Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto market bleeds after Bitcoin’s rejection at $52,000


  • Bitcoin ran into a colossal barrier at $52,000 due to the formation of a double-top pattern.
  • Ethereum is getting ready for a move to $1,895 if the H&S pattern neckline support remains intact.
  • Ripple could break out to $0.53 if the bulls can push beyond the ascending triangle’s x-axis.

The cryptocurrency market is still suffering from the impact of Bitcoin’s rejection of $52,000 for the second time in less than two weeks. Declines are likely to gain momentum, with BTC already trading under $50,000.

The majority of cryptoassets in the top 50 are in the red, led by altcoins such as Cardano, Binance Coin, Polkadot, and Solana. Ethereum could not sustain the uptrend above $1,600, leading to losses toward $1,500. Similarly, Ripple is seeking support at $0.44 after hitting a barrier above $0.45.

Bitcoin retreat seems unstoppable

Bitcoin’s recent upswing above $50,000 turned out to be another bull trap. This tricked investors into believing that the ultimate rally of $58,000 (record high) had commenced. However, the momentum lost steam on breaking slightly above $52,000, allowing a double-top pattern.

A correction ensued due to the massive selling orders triggered at this level. Bitcoin bulls are struggling to secure higher support. Meanwhile, the pioneer cryptocurrency is doddering at $49,400. Support is anticipated at the 100 Simple Moving Average on the 4-hour chart, but if push comes to shove, Bitcoin may freefall toward $43,000.

BTC/USD 4-hour chart

BTC/USD 4-hour chart

On the upside, regaining ground above $50,000 will be a huge bullish signal. Moreover, a daily close past the 50 SMA could bring stability as bulls focus on pushing the price higher toward $58,000.

Ethereum rebounds for a 23% move

Ethereum has been rejected at $1,650, leading to a correction. Intriguingly, the retreat has tested the neckline of an inverted head-and-shoulders (H&S) pattern on the 4-hour chart. The pattern is bullish and usually foresees a rapid price increase. Testing the neckline support is particularly bullish for ETH, and if support is defended, a rebound could set out for a move toward $1,895.

ETH/USD 4-hour chart

ETH/USD 4-hour chart

It is worth noting that the breakout may fail to materialize if Ethereum slices through the neckline support. On the downside, the 100 SMA is in line to provide additional support. However, selling orders could surge considerably, forcing Ether downhill to $1,400 and $1,300 anchor levels.

Ripple on the brink of a 15% spike

The cross-border cryptocurrency is closing in on a key technical breakout point. This follows the formation of an ascending triangle pattern. Note that the triangle is a technical bullish continuation pattern.

However, it has to meet certain conditions, for instance, having a trendline connecting a series of higher lows and a horizontal line (x-axis) linking the horizontal peaks. It illustrates that bulls are getting stronger as the price forms a higher low pattern.

A breakout is foreseen at the x-axis, whose outcome is a rapid upswing. Moreover, an ascending triangle forms in a generally up-trending market. Ideally, the pattern starts to take shape as the market consolidates.

As the price rises gradually, buyers intensify positions while sellers lose traction. A breakout equal to the distance between the highest and lowest triangle points occurs after the price slices through the x-axis. In this case, XRP could rally to $0.53, which could jumpstart a major upswing toward $0.75 (yearly high).

XRP/USD 4-hour chart

XRP/USD 4-hour chart

A breakdown of the same magnitude as the breakout to $0.53 will occur if Ripple fails to break the resistance immediately ahead. Support at the 100 SMA will come in handy, but if declines stretch further, XRP will explore price levels under $0.4.

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: ETH sizes the spotlight as BTC and XRP contemplate retracement

The hype around Coinbase’s IPO was matched by Bitcoin and Ethereum, which surged to new all-time highs. On the other hand, Ripple price faced an abrupt stop as investors began booking profits.

More Bitcoin News

Stellar aims for new all-time highs if key support holds

Stellar has enjoyed an amazing rally since the beginning of 2021 and hit a yearly high at $0.69 on April 14. The digital asset must hold a crucial support level to continue with the uptrend and reach new highs.

More Stellar Lumens News

Cardano resets before the next leg up to new all-time highs

Cardano price faced exhaustion of bid orders as it hit the base of an ascending triangle at $1.48. A minor retracement to the immediate demand barrier at $1.34 seems likely. Shattering the resistance level at $1.48 forecasts a new all-time high for ADA.

More Cardano News

Algorand Price Prediction: ALGO vies for 85% advance upon the breach of its consolidation

Algorand price is traversing a bullish pennant, hinting at an 85% upswing to $2.83. A decisive close above $1.53 will signal a breach of the pennant’s upper trend line. ALGO will kick-start a new downtrend if it slices through the 50% Fibonacci retracement level at $1.03.

More Algorand News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: SEC commissioner cozies up to BTC ETF, on-chain metrics reset making way for volatile move

Bitcoin’s mainstream adoption has soared over the last couple of months, with institutions like Visa, Goldman Sachs, Morgan Stanley, and others dipping their toes in the BTC markets. Likewise, prices look primed to advance further despite the ongoing consolidation phase.

Read the weekly forecast

BTC

ETH

XRP