Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto markets scramble for recovery before the next crash


Share:
  • Bitcoin price is in a potential recovery rally that could push it up to $22,600.
  • Ethereum price recovery could only push it up by $1,650 due to multiple hurdles in the way.
  • Ripple price is slowly in terms of recovery as it grapples with the $0.340 support floor.

Bitcoin price saw a massive sell-off over the last four days and has been trying to consolidate and recover since then. Some altcoins have been much better at recovery than Ethereum and Ripple. Regardless, a recovery rally seems plausible for the crypto markets.

The Australian government concurs that more than one million users have interacted with cryptocurrencies since 2018, as a result, it is taking a different approach to regulating the crypto space. In this effort, the Australian federal government is said to be creating a “token map” for the crypto assets. This move is to safeguard investors and protect them from themselves. Treasurer Jim Chalmers stated,

As it stands, the crypto sector is largely unregulated, and we need to do some work to get the balance right so we can embrace new and innovative technologies while safeguarding consumers.

While different countries are taking different approaches to regulating the crypto space, Bitcoin is looking ready for recovery before its next leg down. 

Bitcoin price eyes recovery 

Bitcoin price crashed 12% between August 18 and August 20 and set a swing low at $20,750, which is the fourth equal low formed since July 18. Although the recovery has pushed BTC to $21,500, the upside seems capped at $22,600.

A rejection at the aforementioned level followed by a sweep of the $20,750 seems plausible. Therefore, investors should be cautious of a premature recovery rally. 

BTC/USD 4-hour chart

BTC/USD 4-hour chart

While things are looking on the fence for Bitcoin price, a breakdown of the $20,750 support level and flipping it into a resistance level will postpone the recovery rally. In such a case, BTC could crash as low as $17,578 to collect liquidity, resting below the swing lows formed between June 18 and July 13.

Ethereum price outlook remains so so

Ethereum price also crashed roughly 19% following Bitcoin’s cue between August 18 and 20. However, the recovery seems to be much shorter as ETH is already retracing. Investors can expect a minor uptick to $1,675 to fill the inefficiency and trigger its reversal here.

However, in some odd cases, this move could extend to $1,730 and form a local top there before reversing and continuing its downtrend. Regardless of where the local top forms, Ethereum price is due to retesting the imbalance to the downside at $1,474.

ETH/USD 4-hour chart

ETH/USD 4-hour chart

Although the recovery targets are looking ambiguous, a flip of the $1,730 hurdle will indicate the resurgence of buyers. However, a higher high above the recent swing point at $2,019 will invalidate the bearish thesis for Ethereum price.

Ripple price ready for some bounce

Ripple price is hovering around the $0.340 hurdle with no directional bias in mind. The recovery rally for Bitcoin is the only thing that can push XRP price higher.

In such a case, investors can expect the remittance token to make a run for the $0.360 resistance level. The recovery rally is likely to form a local top here, before reversing and potentially swapping the liquidity resting below the equal lows formed at $0.326.

XRP/USD 4-hour chart

XRP/USD 4-hour chart

On the other hand, if Ripple price flips the $0.381 hurdle into a support floor, it will invalidate the bearish thesis by conquering a long-standing resistance level. In such a case, investors can expect XRP price to make a move to the $0.439 barrier.

 


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.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Shiba Inu inspired meme coin BONE notes first rise following the 55% crash in two months

Shiba Inu inspired meme coin BONE notes first rise following the 55% crash in two months

Bone ShibaSwap, also known as BONE, is one of the few meme coins that had a positive run on Monday. The meme coin is best known for being a token of the Shiba Inu ecosystem but is slowly emerging into an entity of its own, provided it can attract enough users to fuel its long overdue recovery. 

More Bone News

Binance reopens Belgium operations after three months of suspension by FSMA

Binance reopens Belgium operations after three months of suspension by FSMA

Binance has resumed operations in Belgium, around three months after suspension. An earlier report indicated that the Belgian regulatory body, Financial Services and Markets Authority (FSMA), instructed Binance to halt operations in the country beginning June 23 for violating laws.

More Cryptocurrencies News

Optimism, YGG, AGIX prices ready for impact with almost $40 million worth in cliff token unlocks this week

Optimism, YGG, AGIX prices ready for impact with almost $40 million worth in cliff token unlocks this week

Optimism, Yield Guild Games, and SingularityNET ecosystems have massive token unlocks slated for later this week. Up to 12.42 million YGG tokens will be unlocked on September 27, a day before 9.68 million AGIX tokens are unleashed to the market.

More Cryptocurrencies News

Bitcoin and other crypto asset funds could grow by 1,200% by 2028: Bernstein Research

Bitcoin and other crypto asset funds could grow by 1,200% by 2028: Bernstein Research

Investments in crypto assets have been a dicey move, especially considering the recent market conditions. However, the optimism surrounding their future has been considerably supported by many individuals. Losing this opportunity could also scale your efforts back by over five years.

More Bitcoin news

Bitcoin: BTC downside likely after 20-week EMA culls bulls

Bitcoin: BTC downside likely after 20-week EMA culls bulls

Bitcoin (BTC) bearish price fractal, as discussed in a previous article, is underway, but the lack of volatility is causing ambiguity and doubt. Regardless, BTC might see a bit of an upside before the long-term bearish scenario plays out.

Read full analysis

BTC

ETH

XRP