Cryptocurrencies Price Prediction: Bitcoin, Ethereum & Ripple – Asian Wrap 17 Aug

Bitcoin Price Analysis: BTC/USD looks to register small weekly gains

Bitcoin (BTC/USD) continues to trade sideways below $12,000 on Sunday and is headed to post gains for the fourth straight week. However, after surging by 8%, 11% and 5.5% in the previous three weeks, BTC/USD is up only 1.2% this week, suggesting that investors may be waiting for a decisive break above $12,000 before adding to their long positions.

Ethereum Price Forecast: ETH/USD respects the descending trendline, can $420 support hold?

Ethereum recently hit a two year high following the sustained breakout above $400. Ether climbed multiple resistance zone to trade the new 2020 high around $446. Unfortunately, the journey to $500 was short-lived with $446 acting as a temporary stopper. Since then, ETH/USD has narrowed down with losses testing support at the 61.8% Fibonacci retracement level taken between the last drop from $446 to a swing low of $365.51.

Ripple Price Analysis: XRP/USD stays directionless near $0.30

After rising to its highest level since February at $0.3262 earlier in the month, Ripple (XRP/USD) staged a correction and seems to have found support near $0.27. Following that drop, Ripple has gone into a consolidation phase and continues to have a tough time making a decisive move in either direction. On Saturday, XRP/USD closed the var virtually unchanged near $0.30 and continue to trade near that level on Sunday.