Top 3 Price Prediction Bitcoin, Ethereum, Ripple: A sea of red into weekly opening?


  • The recent downside bias remains intact across the crypto market.
  • Top 3 widely traded coins to shed about 15% each on the week.

The world’s no. 1 digital coin, Bitcoin, is seen resuming its recent bearish momentum, as we head towards the weekly closing. However, the second most traded cryptocurrency, Ethereum, remains the less hated amongst the top three most favorite digital asset, as it loses nearly 1.5% so far this Sunday. Meanwhile, the first coin now eyes the half-yearly lows once again, enjoying a market capitalization of $ 131.30 billion. The total market capitalization of the top 20 cryptocurrencies now stands at $199.10 billion, as cited by CoinMarketCap.

The top three coins are seen extending the downward spiral in the week ahead, with the key supports and resistances noted below, as indicated by the Confluence Detector.

BTC/USD: $ 6,787 – back on sight

Bitcoin is trying hard to defend the $ 7,100 mark, as it continues to meet heavy selling pressure, with the half-yearly lows of 6,787 now seen as the next downside target amid a lack of substantial supports to restrict the sellers.

Meanwhile, any recovery attempt is likely to get sold off into the initial resistance near 7,220/50, the confluence of the 23.6% Fibonacci Retracement (Fib) level of the weekly price action (1W), 10 and 50-hourly Simple Moving Averages (HMA).

Should the bulls manage to surpass the last, the critical resistances around 7,300 and 7,350 are unlikely to allow the recovery momentum to extend. That area is the intersection of the 38.2% Fib of the daily price action (1D), Bollinger band 1H Middle and the previous high on the hourly sticks (1H).

 ETH/USD: Path of least resistance is to the downside

Ethereum has come under fresh selling pressure, as it continues to run into a pack of resistances on its every attempt above the 150 handle. The resistances are located between 151.50-152.00, where the Fib 38.2% and 23.6% Fib 1D, 10 and 5-4H SMA coincide.

Only a break above the last could call for a sustained recovery towards the next resistance aligned near the previous month of 153.28.

To the downside, the earlier support at 149.80, the intersection of the 23.6% Fib 1W and 61.8% 1D, is already breached, opening floors for further declines towards the 148 handle – the pivot point 1D S1.

XRP/USD: 0.2335 - the level for near-term bullish reversal

Ripple is seen consolidating around 0.2310 levels, as the bulls gather pace for a test of a strong resistance placed near 0.2335 (23.6% Fib of the weekly decline). 

A break above that level, the coin is likely to face the next strong resistance near $ 0.2360, the confluence of the Bollinger 1H Upper and previous day’s high.

The ongoing sell-off is likely to intensify should it breach the 0.2285, daily low and Pivot Point 1D S1 confluence. The next support directly awaits at 0.2220, where the previous week’s low was reached.  

See all the cryptocurrency technical levels.


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.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin is showing rising correlation with the S&P 500

Bitcoin is showing rising correlation with the S&P 500

Bitcoin and the crypto market have been in an uptrend since Wednesday following the Federal Reserve's decision to cut interest rates by 50 basis points. Bitcoin is up nearly 3% in the past 24 hours, rising briefly above the $63,000 level for the first time in three weeks.

More Bitcoin News
Ethereum rallies over 6% following decision to split Pectra upgrade into two phases

Ethereum rallies over 6% following decision to split Pectra upgrade into two phases

In its Consensus Layer Call on Thursday, Ethereum developers decided to split the upcoming Pectra upgrade into two batches. The decision follows concerns about potential risks in shipping the previously approved series of Ethereum improvement proposals.

More Ethereum News
Consensys case against SEC over Ethereum dismissed by Texas court

Consensys case against SEC over Ethereum dismissed by Texas court

Consensys announced dismissal of a case it filed against the SEC in April about the agency's alleged actions against Ethereum. Judge Reed O'Connor of the Northern District of Texas dismissed the case on Thursday. Consensys claims that the court failed to examine the "merits" of its claim against the SEC.

More Cryptocurrencies News
XRP eyes gains as Ripple gears up for stablecoin launch, Grayscale XRP Trust notes rising NAV

XRP eyes gains as Ripple gears up for stablecoin launch, Grayscale XRP Trust notes rising NAV

Ripple (XRP) gained 2.3% since the start of the week. The altcoin’s gains are likely powered by key market movers that include Ripple USD stablecoin, Grayscale XRP Trust performance and the demand for the altcoin among institutional investors. 

More Ripple News
Bitcoin: On the road to $60,000

Bitcoin: On the road to $60,000

Bitcoin price retested and bounced off from the daily support level of $56,000 this week. US spot Bitcoin ETFs posted $140.7 million in inflows until Thursday and on-chain data supports a bullish outlook.

Read full analysis
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

BTC

ETH

XRP