• Bitcoin price reveals exhaustion signs after a 20% ascent in less than five days.
  • Ethereum price flips the $1,730 hurdle into support level in an attempt to fill the FVG at $1,820.
  • Ripple price hits a ceiling at $0.357 and is likely to retrace to $0.340 before attempting another leg-up.

Bitcoin price has seen a massive spike in bullish momentum that has caused the spotlight to shift from LUNA’s 350% run-up to BTC. Ethereum and Ripple have also rallied due to this run-up and are currently consolidating to establish a new directional bias.

Bitcoin price to rediscover its next move

Bitcoin price has tagged the $20,692 and $21,874 targets as mentioned in the previous publications. The main trigger for this move was a sweep of the sell-side liquidity resting below the $19,511 support level. 

As BTC hovers around $22,000, investors need to pay close attention to the resistance barrier, extending from $22,850 to 23,000 and the imbalance, aka Fair Value Gap (FVG) at $23,164. A revisit to these levels could result in a local top formation. 

The aftereffects of this move would include a sell-off in Bitcoin price to $18,497 and $17,570, which would align with the bearish outlook from a macro perspective.

BTC/USD 6-hour chart

BTC/USD 6-hour chart

While things are looking up for Bitcoin price, a flip of the $25,000 hurdle into a support level will invalidate the bearish thesis. This move would trigger sidelined buyers to step in and catalyze a run-up to $28,000.

Ethereum price waits for an opportune moment

Ethereum price rallied 25% in the last 13 days – a higher return than Bitcoin. The advance pushed ETH to flip the $1,730 resistance level into a support floor as it tried to retest the imbalance at $1,820, known as FVG. After sellers took control, ETH fell back and retested the $1,730 barrier and is now trying to breach below it.

If successful, it could trigger an Ethereum price crash to $1,290, which is another stable support level. However, due to the Merge and the volatility that comes with it, investors should consider the possibility of ETH disagreeing with the market trend and visiting the $2,000 psychological level once more before a move to $1,290.

ETH/USD 1-day chart

ETH/USD 1-day chart

While things are not looking so good for Ethereum price, a daily candlestick close above $2,034 will create a higher high and invalidate the bearish thesis. This development could see ETH revisit the $2,200 and $2,500 hurdles. 

Ripple price ready to make a move

Ripple price rallied 16% after sweeping the August 29 swing low at $0.318. This development was followed by a massive run-up that is currently attempting to overcome the $0.360 resistance barrier.

While flipping this blockade will allow Ripple price to realize more gains, a failure could result in a pullback to $0.340. If buyers step in at this level, they could catalyze another move to $0.381, which is another major resistance barrier. 

XRP/USD 1-day chart

XRP/USD 1-day chart

However, a breakdown of the $0.309 support level will invalidate the bullish thesis for Ripple price. In such a case, market makers might knock XRP price lower to collect the liquidity resting below the June 18 swing low at $0.286. 

 

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 chances of one last bear market rally for 2022

Bitcoin Weekly Forecast: Assessing chances of one last bear market rally for 2022

Bitcoin price is in a good place to trigger another bear market rally from a high-time frame perspective. This development, combined with the optimistic outlook seen in on-chain metrics, further strengthens the possibility of a happy ending to 2022.

More Bitcoin News

Uniswap price could kick-start a 14% rally if it reclaims this level

Uniswap price could kick-start a 14% rally if it reclaims this level

Uniswap price has been following the broader market bullish cues over the last few days sustaining its rise from 48 hours ago. Although the sentiment seems to have shifted slightly, UNI holders can still book profits if the Decentralized Finance (DeFi) token climbs to this level.

More UniSwap news

ATOM price suggests bears are still in control for these reasons

ATOM price suggests bears are still in control for these reasons

Cosmos price is producing a countertrend rally after suffering a steep decline throughout the month. If market conditions persist, ATOM could wipe out newly established bullish positions. Key levels have been defined to gauge ATOM’s next potential move.

More Cosmos news

Cardano Price Prediction: A new yearly low before the bounce

Cardano Price Prediction: A new yearly low before the bounce

Cardano price has suffered a vicious downtrend move throughout November. Ss price consolidates, the technicals suggest a bounce occurs while on-chain metrics hint that investors are considering securing profits sooner than later.

More Cardano news

Bitcoin: Assessing chances of one last bear market rally for 2022

Bitcoin: Assessing chances of one last bear market rally for 2022

BTC is in a good place to trigger another bear market rally from a high-time frame perspective. This development, combined with the optimistic outlook seen in on-chain metrics, further strengthens the possibility of a happy ending to 2022.

Read full analysis

BTC

ETH

XRP