- Bitcoin price has been dillydallying above the $26,555 support level and a breakdown from this threshold could result in a steep correction.
- Ethereum price could revisit $1,700 after nearly two months trading above it.
- Ripple price could slide as low as $0.422 in a dire-case scenario.
Bitcoin price action has not revealed any intentions to climb higher. A bearish resolution of the ongoing consolidation could catch off guard holders of Ethereum (ETH), Ripple (XRP) and other altcoins.
Bitcoin price likely to nosedive soon
As minted in the previous article, the Bitcoin price fractal is at the cusp of a breakout and could trigger a sell-off soon. The recent uptick on May 22 faced selling pressures and has resulted in a 3% drop so far. The Relative Strength Index (RSI) faced rejection after tagging the mean level. The Awesome Oscillator (AO) is retesting the midpoint and could flip above the zeroline, but the strength of this crossover depends on whether the bullish momentum can persist.
A breakdown of the $26,555 support level could result in Bitcoin price sliding to $25,175, which is the immediate foothold. Beyond this level, BTC could tag the $23,052 barrier. These moves would amount to 6% and 14% losses, respectively, from the price level of $26,761 at the time of writing.
BTC/USD 12-hour chart
While the outlook for Bitcoin price looks pessimistic, a decisive flip of the $28,051 hurdle into a support level will invalidate the bearish thesis. This development could see BTC potentially tag $30,287.
Ethereum price remains loyal to BTC
Ethereum price has continued to flirt with the $1,817 barrier for nearly two weeks now. The recent sweep of the buy-stop liquidity was a trigger to short ETH. A breakdown of the $1,817 level will be key in catalyzing the next leg down to $1,703.
In a dire-case scenario, Ethereum price could revisit the support zone, extending from $1,563 to $1,478.
ETH/USD 12-hour chart
While Ethereum price looks ready for a correction, investors should note that if Bitcoin flips the script, altcoins will follow suit. If ETH can sustain above $1,817 and flip the $2,028 hurdle into a support floor, it will invalidate the bearish thesis.
Ripple price struggles to move higher
Ripple price has been struggling to overcome the $0.469 hurdle for nearly a month. The recent attempts in May have failed, and XRP bulls are likely to give up, catalyzing a southbound move.
The immediate support levels include $0.439 and $0.432, which are roughly 4% and 5% below from the current price of $0.457. In a bearish case, Ripple price could sweep the $0.422 level for sell-side liquidity, bringing the total move to nearly 9%.
XRP/USD 12-hour chart
On the other hand, if Ripple price flips $0.469 hurdle into a support floor on a higher timeframe, it will invalidate the bearish thesis. Such a development could see XRP price attempt a retest of the $0.532 level.
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
Editors’ Picks
Avalanche Network introduces Firewood upgrade amid declining on-chain activity, AVAX holders uncertain

Avalanche introduces Firewood as an efficient blockchain database system. The smart chain platform notes a decline in several key metrics like active addresses, revenue and fees generated.
Ripple price could hit $0.66 as market mood improves, XRP analyst says

XRP price broke a key resistance level, with analysts anticipating a potential target of $0.66. Ripple is just above the critical level of $0.50, anticipating buying activity after a stagnant September.
Chainlink price still trapped in range despite exhausted macro downtrend

Chainlink (LINK) price is cooking up a recovery rally after exhausting consolidation beneath a macro descending trendline. However, it remains confined within a range in the weekly timeframe, but an opportunity for breaking out could present soon.
Bitcoin SV price rises by 30% in a day as CEO resigns amid controversy

Bitcoin SV at the time of writing was well above $40, marking a two-month high. The volatility surrounding the altcoin is also on the rise and could negate the recent price rise.
Bitcoin: BTC recovery rally could be bull trap in disguise, here’s why

Bitcoin (BTC) price remains unfazed even after the multiple spot BTC ETF delays from the US Securities & Exchange Commission (SEC). But investors need to be careful with the ongoing BTC rally as it could be a trap for early bulls.