Top Crypto Predictions Jan 2023

Top January cryptocurrency predictions: Ethereum (ETH) price outperforms Bitcoin (BTC), Bitcoin dominance rate (BTCD) falls, Solana (SOL) to be one of the biggest losers Thing.

Ethereum Price Exceeds Bitcoin

The ETH/BTC pair broke through the falling resistance line (white) on July 27th and reached a high of ₿0.086 on September 7th. It was then returned on September 22nd for validation as support (green icon).

Since verification, the price of Ethereum has been trading within a symmetrical triangle, seen as a neutral pattern. However, it occurs after an upward movement, so a breakout from there is the most likely scenario. A breakout above the height of the entire triangle leads to a high near ₿0.094.

There are two other measurements that support breakout potential.

First, ETH price bounced off the 0.5 Fib retracement support level of ₿0.067, creating a long low wick (green circle) in the process. The trend can be considered bullish as long as it trades above the 0.5 Fib retracement support level.

Then the motion inside the triangle resembles the completed complex WXY correction (black). If so, a breakout from the triangle is the most likely scenario.

However, the daily RSI remains bearish as it failed to break through the descending resistance line and was rejected at the 50 line.

As a result, whether the ETH price breaks out of the triangle or falls below the ₿0.057 area will determine the ETH crypto predictions for January.

Bitcoin Dominance Falls

Since ETH is the largest altcoin based on market capitalization, BTCD is heavily influenced by ETH movements. However, it is also driven by changes in the rest of the crypto market.

BTCD price action is currently contained within an ascending parallel channel. Such channels usually contain corrective movements. So collapse from the channel is the most likely scenario.

The channel’s resistance line then meets the 0.382 Fib retracement resistance level, adding to its legitimacy. Next, the movement within the channel resembles an ABC straightening structure.

Finally, the daily RSI is overbought (red circle). The last time this happened, it was followed by a sharp decline.

If BTCD breaks below the channel, it could fall towards an all-time low of 36%. Conversely, a breakout of the channel resistance line indicates a bullish trend.

So, should a move occur, this crypto forecast would be bullish for most crypto markets except Bitcoin. It is also possible that the rate of decline of altcoins is small.

SOL price will be crushed

The SOL token price has been falling since reaching a record high of $259.90 in November 2021. The downtrend hit a low of $9.65 on December 28th. During the downtrend, Solana price broke below the long-term support of $29. area and the short-term $12 support area. This decline has further accelerated over the last 24 hours.

The first definitive bearish sign is that the nearest support area is $4.30, which is 58.6% down from the current sign. With no support at all between the current price and the $4.30 support area, the SOL price could reach there by the end of January.

The second decisive bearish sign is the weekly RSI declining below 30 without producing any trace of a bullish divergence.

As a result, the most likely SOL crypto prediction is a downward move towards this region. For the long-term trend to become bullish, Solana price needs to retake the $29 resistance area.

Click here for BeInCrypto’s latest crypto market analysis.