- Bitcoin price remains in an uptrend but faces shorter resistance near $25,000.
- Ethereum price shows promise after tagging $1,700 earlier in the week.
- Xrp price still shows potential for a spike tour 0.44 in the short term.
Bitcoin price making steady gains
Bitcoin price has been on a steady upward trajectory since the start of the year, and, despite some short-lived dips, the peer-to-peer digital currency continues to show promise.
Bitcoin price currently trades at $23,165, down 0.5% on the day. The trend remains bullish as the bears have yet to produce a settling price beneath the 8-day exponential moving average (EMA). The Binance exchange API suggests the bulls remain in control, with a strong candle from January 12 and an influx of $454,000 transactions.
The next bullish target remains near the mid-$24,000 zone, which could result in a 6% increase from the current Bitcoin price.
BTC/USDT 1-Day Chart
Traders should be on the lookout for the $23,000 zone, as a breach below this level could result in a sell-off toward previous resistance zones near $21,000. The Bitcoin price would result in an 8% decline under the bearish scenario.
Ethereum price still pointing higher
Ethereum price reached a new high for the year at $1,714 earlier in the week, but profit-taking has since occurred. Despite some bearish influence, the overall trend remains intact.
The volume indicator is also in the bulls' favor, but the market remains at a standstill as traders monitor key levels for potential sell-offs. The $1,610 zone remains crucial for Ethereum's uptrend, and a failure to hold above this level could trigger a deeper decline.
The next bullish target for Ethereum remains near the mid-$1,800 liquidity zone, which could result in a 12% increase from the current Ethereum price.
ETH/USDT 1-Day Chart
Invalidation of the bullish forecast targeting $1,850 could occur from a breach below $1,610, resulting in further sell-offs and a potential decline of 18% from Ethereum's current market value.
XRP price undecided but the uptrend prevails
XRP price has seen limited movements this week, with back-and-forth price action taking place within the $0.40 zone. Despite this sluggishness, key indicators suggest a positive outlook for the digital remittance token. The 21-day simple moving average (SMA) continues to provide support. A Fibonacci retracement analysis of the winter rally shows that the current price represents a correction rather than a significant reversal.
XRP price is currently trading at $0.411. The recent pivot point at $0.381 on January 31 landed at the 38.2 retracement level, a common stopping ground for consolidations during strong uptrend rallies. So long as XRP stays above the halfway point near $0.361, the potential for a larger macro upswing lingers.
A conservative approach would be to target the $0.44 liquidity zone as the next pitstop for the uptrend, resulting in a 10% increase from XRP's current market value.
XRP/USDT 1-Day Chart
Traders looking to join the trend could place an invalidation point below the recent swing low at 0.381. A breach of the barrier would likely Induce the 50% retracement into the 0.361 Zone, resulting in a 12% decrease from Ripple's price today.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.