• Bitcoin price is making a short-term run for the $60,000 psychological level in an attempt to move higher.
  • Ethereum price inches closer to retesting the all-time high at $4,880 after rallying 22% over the past five days.
  • Ripple price looks to collect liquidity resting above the $1.1 resistance barrier.

Bitcoin price is consolidating while it tries to move higher, but Ethereum price seems to be enjoying a full-fledged rally as it comes closer to setting up new highs. Ripple price, on the other hand, is struggling to find bullish momentum.

Bitcoin price chops around

Bitcoin price saw a massive spike in buying pressure on November 28 that led to an 11% upswing over the next two days, pushing BTC to $59,269. While this upswing came closer to sweeping last week’s highs at $59,608, it failed. 

The sideways movement that Bitcoin is seeing now is likely a build-up for a move toward the $60,000 level. Beyond this, BTC will also make a run to produce a daily close above the demand zone, extending from $58,100 to $61,545.

Doing so will allow the pioneer crypto to retest the $63,000 level. If BTC manages to produce a higher high above $65,000, it will embark on a bull run to set new highs.

BTC/USD 1-day chart

BTC/USD 1-day chart

While the narrative explained above is bullish, it assumes that Bitcoin price has enough momentum to produce a daily close above $65,000. Failing to do that could result in another downswing that retests the $53,000 level.

A daily close below this barrier will invalidate the bullish thesis and trigger a crash to $50,000 and even lower if selling pressure picks up.

Ethereum price makes a strong comeback

Ethereum price has seen a massive upswing over the last two days that has pushed it up by 22% and is trading at $4,751 at the time of writing. A continuation of this uptick will propel ETH to retest the all-time high at $4,880.

Moving past this area will take ETH to the $5,000 psychological level, where the smart-contract token can set a new high. Beyond this area, investors can expect ETH to continue its ascent to $5,500 and $6,000, especially if BTC does not crash.

ETH/USD 1-day chart

ETH/USD 1-day chart

The bullish thesis for Ethereum price depends on Bitcoin price and how it reacts. A flash crash to $53,000 could easily undo the recent gains. However, consolidation or an uptrend will help ETH’s case.

If Ethereum price fails to hold above $4,000 and produces a daily close below it, there is a high chance ETH will invalidate the bullish thesis and lead to a correction that retests $3,600.

Ripple price barely recovers

Ripple price has been stuck on a downtrend since mid-April and shows no signs of volatility. Regardless, XRP price has managed to climb above the $1 psychological level and shows promise of a small upswing.

A 10% upswing from $1 will put the remittance token at $1.10 and allow market markers to collect liquidity above it. If the bullish momentum increases, this run-up could move a step higher and retest the 50% retracement level at $1.13.

In a highly bullish case, Ripple price could briefly swing above the 62% Fibonacci retracement level at $1.20, representing a 20% ascent from $1.

XRP/USD 6-hour chart

XRP/USD 6-hour chart

While things are looking fairly decent for Ripple, a breakdown of the $1 level will put its bullish perspective in jeopardy. This move could also drag XRP price down to the range low at $0.85, where the buyers have another chance at a comeback.

However, a daily close below this level will create a lower low, invalidating the optimistic narrative.

 

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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin price action over the last 72 hours indicates that a massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. 

More Bitcoin News

Luna Classic price: Binance burned 6 billion LUNC, triggering massive rally in the altcoin

Luna Classic price: Binance burned 6 billion LUNC, triggering massive rally in the altcoin

Luna Classic (LUNC) price witnessed a massive spike on Friday, after yielding 12% gains overnight. The move came after the world’s largest crypto exchange, Binance announced it would be burning 6.39 billion LUNC tokens. 

More Luna Classic News

Binance native token BNB and staking derivatives bleed after $5 million DeFi exploit on Ankr Protocol

Binance native token BNB and staking derivatives bleed after $5 million DeFi exploit on Ankr Protocol

Binance’s native token BNB suffered a 3% decline in response to the $5 million exploit on DeFi protocol Ankr Protocol. The BNB chain-based protocol confirmed that it has fallen victim to a multi-million dollar exploit. 

More Binance Coin News

Cardano price gets underpinned, could move 10% north before New Year

Cardano price gets underpinned, could move 10% north before New Year

Cardano (ADA) price action is trading in more quiet waters as the spillover effects and aftermath of FTX and BlockFi bankruptcies are finally easing into the background. 

More Cardano News

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

A massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. In this weekly forecast, we will take a look at Bitcoin’s monthly performance for the last decade and determine if this bullish outlook is possible. 

Read full analysis

BTC

ETH

XRP