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Crypto Price Prediction For January 12 as First Spot BTC ETF Begins Trading: ETH, BCH, SUI

Crypto Price Prediction For January 12 as First Spot BTC ETF Begins Trading: ETH, BCH, SUI WikiBit 2024-01-12 20:29

Crypto Price Prediction: On January 12th, the cryptocurrency market experienced steady trading with

Crypto Price Prediction: On January 12th, the cryptocurrency market experienced steady trading with a noticeable positive sentiment among investors. This comes as the Bitcoin asset class embarks on a transformative journey following the SECs approval of 11 Spot Bitcoin ETFs.

On Thursday afternoon, the U.S.-listed Bitcoin ETFs witnessed a massive $4.6 billion in trading volume. These products represent a pivotal development for the crypto industry, posing a critical test of whether digital assets, often perceived as volatile, can secure widespread recognition and integration into mainstream investment portfolios

In addition, Glassnodes latest data reveals Futures Open Interest on the CME Exchange has hit an all-time high of 36% in relative dominance. This marks a significant increase in institutional presence in the derivatives space, hinting at a maturing and evolving crypto market.

Having said that, the Bitcoin price is still struggling to $48000 while the altcoin market has received a notable boost. Amid the uptick coins like Ethereum(ETH), Bitcoin Cash (BCH), and SUI showcased aggressive momentum.

Ethereum(ETH) Price Escape from Consolidation See $3k Target

Ethereum(ETH) Price| TradingView Chart

Ethereum, the second-largest cryptocurrency, witnessed a significant inflow on January 10th- the day when US Sec officially approved the spot Bitcoin ETFs to trade in the US Market. Amid a 10.2% intraday jump on Wednesday, the coin price breached a five-week-long consolidation signaling the continuation of the recovery trend.

From a weekly low of $2170, the ETH price has surged to $2642, registering nearly 21% growth. Currently, the coin holders are witnessing a new supply pressure at $2700, which creates concerns for a minor pullback.

However, with the current market outlook, the Ethereum price may experience heightened pullback enters which could bolster the altcoin for high growth. Thus, with sustained buying, the ongoing recovery trend may chase the potential targets of $3000, followed by $3281, and $3600.

Amid the rally, the ETH holders can follow the 20- and 50-day EMA slope for suitable pullback support.

Bullish Reversal Pattern Sets Bitcoin Cash (BCH) Price for $85% Rally

Bitcoin Cash (BCH) Price| TradingView Chart

Amid the approval of Spot Bitcoin ETFs in the US Market, the Bitcoin Cash(BCH) coin has witnessed a notable swing this week. Within a fortnight, the BCH price showed resistance above the monthly support of $210, which led to a 34.8% breakout rally to reach $284.4.

However, a look at the daily time frame chart projects this upswing as part of a long-forming bullish reversal pattern called Cup and Handle. Under the influence of this pattern and the current market outlook, the Bitcoin Cash price is likely to breach the neckline resistance trendline of around $300.

This bullish breakout could signal a major change in trend and offer the asset to start a new uptrend. The post-breakout rally could surge the BCH price by 85% to chase the $560 mark.

The Average Directional Index at 17% with an uptick slope reflects the buyers have sufficient strength to prolong the current recovery.

Will SUI Price Recovery Hit $1.5 by January End?

SUI Price| TradingView Chart

The SUI coin has been under aggressive recovery mode since late October 2023 when it rebounded from $0.363. In the last three months, the altcoin recorded 215% growth and reached the current trading price of $1.13.

In the daily time frame chart, this recovery can be traced by an ascending trendline which offers suitable pullback opportunities to traders. Thus, the SUI price will prolong its recovery until the support trendline is intact.

Today, with an intraday jump of 5.78%, the coin price breaks above $1.1 resistance, providing buyers another stepping stone to extend the upward march. If sustained above this level, the SUI price may surge 8.5% to hit $1.26, followed by $1.5.

The daily RSI slope surge above 70% reflects an active buying momentum in this asset.


The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

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