• Bitcoin price is bouncing off the demand zone extending from $44,705 to $46,031, showing signs of restarting an uptrend.
  • Ethereum price is grappling with the $3,488 resistance level, anticipating a retest of $4,000.
  • Ripple price prepares for a 45% lift-off from the second hurdle at $1.09.

Bitcoin price suffered a fatal crash on September 7, which rippled out into the entire ecosystem as the altcoin tumbled. While this short-term sell-off wiped off gains accrued over the past month, things seem to be turning around as altcoins initiate a recovery phase.

Bitcoin price shows promise 

Bitcoin price dropped 16% on September 7 but ended the day with an 8% decline. The demand zone, ranging from $44,705 to $46,031, absorbed the incoming selling pressure and might even trigger an uptrend.

However, BTC needs to close above $46,833 to confirm the start of a new rally. Doing so will open the path up to $52,666, roughly a 12% advance.

BTC/USDT 1-day chart

BTC/USDT 1-day chart

Regardless, a failure to slice through $46,863 will indicate the bulls’ inability to push through. This bearish outlook could compound, triggering another downswing. If the resulting selling pressure shatters the lower limit of the demand zone at $44,705, it will invalidate the bullish thesis.

Ethereum price hurries to recover losses

Ethereum price shed 23% during the crash but closed the day after a 12% decline. However, the September 8 daily candlestick was green and shows that the buyers are accumulating. Similar to Bitcoin’s position, ETH needs to slice through the $3,524 and $3,716 resistance levels to kick-start the uptrend.

In total, a run-up to $3,926 will constitute a 13% ascent, but ETH bulls might extend this uptrend to tag the $4,000 psychological level.

In some cases, if the bid orders continue to pile up, Ethereum price may even retest the all-time high at $4,372.

ETH/USDT 1-day chart

ETH/USDT 1-day chart

Unlike Bitcoin, Ethereum price has a lot of support to the downside and faces no imminent threat. A decisive close below $3,345 will push ETH into a phase of choppy price action or a consolidative phase. However, if ETH produces a lower low below $3,223, it will open the possibility of a shift in trend favoring the bears and invalidate the bullish thesis.

Ripple price sets its eyes on 45% advance

Ripple price experienced a 31% crash on September 7, but the situation improved, causing the daily candlestick to close around -19%. The recent sell-off did not affect the massive ascending parallel channel pattern.

However, unlike the big crypto and the smart contract token, XRP price has begun its uptrend as it bounced off the second hurdle at $1.09.

Investors can expect the remittance token to rally at least 15% before encountering a stiff resistance barrier at $1.27. Following a flip of this ceiling into a support floor, market participants can assume that the uptrend will extend up to $1.60, coinciding with the upper limit of the fair value gap.

In some cases, the uptrend could propel XRP price to the third hurdle at $1.70, allowing Ripple to retest the 2021 highs at $1.97.

XRP/USDT 1-day chart

XRP/USDT 1-day chart

On the other hand, Ripple price could head south if it fails to hold above the $1.09 support floor. This move will push XRP price down to the demand zone extending from $0.964 to $1.01. A decisive daily candlestick close below $0.964 will invalidate the bullish thesis for the remittance token and open the path for further losses.

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

Watch out for Ethereum price as technical indicators point to dip below $1,000

Watch out for Ethereum price as technical indicators point to dip below $1,000

Ethereum (ETH) price is revealing a not-that bright picture for bulls this week, both from a technical perspective and because of ballooning tail risks. As bulls could not manage a close above a crucial technical hurdle, price action slipped further to the downside and moved away from the essential historic barrier. 

More Ethereum News

As NATO troops double, so do the bears' army in XRP

As NATO troops double, so do the bears' army in XRP

Ripple (XRP) price is returning with a hangover after a very short-lived party in which it rallied from $0.3043 to $0.3710, and booked 21% gains. Although bulls temporarily pushed the price above $0.3710, it turned out to be a false breakout, and eventually closed the day below, catching a lot of bulls in a bull trap in the process.

More Ripple News

Why you should approach Bitcoin price with caution

Why you should approach Bitcoin price with caution

A brief technical and on-chain analysis on Bitcoin price. Here, FXStreet's analysts evaluate where BTC could be heading next.

More Bitcoin News

Why this move from Shiba Inu price could catch investors off guard?

Why this move from Shiba Inu price could catch investors off guard?

Shiba Inu price prepares for a quick retracement after nearly a week of recovery bounce. While this run-up was impressive, things are likely going to go slow for SHIB as investors continue to book profits.

More Shiba Inu News

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.

Read full analysis

BTC

ETH

XRP