Crypto Price Prediction: The cryptocurrency market kicked off April in a bearish tone witnessing a notable correction in the majority of major cryptocurrencies. The leading digital asset Bitcoin fell to $66284 in the Asian trading session, registering 7.3% in the last 48 hours, while Ethereum plunged 8.5% to hit $3339.

The selling pressure picked up additional momentum yesterday as Bitcoin spot ETFs experienced a significant total net outflow of $85.84 million highlighted by Wu Blockchain. Notably, the Grayscale ETF GBTC saw a substantial single-day net outflow of $302 million. Conversely, the BlackRock ETF IBIT and Fidelity ETF FBTC registered net inflows of $165 million and $43.99 million, respectively.

According to a derivatives market analytics platform Coinglass, 140,149 traders faced liquidation since yesterday, totaling $448.81 million in liquidations across the market.

However, several analysts perceive this pullback as a pre-halving correction/consolidation to shake weak hands and draw in more steadfast market participants.

Also Read: Crypto Prices Today April 2: Bitcoin Plunges To $66K, Ethereum Below $3400, SOL & XRP Crash

1)Ethereum (ETH)

BINANCE:ETHUSD Chart BINANCE:ETHUSD Chart
Ethereum (ETH)| Tradingview

Ethereum stands as a pioneering force in the blockchain space, being the first to implement smart contracts that enable decentralized applications (dApps). Ether (ETH), the native cryptocurrency of this ecosystem is currently trading at $3328 and has a market cap of $398.7 Billion.

The Ethereum price has been under a correction trend for the past three weeks, projecting an 18.6% drop from the last high of $4093. Last week, the sellers bolstered for a new lower high formation around $3675, indicating the downward pressure is intact.

Adding to the downturn, the ETH price slipped 5.25% accompanied by $19.1 Billion in trading volume. If the supply pressure persists, the coin holder may seek support at $3250 and $3050 levels.

Also Read: Will Ethereum Price Stay Bullish in April? Historical Data Says Yes

2) Shiba Inu (SHIB)

BINANCE:SHIBUSDT Chart BINANCE:SHIBUSDT Chart
Shiba Inu (SHIB)| Tradingview

Shiba Inu (SHIB) originated as a meme token, often regarded as a Dogecoin competitor. It has grown into a decentralized ecosystem with its own decentralized exchange, ShibaSwap, and has plans to expand into NFTs and game development.

Amid the recent market consolidation, the SHIB price recovery witnessed a notable downturn from the $0.0000328 resistance in late March. The bearish reversal plunged the coin value by 21.5% in the last six days.

By the press time, Shiba Inu’s market cap stands at $15.29 Billion, while the trading volume is around $15.92 since yesterday. According to the recent data by Shibburn, the memecoin has seen a dramatic increase in its burn rate, soaring to 2307.19% over the last 24 hours. During this period, a massive total of 110,384,799 SHIB tokens were removed from circulation.

However, if the supply pressure from broader markets persists, the Shiba Inu price will retest the 61.8% FIB level at $0.00002368.

Also Read: Why Dogecoin and Shiba Inu Prices Fell Today?

3)CORE

OKX:COREUSDT Chart OKX:COREUSDT Chart
CORE| Tradingview

CORE, known formally as cVault.finance, is a DeFi project renowned for its unique approach to yield farming and liquidity provision. Defying the recent market correction, the CORE coin emerged as a high-performing asset in the fourth week of March.

From the March 20th low of $0.53, the asset rallied 685% to reach a year’s high of $4.19. This rally gained notable momentum from Core DAO’s launch of coreBTC, facilitating a trustless bridge for Bitcoin to the Core Chain and integrating Bitcoin’s robust security into its DeFi ecosystem.

However, the overextended rally coupled with market correction plunged the CORE price 15% to currently trade at $3.2. As per the Fibonacci retracement tool, the CORE price could obtain suitable support at $2.8 and $2.37 levels. 

Takeaway

The cryptocurrency market sparked a new correction trend in April, following the lead of Bitcoin and Ethereum prices. A notable outflow from Spot BTC ETF on April 1st further accelerated the supply pressure among top altcoins. However, this downturn is still perceived as a pre-halving correction that can offer investors a suitable pullback before the anticipated rally.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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