Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin awaits final leg to price discovery, jumpstart crypto bull run

  • Bitcoin price rebounds above $19,000 despite on-chain metrics turning bearish.
  • Ethereum is struggling to overcome the hurdle at $600, as on-chain metrics suggest investors retreated into the sidelines.
  • Ripple is on the cusp of correcting to $0.45, mostly if support levels at $0.6 and the 50 SMA are shattered.

The cryptocurrency market is turning bullish again after retracing in the last 24 hours. All the top ten cryptocurrencies are in the green, considering the hourly percentage change. Bitcoin is leading the pack after reclaiming the ground above $19,000.

The fight for higher yearly highs is still on, especially for Bitcoin and Ethereum. However, it is essential to proceed with caution, as discussed earlier, using Bitcoin’s percentage of transfer volume in profit.

Similarly, Ethereum investors do not appear to be excited by the launch of ETH 2.0, a situation that could brew havoc for the smart-contract token in the near term.

Bitcoin resumes the uptrend targeting $20,000

The bellwether cryptocurrency is back to trading above $19,000. The rejection from levels close to $20,000 lost traction before hitting $18,000. Buyers took advantage of the support at the 50 Simple Moving Average on the 4-hour chart and the ascending trendline to force the ongoing reversal.

At the time of writing, BTC/USD is dancing slightly above $19,200 while bulls work extra hard to boost $20,000. The cheerful optimism seems to have been validated by the Relative Strength Index, as it rebounds from the midline heading to the overbought area.

Bitcoin could trigger a massive bull run if it breaks the resistance at the newly achieved all-time high at 19,915. Trading above $20,000 would see the king of cryptocurrencies enter the price discovery mode, perhaps even lift above the $22,500 prediction made on Tuesday.

BTC/USD price chart

BTC/USD 4-hour chart

On the other hand, a bearish narrative will come into the picture if Bitcoin closes the day under $19,000. Price action below the ascending trendline, as well as the 100 SMA, might trigger massive sell orders, creating enough volume to force BTC into a downtrend with a target at the 200 SMA.

Ethereum loses traction as a breakdown to $525 lingers

The smart-contract token has not cleared the hurdle at $600 following the fall from the new yearly high of around $636. Bears seem to be gaining momentum under the short-term resistance. On the downside, support is provided by an ascending trendline.

Trading beneath the trendline will likely be detrimental to the progress made since the Thanksgiving Day crash. The 50 SMA is expected to absorb some of the selling pressure building under $600. However, if ETH declines stretched further, the price may revisit the zone at $525 (former resistance).

As supply rises for Ether, the buyer congestion at $500 and the 200 SMA will come in handy in case of extended losses. As discussed earlier, most on-chain metrics have turned bearish, hence the potential for a considerable correction before Ethereum resumes the uptrend.

ETH/USD price chart

ETH/USD 4-hour chart

On the upside, Ethereum will abandon the bearish outlook if the price closed the day above $600. Moreover, suppose stability comes into the market above this crucial level. In that case, buyers will have ample time to plan the mission for gains eyeing $720, as predicted by FXStreet’s Crypto Editor, Tanya Abrosimova.

Ripple on the verge of a massive retreat if critical support breaks

XRP is holding firmly to the support provided by the 50 SMA on the 4-hour chart. As explained earlier on Wednesday, the need for support emerged after the cross-border token slipped under an ascending wedge pattern.

If the buyer congestion at the 50 SMA is dispersed, Ripple will likely ease into another breakdown with the potential of reaching last week’s support at $0.45. The 100 SMA, slightly above $0.45, might absorb some of the selling pressure. However, if the bearish grip intensifies, XRP would tumble to the 200 SMA, marginally above $0.35.

XRP/USD price chart

XRP/USD 4-hour chart

For now, stability has been reinforced by the RSI as it levels slightly above the midline. Closing the day above the 50 SMA or the support at $0.6 might help focus the bulls’ attention on higher levels, preferably $0.7 and $0.75. Price action past the crucial $0.75 could pave the way for the final leg to $1.

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

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Four reasons why XRP price could set new-all time high above $5

XRP price experienced a significant bull run as it rallied roughly 750% since 2021. However, due to the recent correction, Ripple’s year-to-date (YTD) performance is hovering around 268%.

More Ripple News

Shiba Inu price flashes first sign of reversal, eyes 38% upswing

Shiba Inu price dipped below the short-term governing range on June 11 as the crypto market experienced a minor sell-off. However, bulls have managed to push SHIB above the range high, indicating the resurgence of buyers.

More Shiba News

Ethereum might create another opportunity for buyers to kick-start new uptrend

Ethereum price is currently trading below a critical resistance level and is trying to breach past it. A decisive close above the swing high on June 9 will create a higher high and signal the start of an uptrend.

More Ethereum News

Cardano upswing hangs in balance, but on-chain metrics reveal trouble

Cardano price rose 12% after dipping below a crucial support level at $1.451. ADA is currently hovering inside a critical resistance level, ranging from $1.525 to $1.624. Only a decisive close above $1.636 will confirm the start of a run-up.

More Cardano News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast