Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC unfazed as the SEC engages exchanges for spot ETFs

Bitcoin (BTC) price remains steadfast below the $36,500 level as the US Securities and Exchange Commission (SEC) misses its target. Nevertheless, a new development concerning the sane has equally not done anything for BTC, with ETF specialist Erica Balchunas saying the financial regulator wants ETFs to do cash creats. 

Meanwhile, both Ethereum (ETH) and Ripple (XRP) are losing ground as profit taking escalates. 

Also Read: SEC allegedly wants spot Bitcoin ETFs to do cash creates, not crypto, after possible meet-up with exchanges

Bitcoin price likely to drop

Bitcoin (BTC) price remains trapped under the $36,500 level as hope for a spot BTC ETF approval in 2023 wears thin. All indicators show that momentum is waning due to multiple sell-signals in play. This leaves the king of cryptocurrency susceptible to a fall.

Unless sidelined investors enter the fold, Bitcoin price could lose the support offered by the ascending trendline at $35,410. The ensuing selling pressure would then likely plunge BTC to $34,000.

Further, south, the slump could see Bitcoin price extend below the $32,000 mark before a test of the bullish breaker extending from $30,126 to $31,524. A break and close below the midline of this order block at $30,824 is likely to send BTC to the forecasted $30,000 psychological level.

BTC/USDT 1-day chart

On the other hand, increased buying pressure could see Bitcoin price confirm its move north above the supply zone extending from $36,276 to $37,301 by decisively closing above the $36,788 level. Past this level, the likely move would be to clear the $37,972 barrier before an extension to the $40,000 psychological level.

Also Read: Bitcoin price hit $38,000 despite US financial regulator’s decision to delay two BTC ETF decisions

Ethereum price losing $1,935 support will be detrimental to ETH holders

Ethereum (ETH) price is testing the critical support at $1,935, and losing this level could send the largest altcoin by trading volume to the depths of $1,864, 5% below current levels.

In a more dire case, the fall could extend toward the $1,800 psychological level with the next support level likely to present itself around the $1,753 mark.

ETH/USDT 1-day chart

Conversely, if the $1,935 mean threshold and ultimately the order block spanning from $1,864 to $2,004 holds as a support level, Ethereum price could pull north, restoring above the ascending trendline at $2,029.

In a highly bullish case, the gains could extend to the $2,136 range high, with such a move constituting a 10% climb above current levels.

Also Read: Ethereum is a commodity, but SEC will not admit it, expert says amid ongoing ETF race

Ripple price extends fall with 10% pullback possibly in the cards

Ripple (XRP) price could fall 10% below the $0.5981 support level to test the $0.5392 support, as the remittance token continues to extend its losses after breaking out of the symmetrical triangle.

The Relative Strength Index (RSI) shows momentum is falling as it nosedives south, mirrored by the Awesome Oscillator (AO), whose histogram bars are soaked in red and edging south. This adds credence to the bearish thesis.

XRP/USDT 1-day chart

On the flip side, a re-entry by sidelined investors and late bloomers could see Ripple price correct, pulling north and potentially restoring above the lower boundary of the triangle at $0.6603. In a highly bullish case, the gains could extrapolate past the $0.0700 psychological level, balancing out the inefficiency represented by the Fair Value Gap (FVG) at $0.7512 with the potential to hit the $0.8000 psychological level.

Also Read:  XRP price fails to show parity with Ripple’s important victory over SEC, 5% pullback seems likely