Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high


  • Bitcoin is declining and nearing its key support level of $69,500; a sustained close below this mark could trigger further declines.
  • Ethereum is approaching its ascending trendline support; a close below could signal a possible downturn.
  • Ripple price is nearing the $0.488 level; a firm close below would suggest a continuation of its downtrend.

Bitcoin (BTC) and Ethereum (ETH) are approaching their key support levels, and a sustained close below these marks could lead to further declines. Similarly, Ripple (XRP) is nearing its critical support level, where a firm close below would indicate a continuation of its downtrend.

Bitcoin declines as it faces resistance around its all-time high

Bitcoin price faced resistance around its all-time high (ATH) level of $73,777, seen in mid-March, on Tuesday and declined 3.2% in the next two days. At the time of writing on Friday, it continues to decline and trades around $69,400.

If BTC continues its decline and closes below the $69,500 level, it could extend its decline by over 5% to retest its next key support level at $66,000.

The Relative Strength Index (RSI) on the daily chart, which peaked at an overbought level of 70 on Tuesday, has since dropped sharply to 57, signaling a significant weakening in bullish momentum.

BTC/USDT daily chart

BTC/USDT daily chart

However, if Bitcoin holds above the $69,500 level, it may reattempt to retest and break through its all-time high of $73,777.

Ethereum is poised for a downturn if it closes below the key support level 

Ethereum's price is nearing its crucial support level of around $2,450 on Friday after declining over 5.4% on Thursday. This level is important as it roughly coincides with the 50% price retracement level at $2,485, the ascending trendline (drawn from joining multiple low levels with a trendline since early September) and the daily support at $2,419.

If ETH breaks below the ascending trendline and closes below the $2,419 support level, it could extend the decline by 11% to retest its September 6 low of $2,150.

The RSI on the daily chart reads at 47, below its neutral level of 50, indicating increasing bearish momentum.

ETH/USDT daily chart

ETH/USDT daily chart

On the other hand, if the ascending trendline holds as support, ETH could rally to its current level and retest its October 21 high of $2,769.

Ripple price shows signs of weakness

Ripple price faced resistance around the daily resistance level of $0.544 on Tuesday and declined 3.5% until Thursday. At the time of writing on Friday, it trades slightly higher, around $0.512.

If XRP declines and closes below $0.488, it could extend the decline by 12% to retest its August 5 low of $0.431.

The RSI indicator on the daily chart is at 41, below its neutral level of 50, suggesting that bearish momentum is gaining traction.

XRP/USDT daily chart

XRP/USDT daily chart

If XRP breaks and closes above the 200-day EMA at $0.549, it could extend the rally by 13% and retest its next daily resistance level at $0.626.

Bitcoin, altcoins, stablecoins FAQs

Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.

Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.

Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.

Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.


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.

Recommended content


Recommended Content

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP hints for a pullback ahead

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP hints for a pullback ahead

Bitcoin price action shows a bearish momentum on the RSI indicator, suggesting a decline ahead. Ethereum price faces resistance around the $4,000 level, indicating a pullback ahead. 

More Cryptocurrencies News
Ripple week in review: Can XRP resume rally to hit a new all-time high?

Ripple week in review: Can XRP resume rally to hit a new all-time high?

Ripple's XRP is up 7% on Friday as whales are holding onto their tokens despite high profit-taking among retail traders. This attitude from whales could push XRP to a new all-time high at $3.57.

More Ripple News
SushiSwap DAO proposes strategy to improve liquidity through treasury diversification

SushiSwap DAO proposes strategy to improve liquidity through treasury diversification

The Sushi decentralized autonomous organization (DAO) issued a proposal on Friday that offers a shift from the protocol's initial treasury holding in SUSHI to accommodate other assets.

More SushiSwap News
Ethereum Price Forecast: ETH nears its all-time high, sees record ETF inflows and high preference than Bitcoin

Ethereum Price Forecast: ETH nears its all-time high, sees record ETF inflows and high preference than Bitcoin

Ethereum has become more attractive to investors than Bitcoin since the US elections, noted Bybit. Ethereum ETFs posted their highest single-day net inflows after raking in $428.5 million. Ethereum could soon reach a new all-time high if it surpasses the yearly high resistance of $4,093.

More Ethereum News
Bitcoin: Long-awaited $100K milestone meets profit taking

Bitcoin: Long-awaited $100K milestone meets profit taking

Bitcoin ends the working week hovering around $98,000 after a very volatile Thursday when it surpassed the $100K milestone and underwent a sharp correction. Strong institutional demand, whale accumulation, and the choice of a pro-crypto figure to lead the US SEC fueled the rally this week. 

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP