- Bitcoin price faces rejection at $28,485 hurdle and looks ready to slide lower.
- Ethereum price sits above a key support area of $1,551, a breakdown of which could see ETH revisit $1,309.
- Ripple price retests the $0.500 foothold with $0.469 and $0.420 barriers ready to support incoming selling pressure.
Bitcoin (BTC) price shows weakness as it approaches a key hurdle. Rejection for BTC could prompt altcoins like Ethereum (ETH) and Ripple (XRP) to crash lower as well.
Bitcoin price shows weakness
Bitcoin (BTC) price attempted to extend the 2023 rally but failed to overcome the $25,166 to $31,804 range’s midpoint at $28,485. Currently, the Relative Strength Index (RSI) and Awesome Oscillator (AO) indicators show a slowdown in bullish momentum and the potential for a build-up of bearish momentum.
But since the momentum indicators have not flipped bearish yet, investors can expect another dead cat bounce to $30,500 before kick-starting a downtrend. This move would collect the buy-stop liquidity resting above the swing highs formed between August 8 and July 20.
Post liquidity run, BTC could trigger a sell-off that retests the $24,808 support level, a breakdown of which could send it down to the $21,351 foothold.
BTC/USDT 1-day chart
On the other hand, if Bitcoin price flips the $30,000 psychological level into a support floor, it will invalidate the bearish thesis and attract sidelined buyers. In such a case, BTC could attempt to sweep the range high at $31,804.
Ethereum price delays the inevitable
Ethereum (ETH) price sits above the $1,073 to $2,023 range’s midpoint at $1,551. But the RSI and AO indicators have already breached their respective mean levels of 50 and 0, suggesting a surge in bearish momentum.
Going forward, investors can expect Ethereum price to revisit the next support level of $1,309.
ETH/USDT 1-day chart
Regardless of the bearish signs, if external factors like news or macro events produce a strong bullish spike, it could shift the winds quickly. In such a case, if Ethereum price flips the $1,727 hurdle into a support floor, it will invalidate the bearish outlook. This move could further propel ETH to retest the $2,030 hurdle.
Ripple price needs a push to crash
Ripple (XRP) price trades above the $0.500 support level and could slip below it soon, considering Bitcoin’s position. In such a case, XRP could fall back on the $0.469 and $0.420 support levels.
With no drivers like the Ripple lawsuit to push Ripple price higher, XRP is likely to keep sliding lower. In some situations, the altcoin could eye a sweep of the sell-side liquidity resting below swing lows formed between March 22 and May 11 at $0.411 and $0.406, respectively.
The RSI has breached below the mean level of 50, and AO is close to breaching the zero level, further adding proof to Ripple’s bearish outlook.
Read More: Ripple developers announce completion of AMM testing, hint at automated trading coming soon to XRPL
XRP/USDT 1-day chart
On the other hand, if Ripple price flips the $0.540 hurdle into a support level, it will create a higher high and invalidate the bearish thesis. In such a case, XRP price could be suspended for the foreseeable future between the $0.540 and $0.668 levels.
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