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BTC and ETH Price Analysis for January 31

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The market is trying to recover as some coins returned to the green zone.

Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) keeps falling, going down by almost 1% over the last 24 hours.

BTC/USD chart by TradingView

On the daily chart, the price of Bitcoin (BTC) is trading closer to the support level than to the resistance, which means that sellers have seized the initiative. Thus, the rate has fixed below the $23,000 zone, which also confirms buyers’ weakness.

In this case, the more likely scenario is the continued downward move to the next area of $22,000.

Bitcoin is trading at $22,878 at press time.

ETH/USD

Ethereum (ETH) is less of a loser, however, the leading altcoin could not stay in the green zone, declining by 0.54%.

ETH/USD chart by TradingView

From the technical point of view, Ethereum (ETH) is trading similarly to Bitcoin (BTC) as the price is also trading sideways and is located below its crucial zone of $1,600. In addition, the volume has fallen, which means that buyers are not ready to buy the coin at the current prices. Likewise, one can expect a further decrease to $1,500 if bulls cannot seize the initiative shortly.

Ethereum is trading at $1,574 at press time.

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