Jan 12 Crypto Price Prediction for First Spot BTC ETF to Start Trading: ETH, BCH, sui
Crypto Price Forecast: On January 12, the cryptocurrency market experienced stable trading with visible positive sentiment among investors. This comes as the Bitcoin asset class is embarking on a transformative journey following the SEC’s approval of 11 Spot Bitcoin ETFs.
As of Thursday afternoon, US-listed Bitcoin ETFs witnessed a massive trading volume of $4.6 billion. These products represent a pivotal development for the crypto industry and pose a critical test of whether digital assets, often perceived as volatile, can achieve widespread recognition and integration into mainstream investment portfolios.
Additionally, Glassnode’s latest data reveals that Futures Open Interest on the CME Exchange has reached 36%, an all-time high in terms of relative dominance. This marks a significant increase in institutional presence in the derivatives space and points to a maturing and evolving crypto market.
However, while Bitcoin price is still struggling towards $48,000, the altcoin market has achieved a notable increase. Among the rising coins Ethereum(ETH), bitcoin cash (BCH) and SUI showed aggressive momentum.
Escape from Consolidation in Ethereum (ETH) Price Sees 3 Thousand Dollar Target
Ethereum(ETH) Price| TradingView Chart
Ethereum, the second largest cryptocurrency, witnessed a significant inflow on January 10, when the US Sec officially approved spot Bitcoin ETFs for trading on the US Market. Amid Wednesday’s 10.2% intraday rally, the cryptocurrency price broke out of a five-week consolidation that signals a continuation of the recovery trend.
From the weekly low of $2,170, the ETH price increased by approximately 21% to $2,642. Currently, cryptocurrency holders are witnessing a fresh supply pressure at $2700, creating concerns of a minor pullback.
However, with the current market outlook, Ethereum price may face increasing pullbacks that could support the altcoin’s high growth. Hence, the ongoing recovery trend with sustained buying could follow $3000, followed by potential targets of $3281 and $3600.
In the midst of the rally, ETH holders can monitor the 20 and 50-day EMA slope for appropriate pullback support.
Bullish Reversal Pattern Brings Bitcoin Cash (BCH) Price to an 85% Dollar Upswing
Bitcoin Cash (BCH) Price| TradingView Chart
Bitcoin Cash (BCH) coin witnessed a notable rise this week following the approval of Spot Bitcoin ETFs in the US Market. Within two weeks, BCH price has shown resistance above the monthly support at $210, leading to a 34.8% rally to $284.4.
However, looking at the daily time frame chart, this rise appears to be part of a long-term bullish reversal pattern called the Cup and Handle. Under the influence of this pattern and the current market outlook, Bitcoin Cash price is likely to surpass the neckline resistance trend line near $300.
This uptrend could signal a major change in trend and prompt the asset to start a new uptrend. The post-breakout rally could push BCH price up 85% to chase the $560 mark.
The Average Directional Index at 17% with an upward slope indicates that buyers have enough strength to extend the current recovery.
Will SUI Price Recovery Reach $1.5 by the End of January?
SUI Price| TradingView Chart
The SUI coin has been in an aggressive recovery mode since late October 2023, when it recovered from $0.363. In the last three months, the altcoin has grown by 215% and reached its current trading price of $1.13.
On the daily time frame chart, this recovery can be tracked by an ascending trend line that provides traders with favorable pullback opportunities. Thus, SUI price will extend the recovery period until the support trend line remains intact.
Today, with an intraday increase of 5.78%, the cryptocurrency price broke above the $1.1 resistance, providing buyers with another rung to continue the upward march. If it continues above this level, the SUI price may increase by 8.5%, reaching $1.26 and then $1.5.
The daily RSI slope moving above 70% reflects an active buying momentum in this asset.
Related Article:
- BlackRock Spot Bitcoin ETF (IBIT) Soars 25% in Pre-Market Hours
- First Bitcoin (BTC) Options Expiration After ETF Approval, Uncertainty Remains
- Coinbase CEO and CLO Credit for Historic Bitcoin ETF Acquisition Grayscale
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