Bitcoin cracks $12,000, can Ethereum and XRP follow the steps of BTC?

  • BTC briefly jumped above the critical resistance level at $12,000 for the first time since September 1.
  • XRP and ETH are not reacting to the recent move just yet.

Bitcoin has been facing a tough psychological resistance level at $12,000 several times in the past on June 24, 2019, August 2019, and more recently in August 2020. Once again, the flagship cryptocurrency made an attempt to stay above $12,000 but other coins remain flat.

Can Ethereum step up to Bitcoin again?

Bitcoin’s dominance over the market increased by 2.3% within the past week after a robust rally to $12,000. Ethereum, on the other hand, is down 4% in the past 24 hours and it’s not showing the same bullish signs as the flagship cryptocurrency.

Back on July 20, Ethereum was the first cryptocurrency to see a massive breakout and Bitcoin followed it shortly after, cracking $10,000. Now, it seems to be the other way around with Ethereum waiting for Bitcoin to cool off before making its own move. 

ETH/USD 4-hour chart

eth price

On the 4-hour chart, the price of ETH slipped below the 50-SMA and it’s currently fighting to stay above the 100-SMA. Bears are also close to confirming a downtrend if the support level at $365 is broken. 

Furthermore, it seems that the MACD turned bearish and it’s gaining a lot of strength. A breakout below $365 can push Ethereum down to the 200-SMA at $360 and then to the low of $334 formed on October 9.

ETH/USD daily chart

eth price

Nonetheless, on the daily chart, bulls are defending the 50-SMA after turning the other two into support levels. The price also established several higher lows and higher highs confirming an uptrend, however, Bitcoin continues dominating.


eth price

The In/Out of the Money Around Price chart only shows one robust resistance area between $369 and $380 with 14 million ETH in volume. A breakout above $380 can easily drive the digital asset towards $400 and then the 2020-high at $480 as there isn’t much resistance to the upside.

XRP on the verge of a massive breakout

Despite the strength of Bitcoin, it seems that XRP was also not positively affected by it. The digital asset is currently trading at $0.243 still inside a long-term symmetrical triangle. The pattern is extremely close to a breakout that could happen within the next 2-3 days. 

XRP/USD daily chart

xrp price

The symmetrical triangle is the most significant pattern developed on the daily chart. Bulls have just lost the 50-SMA and they lost the 100-SMA around one week ago. It seems that the bears have the upper hand in the short-term as the pattern gets closer to its conclusion.

The MACD also turned bearish on October 16 and indicates a bearish breakout is more likely. The lower boundary of the pattern is established at $0.243, which means that a slip below this level can send the digital asset down to the 200-SMA at $0.225 and as low as $0.195. 

XRP/USD 1-hour chart

xrp price

The good news for the bulls is the successful defense of the 100-SMA support level on the hourly chart which is now established as a robust support point. The price is already bouncing towards the 50-SMA and the MACD is close to a bull cross.

Again, the most important breakout point would be above the upper trendline of the symmetrical triangle formed on the daily chart at $0.25. Climbing above this level can push XRP up to $0.30 quite easily as the bulls face very little resistance.

Critical price points for Ethereum and XRP

Although Ethereum is a bit flat right now, a breakout above $380 can easily drive the digital asset towards $400 and up to $480 as there isn’t much resistance to the upside. For XRP, the most important breakout point to the upside is $0.25 which can drive the digital asset to $0.30.

On the other hand, Ethereum faces some short-term selling pressure. A breakout below $365 can push Ethereum down to $360 and $334. XRP bears are keeping an eye on the lower trendline of the symmetrical triangle formed on the daily chart at $0.243, a slip below this level can lead the digital asset to $0.225 and as low as $0.195. 

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