- Bitcoin price needs to form a base before attempting a rally to $50,000.
- Ethereum price shows strength as it bounces off the support cluster at around $3,000.
- Ripple price rallies after tagging the $0.62 to $0.68 buy zone, suggesting a move to $1.
Bitcoin price shows a consolidation pattern, which indicates that an upswing is on its way. Ethereum and Ripple are both showing optimistic outlooks that indicate gains in the next few days.
Bitcoin price needs to stabilize before moving higher
Bitcoin price has set up three higher highs and two higher lows since January 13. Connecting these swing points using trend lines results in an ascending parallel channel. The latest downswing is currently bouncing off the 200-three-day moving average at $39,507.
Investors can expect this retest to result in an uptrend that pushes BTC to tag the yearly open at $46,198 and if bullish momentum persists, the $50,000 psychological level.
BTC/USDT 3-day chart
While things are looking up for Bitcoin price, a breakdown of the $34,752 support level will invalidate the bullish thesis and open the path for a crash to $30,000.
Ethereum price restarts its uptrend
Ethereum price has stabilized above the support cluster that extends from $2,800 to $3,000. This area contains a demand zone and a bullish crossover of the 50-day and 100-day Simple Moving Averages (SMAs).
ETH is already bouncing off this cluster and is aiming for the 200-day SMA at $3,492 and the low-volume node at $3,703. But in a highly bullish case, the Ethereum price could reach the next high-volume node at $4,040. High-volume nodes are levels where a lot of buying and selling has occurred in the past and, therefore, provide support and resistance.
ETH/USD 1-day chart
A swift move below the support confluence’s lower limit at $2,820 will create a lower low and invalidate the bullish thesis. In such a case, ETH could retest the next high-volume node present to the downside at $2,584.
Ripple price shows signs of life
Ripple price suffered the aftereffects of the Bitcoin crash like many altcoins. However, the downswing was a blessing in disguise for it enabled the remittance token to enter the buy zone, extending from $0.62 to $0.68.
A bounce off this area is likely to trigger a run-up that pushes XRP price to retest the 2022 volume point of control at $0.77. Flipping this hurdle into a foothold will allow bulls to trend higher and revisit the range high at $0.91.
The ultimate target for Ripple price, however, is the $1 psychological level, which will be obtainable after a successful flip of the $0.91 blockade.
XRP/USD 1-day chart
On the other hand, if the Ripple price shatters the $0.601 support level and produces a lower low, the bullish thesis will face invalidation. In this situation, XRP could crash to $0.548.
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