Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Why market volatility could resume this week

Bitcoin (BTC) price continues to consolidate, same case for Ethereum (ETH) and Ripple (XRP) prices. However, this might chance this week as the market braces for key macroeconomics as well as timelines for spot BTC ETFs closing in. 

Bitcoin price could be ready for its next move after almost two weeks of consolidation. The anticipation comes as the US market prepares for three key macroeconomics this week- The consumer confidence report, slated for Tuesday, followed by the Core Personal Consumption Expenditure (PCE) Price Index, and Nonfarm Payrolls (NFP) later in the week.

Another possible driver for the market this week will be the anticipation of spot Bitcoin Exchange-Traded Funds (ETFs), with the US Securities and Exchange Commission (SEC) expected to provide a decision for Bitwise, BlackRock, VanEck, WisdomTree, Invesco, Galaxy, Fidelity, and Valkyrie. Nevertheless, owing to the recent dry-up in macroeconomics' relationship to BTC price and with the SEC's recent history of delays, the impact could be fleeting.

Also Read: Will volatility be back to crypto markets?

Bitcoin price could move soon

Bitcoin (BTC) price continues to test the upper boundary of a longstanding demand zone at $26,154, with minimal volatility as the market remains devoid of impulse. However, momentum indicators suggest a possible move to the upside, and BTC could soon test the $27,300 resistance level.

Given the current market state, Bitcoin price could extend north, tagging the supply zone (red order block) at $28,973, with selling pressure from this area likely to trigger a correction. However, BTC must record a decisive daily candlestick above the range high at $31,130 for a confirmed uptrend. Such a move would constitute a 20% climb, with the most likely trigger being a spot BTC ETF approval.

The Relative Strength Index (RSI) is rising, while the histogram bars of the Awesome Oscillator flash green, suggesting bullish dominance that could soon translate into a positive price move.  

BTC/USDT 1-day chart

Conversely, considering the position of the RSI at 27 and that the AO was still negative, bears still have the advantage, and Bitcoin price could dip into the green order block (demand zone). For a confirmed downtrend, BTC must confirm below the lower boundary of the demand zone at $25,174 to render it a bearish breaker.

In the dire case, Bitcoin price could tag the $24,079 support level, marking a 10% slump from current levels.

Also Read: Bitcoin traders remain fearful of 'tail risk' amid renewed price lull: Observers.

Ethereum price bends to selling pressure

Ethereum (ETH) price outlook opposes that of BTC, showing signs of a downtrend. It comes after the network's co-founder, Vitalik Buterin, executed a huge transaction, moving 3,000 ETH to an address labeled "Vb 2." The impact is yet to be seen as the PoS token continues consolidating.

With momentum indicators (RSI and AO) favoring the downside, Ethereum price could break below the immediate support level at $1,630. In the dire case, the largest altcoin by market capitalization could test the August 17 lows at $1,552. This would denote a 5% fall below the current price.

ETH/USDT 1-day chart

On the flipside, bullish momentum, possibly sprouting from Bitcoin price showing strength, could send Ethereum price north, breaching the $1,699 resistance level and potentially making a 10% climb to the supply zone at $1,835.

A strong move above this zone could set the tone for Ethereum price to breach the psychological $2,000, potentially tagging the July 13 high at $2,008. A decisive break above this level would confirm the uptrend.

Also Read: Ethereum is eyeing $1500 support with A-B-C drop

Ripple price remains indecisive

Ripple (XRP) price remains indecisive, with the RSI still moving horizontally. The remittance token continues to wind along $0.5203. For a confirmed downtrend, XRP must record a daily close below the mean threshold of the order block at $0.4800.

For as long as Ripple price continues to consolidate above this level, the odds for an uptrend outweigh that of a downtrend, with the possibility of XRP breaching the $0.5752 level and, in a highly bullish case, tag the monthly high of $0.6840.

XRP/USDT 1-day chart

On the other hand, selling pressure could send Ripple price below the order block to tag the range low at $0.4191.

Also Read: Celsius bankruptcy judge denies classification of CEL as a security, rejects precedent set in Ripple XRP case