Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin swings toward $40,000, teasing another crypto bull run


  • Bitcoin restarts the uptrend after crossing above the critical barrier at $34,000.
  • Ethereum price is poised for a 27% move if the ascending triangle resistance is broken.
  • Ripple bulls fight for control following a sharp fall from the new yearly high at $0.75.

The cryptocurrency market green after a small correction, at least for selected cryptocurrencies. For instance, Bitcoin is currently trading above $35,000 after a steady but gradual rise from the support at $32,000.

Ethereum is up a swooping 9% on the day after reclaiming the ground above $1,400. Similarly, Cardano has exploded 18% to trade at $0.41. Selected tokens in the decentralized finance sector like SushiSwap are performing incredibly well. On the other hand, Ripple leads among the daily losers, incurring more than 40% in losses.

Bitcoin rebounds towards $40,000

Bitcoin was stuck under the 200 Simple Moving Average since it bounced back from the support at $32,000. However, as discussed on Monday, a daily close above $34,000 and price action past the 200 SMA would boost the largest cryptocurrency towards $40,000.

At the moment, all eyes are focusing on the next hurdle at $36,000. Note that a consistent price rise would encourage more investors to join the market as buyers increase their positions. If enough tailwind is created behind BTC, a final leg to $40,000 will likely materialize.

The Moving Average Convergence Divergence supports the bullish narrative. Buying pressure is bound to increase if the MACD line (blue) increases the divergence above the signal line.

BTC/USD 4-hour chart

BTC/USD 4-hour chart

Realize that failure to close the day above $36,000 would result in a rise in overhead pressure. The gains accrued on the day would be erased, leaving the tentative support at the 200 SMA and $34,000 in jeopardy. Further down, losses are likely to retest the recent anchor at $32,000.

Ethereum prepares for massive upswing to $1,850

Ethereum is back to trading between $1,400 and the record high at $1,481. On the downside, immense support has been established at $1,300, highlighted by the 100 SMA. Another essential support zone that has been critical to the ongoing recovery is the 200 SMA at $1,200.

All eyes are focused on trading above $1,500. The move will be validated with a breakout above the x-axis of the ascending triangle. Usually, a break above this triangle results in significant price action, with an exact target.

The target is measured from the triangle's highest point to its lowest point. Thus, the pattern is implying that Ethereum could soon rally to $1,850.

ETH/USD 4-hour chart

ETH/USD 4-hour chart

It is worth noting that Ethereum will fail to complete the breakout if the x-axis hurdle remains put. The pioneer cryptoasset will have to hold above $1,400 to sustain the uptrend. Otherwise, selling pressure may rise, pushing firmly on the support mentioned at $1,300 and $1,200.

Ripple focuses on surviving the massive pump-and-dump

Ripple soared from lower price levels around $0.3 to new yearly highs of $0.75. However, the cryptocurrency corrected sharply, in what we described earlier as a perfect pump-and-dump scenario.

At the time of writing, XRP has embraced support at $0.35, allowing bulls to fight for their space in the market. A daily close above $0.4 may encourage the whales who offloaded their bags to return in anticipation of an upswing toward $1.

Despite the breakdown, the Relative Strength has held ground at the midline. Motion beyond the average level and toward the overbought region would reinforce the bulls' position in the market.

XRP/USD 4-hour chart

XRP/USD 4-hour chart

On the other hand, more losses will come into the picture if Ripple fails to hold above the short-term support at $0.35. The 50 SMA is in line to absorb the selling pressure, but if push comes to shove, XRP may drop to the 100 SMA near $0.3.

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

Chainlink price to provide buy opportunity before LINK surges 35%

Chainlink price is preparing for a move lower as its bullish momentum begins to wane. This downtrend, albeit bearish in the short term, will provide investors with an opportunity to accumulate LINK at a discount. It will also allow them to position themselves for a quick run-up to set higher highs.

More Chainlink news

Why MATIC price could soon see a meteoric rise toward the round level of $4

MATIC price appears to be ready for a major upswing toward $3.84 as Polygon presented a bullish chart pattern on the daily chart. The governing technical pattern suggests that the layer-2 token is preparing for a 62% climb. MATIC price has formed an ascending triangle on the daily chart.

More Polygon news

EOS community votes to fire and cut off payments to Block.one

The EOS community has decided to halt ongoing payments to the company behind the blockchain’s network, Block.one. Through a super-majority consensus, the community claims that the firm is no longer acting in the network’s best interests.

More EOS news

Uniswap price recovers slowly as UNI eyes a 30% upswing

Uniswap price has been on a slow uptrend for quite some time. This move comes as the crypto markets are starting to recover from the brutal sell-off witnessed on December 4. The recent run-up shows that UNI is ready for a quick retracement ...

More UniSwab news

The bull and the bear case for BTC

Bitcoin price saw a recent bullish impulse that faced massive headwinds before it tagged a crucial psychological barrier. With directional bias and choppy price action, BTC is likely to experience massive volatility as the situation resolves over time. 

Read full analysis

BTC

ETH

XRP