|

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bullish momentum fades for BTC and ETH, XRP suffers SVB woes

  • Bitcoin price is at crossroads, looking for momentum to break above the major resistance at $25,000.
  • Ethereum price boasts four consecutive green bars; bullish momentum may be wearing off as it faces an immediate barrier at $1,744.
  • Ripple price could slide below $0.3649 if bulls fail to surpass the 50-day EMA at $0.3815.

Bitcoin price (BTC) is at crossroads after flipping key resistance levels into support, but now the bullish momentum is wearing out. After finding a pivot and scaling a northward attack, the flagship crypto was on course to break out of a months-long consolidation zone. As expected, Ethereum price (ETH) has conformed to the king crypto’s price action and is also conflicted as buying pressure continues to ease. Nevertheless, Ripple price (XRP) remains fixated on a downtrend and has already lost significant value in the last 24 hours.

Bitcoin price could break above $25,000 if momentum sustains

Bitcoin price is eyeing the much-coveted $25K level after a brief retest around mid-Feb. The people’s crypto is up 8.8% in the last 24 hours to auction for $24,297 at the time of writing. The token bounced from the $20,000 support level, marking an unprecedented turnaround that has caught some bears off-guard, but the bullish momentum seems to be depleting.

Sidelined investors who dumped their holdings at lower rates last week amid concerns of high-profile crypto-linked US bank collapses, including Silvergate and Silicon Valley Bank (SVB) Financial, have missed out on the latest Bitcoin price rally. The shutdowns of these banks provoked fears amongst investors of weakening fiat-to-crypto on-ramps and the collateralization of Circle’s USDC stablecoin, which had some reserves parked at these institutions.

As BTC sits on the immediate support at $22,614, the largest crypto by market cap was confronting a major resistance level at $25,000. If traders decide to collect profits at current rates, the uptrend would be interrupted, and Bitcoin price could start plummeting. Such a move would fasten the grip of BTC within the horizontal consolidation zone.

Bitcoin price could drop below the 50-, 200-, and 100-day Exponential Moving Averages (EMAs) at $22,270, $21,798, and $21,373, respectively. In extreme cases, the price could plunge below the major support at $19,000. Such a move would constitute a 22.08% decline from current levels.

BTC/USDT 1-day chart

On the upside, a decisive flip of the $25,000 resistance level into support could set the path for Bitcoin price to record more gains. For investors to brag about the $25K level, BTC buyers must increase their presence in the market.

Flipping the major roadblock into a support level could give Bitcoin price the gusto required to reclaim its previous glory, potentially retagging the $28,646 level last visited around May.

The Relative Strength Index (RSI) was within the safe zone with a price strength of 61. This shows that Bitcoin price could increase for the short term before the token was considered overbought. Nevertheless, given the general bearish mood in the crypto market, anything above $25K was far-fetched and premature, judging from the current market state.

Ethereum price gains 17% in three days, but bullish momentum seems to be wearing off

Ethereum price also boasts a bullish breakout that has catapulted the token around 17% since March 11. The rally comes as the US authorities came in to rescue Signature and SVB depositors from any losses and introduced a new $25 billion liquidity program to help prevent further bank runs.

Another reason for the Ethereum price rally as it links to Bitcoin is that markets are aggressively pulling back on Federal Reserve (Fed) tightening bets because the Fed cannot keep increasing rates with the US banking system on the verge of collapse. This is particularly because the Fed’s aggressive hiking campaign seems to be the chief driver of the vulnerabilities wrecking the financial sector.

At the time of writing, the Ethereum price is $1,673, with all signs pointing to a capped rally at around $1,704. If profit-takers act now, ETH could drop below the support offered by the 50- and 200-day EMAs with support levels at $1,564 and $1,546, respectively, or in dire cases, the support confluence between the 100-day EMA and the horizontal line at $1,513.

Below the levels mentioned above, the Ethereum price could descend to tag the $1,424 support level or lose more ground toward the $1,276 support level that kickstarted the January 8 rally. In extreme cases, however, ETH could descend to the $990 swing low.

ETH/USDT 1-day chart

Conversely, a definite flip of the $1,704 resistance level could solidify Ethereum price’s uptrend for the short term and invalidate the bearish thesis. An increase in buying momentum above this level could set the trajectory required for ETH to confront the next obstacle at $1,744 or, in highly ambitious cases, reclaim its position above $18,000 by tagging the $1,864 resistance level.

Ripple price could slip below this level if bulls fail to break above

Ripple price is trading with a bearish bias, despite gaining almost 1% in the last day. The community appears to have been spooked by comments from Ripple Labs CEO Brad Garlinghouse about Ripple having some exposure to SVB as a banking partner and held some of its cash balance.

Ripple price is sitting on immediate support at $0.3649 as it exchanged hands for $0.3700. As overhead pressure accumulates, XRP could fall below the immediate support at$0.3649. In such a case, the next target for XRP would be the $0.3552 or, in extreme cases, the $0.3418 support level.

XRP/USDT 1-day chart

On the upside, an increase in buying pressure from current levels could propel Ripple price to confront the resistance levels due to the 50- and 100-day EMAs at $0.3815 and $0.3858, respectively, before battling the $0.3933 resistance level. A daily candlestick close above this level would invalidate the bearish thesis.

Author

Lockridge Okoth

Lockridge is a believer in the transformative power of crypto and the blockchain industry.

More from Lockridge Okoth
Share:

Editor's Picks

Official Trump Price Forecast: TRUMP hits record low amid mounting selling pressure

Official Trump hovers around $1.2500, taking a breather after a 20% drop the previous day. TRUMP token’s decline aligns with Republicans' defeat in the US midterms. Positional buildup in TRUMP derivatives suggests a more bearish bias among traders, while the technical outlook reaffirms the potential for further downside as selling pressure persists.

Ripple and Stellar outlook: XRP and XLM extend recovery as bears lose steam

Ripple and Stellar extend their recovery as bearish pressure begins to ease for both altcoins. XRP trades above $1.30 after breaking above the upper trendline of a falling channel pattern, while XLM holds above $0.168 and approaches resistance at $0.173. Meanwhile, improving derivatives metrics and strengthening momentum indicators hint at a potential for further recovery.

Dogecoin Price Forecast: Rebound gains traction as bulls target key resistance trendline

Dogecoin shows signs of recovery, hovering above $0.0770 after two consecutive days of gains. The meme coin gains traction despite muted appeal from institutional investors and declining Open Interest. The technical outlook for DOGE suggests an upside bias as the recovery gains traction, hinting at a potential bullish breakout of a key resistance trendline on the four-hour chart.

US Democrats plan new Crypto Market Structure bill after midterm wins

House Democrats are reportedly discussing plans to introduce a broader crypto market structure bill in the next Congress, potentially reviving provisions they unsuccessfully sought to include in the Digital Asset Market Clarity Act.

Bitcoin: Binance security breach and hawkish Fed push BTC lower
Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.