BTC and ETH Price Analysis for January 23

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The decline continues on the cryptocurrency market, according to CoinMarketCap.

BTC/USD

The rate of Bitcoin (BTC) keeps falling, going down by 5.28% over the last 24 hours.

On the daily chart, the price of BTC has broken the vital level of $40,181. Until the rate is below that mark, bears will be more powerful than bulls.

In this case, an ongoing decline to the $37,000-$38,000 zone is the more likely scenario.

Bitcoin is trading at $38,922 at press time.

ETH/USD

Ethereum (ETH) has losr even more than Bitcoin (BTC), declining by 7.64%.

Image by TradingView

The price of ETH is falling after yesterday’s bearish candle closure. If the situation does not change by the end of the day, traders may expect a test of the support level of $2,115 until the end of the week.

Ethereum is trading at $2,208 at press time.

About the author

Denys Serhiichuk

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.