- Bitcoin holds firmly to the support above $15,000 amid an aggressive push for a breakout to $16,000.
- Ethereum is ready to return to $470, but the selling pressure at $460 and the descending trendline must come down.
- Ripple is in consolidation to allow buyers to plan the next attack angle for gains eyeing $0.3.
Sluggish price action has encroached the cryptocurrency market from all corners. Moreover, the flagship cryptocurrency is leading the market in consolidation. Selected major cryptoassets followed in Bitcoin's footsteps last week and posted massive gains. Ethereum spiked to $470 but retreated to confirm support at $420. Ripple bulls regained partial control over the price mainly because of the selling pressure under $0.27.
The consolidation in the market is likely to culminate in a significant breakout, especially for Ethereum, as it draws nigh to the grandiose launch of ETH 2.0. Bitcoin also eyes new yearly highs and perhaps trading at the all-time high. For now, all attention has been channeled toward defending crucial support levels to avert potential declines.
Bitcoin could hit $16,000 if the key resistance is broken
The bellwether cryptocurrency held firmly above $15,000, following the most recent recovery from $14,500. On the upside, the price is capped under $15,500, making it difficult for the bulls to continue with the uptrend. At the time of writing, BTC is changing hands at $15,500, amid sideways trading, as emphasized by the leveling Relative Strength Index (RSI).
An ascending trendline also protects Bitcoin's downside. The immediate support must be defended at all costs to ensure $15,000 is not revisited. On the upside, gains above $15,500 would pave Bitcoin's way to spike to $16,000. The 50 SMA is holding above both, the 100 SMA and the 200 SMA, showing that the bulls' influence is growing.
BTC/USD 4-hour chart
On the other hand, it is worth mentioning that the bullish outlook will be invalidated if Bitcoin breaks below the ascending trendline. Such a move is likely to trigger massive sell orders, adding pressure to the downtrend. Support is anticipated at 50-SMA and last week's anchor at $14,500. If push comes to shove and Bitcoin shoots past $14,000, $13,500 will again cushion the asset from the extended drop.
Ethereum uptrend gradually building on key support levels
The largest altcoin hit a wall at $460 on Monday, forcing bulls to seek support at $440. A recovery ensued almost immediately, with ETH/USD reclaiming the position above $450. Marginally beyond the prevailing market value, a descending trendline limits price movement. It is worth noting that a break past the line could culminate in a spike to $460 and open the door for price action to $470.
A golden cross gives credibility to the uptrend. The pattern is formed when a short-term moving average crosses above a longer-term moving average – for instance, the 50 SMA and the 100 SMA in the 4-hour timeframe. Additionally, the RSI adds weight to the bullish scenario as it gradually lifts off from the midline.
ETH/USD 4-hour chart
The anticipated breakout will be invalidated if the Ether fails to break the trendline resistance and loses the support at $450. In such a case, Ethereum might retreat to seek anchorage at $440.
However, if massive sell orders are triggered, ETH/USD will dive to last week's support at $420, currently highlighted by the 50 SMA. Other key support areas to keep in mind are the 100 SMA and the 200 SMA.
Ripple fights for a breakout to $0.3
The cross-border token's price action has been capped under $0.3 since the beginning of September. Selling pressure, significantly below $0.27, continues to give buyers a hard time. However, the breakout to $0.3 could materialize if XRP overcomes resistance at the 100 SMA on the 4-hour chart and sustains an uptrend.
Prevailing technical levels and indexes hint at a possible getaway. As an example, the RSI is moving toward the overbought, which might call for more buy orders. If enough volume is created behind XRP, $0.3 will quickly come into the picture.
XRP/USD 4-hour chart
On the flip side, Ripple is holding above the 50 SMA. Closing below this level is likely to result in a selloff as bearish pressure rises in the XRP market. Tentative support is envisaged at $0.24, but if it caves in, Ripple will be forced to seek the next buyer congestion zone, perhaps at the 200 SMA.
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