή8.03.

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