Cryptocurrencies Price Prediction: Avalanche, Ethereum & Bitcoin – European Wrap 21 December

AVAX price could rally another 20% before it overheats

Avalanche (AVAX) price has been on a non-stop uptrend and has produced only one weekly red candlestick since October 16. As a result, the altcoin has more than quintupled in less roughly ten weeks. Regardless, AVAX price still has more steam left in the tank as opposed to Solana (SOL), which has registered 296% gains in the same period. 

AVAX price has a higher chance of continuing the bull rally due to two critical reasons – overcoming a key weekly hurdle at $78.69 and the Relative Strength Index’s (RSI) position. Despite rallying a mind-melting 411% in just 70 days, the RSI hovers around 82, just below the overbought level of 90. In bull markets, it is common practice to adjust the overbought and oversold conditions from 70 to 90 and 30 to 40, respectively. The mean level of RSI becomes a zone, extending from 50 to 60. 

Ethereum price aims for $2,500 as ETH supply one exchanges declines

Ethereum's (ETH) recent price action has mirrored the moves of Bitcoin (BTC), with a three-month correlation of 0.97. As the second-biggest crypto asset by market capitalization is closely following the fortunes of BTC, data from crypto intelligence tracker Santiment shows that ETH supply on exchanges has fallen to an all-time low, which could be a sign of further price gains.

Ethereum supply on exchanges as a percentage of the asset’s total supply is at 8.06%, the lowest level since ETH was created, according to Santiment data. At the beginning of 2023, supply was at around 11%.

Bitcoin price rallies to $44,000 as Spot BTC ETF deadline looms

Bitcoin price climbed back above $44,200 on Thursday, the highest level in ten days.. The latest spike in BTC price is supported by optimism surrounding the approval of a Bitcoin Spot ETF in the US.

Bitcoin price rally has led to an increase in Bitcoin whale wallets, or these addresses that hold 1,000 or more in Bitcoin, after a two-week decline. Analysts at crypto intelligence tracker Santiment said that Bitcoin price is likely to hit the $45,000 level.