Top 3 price Prediction Bitcoin, Ethereum, Ripple: Crypto risk appetite returns as Bitcoin cuts through $55,000


  • Bitcoin eyes spike to $58,000 amid increase speculation and institutional interest.
  • Ethereum holds above $1,800, but a rising wedge pattern could sabotage the rally to $2,000.
  • Ripple remains in a no-trade zone following resistance at the 200 SMA and support at the 100 SMA.

The cryptocurrency market has been sluggish over the past couple of weeks apart from selected altcoins which have continued to post double-digit gains, such as Enjin Coin (ENJ). Binance Coin (BNB) also rallied to $300 after a recent dip to $205. Binance exchange's native coin still holds the third spot on the market while trading at $281.

Bitcoin's rise above $55,000 is likely to have sparked interest among investors across the market. However, the biggest milestone would be rising above $58,000 and closing the gap to $60,000. On the other hand, Ethereum is trading above $1,800, but the price action to $2,000 is lethargic, while Ripple is stuck in a range between $0.45 and $0.5.

Speculation mounts for Bitcoin crossing record highs

Bitcoin briefly stepped above $55,000 amid speculation that the uptrend would hit levels above $58,000. Despite a correction to $53,500, BTC's uptrend has remained intact since the massive drop to $42,800 in February. According to the head of research at Pepperstone Group Ltd, it would not be a "shock to see the price make an assault on the February high."

Investors and enthusiasts believe the incoming stimulus check in the US and a surge in institutional interest will see an uptick in the influx of funds, likely to keeping cryptocurrencies going. MicroStrategy and Meitu are examples of rising risk appetite from the institutional front.

The 4-hour chart shows Bitcoin trading above $54,000 after a short-term bounce from $53,500. Holding above this level could see BTC embrace further sideways action before another rally above $55,000. Note that trading past the hurdle at 56,660 would bolster Bitcoin above the record highs and perhaps send it to $60,000.

BTC/USD 4-hour chart

BTC/USD 4-hour chart

Ethereum uptrend to $2,000 could be in jeopardy

The pioneer smart contract token almost hit $1,900 in the recovery staged from the February declines. However, a barrier at $1,877 hindered the upswing, allowing a correction to ensue. Short-term support was embraced at $1,760, hence the rebound above $1,800.

It is worth mentioning that an ascending wedge pattern has emerged on the 4-hour chart. This pattern is bearish and usually occurs amid an uptrend. It signifies a weakening bullish momentum characterized by a reducing volume. A trend correction is expected as the pattern matures. Usually, the breakdown is massive and rapid and must accurately be timed.

ETH/USD 4-hour chart

ETH/USD 4-hour chart

If a correction ensues due to the ascending channel's impact, Ethereum will seek support at $1,700 as highlighted by the 200 Simple Moving Average. If losses continue, the 100 SMA will come in handy at $1,600 and prevent potential declines to $1,400.

Two crucial technical levels define Ripple's future

XRP has consolidated between $0.45 and $0.5 longer than expected. The sluggish price action could give an insight into the hands-off approach Ripple investors are likely to be employing. Note that the company is battling a lawsuit by the Securities and Exchange (SEC) in addition to MoneyGram calling it a day on the groundbreaking partnership.

XRP is in a no-trade zone from a technical perspective, mainly because of the tough resistance at $0.5 and the immense buyer congestion at $0.45. The upper limit is reinforced by the 200 SMA, while the 50 SMA validates the lower limit.

XRP/USD 4-hour chart

XRP/USD 4-hour chart

The Moving Average Convergence Divergence (MACD) reveals that Ripple has a minor bearish divergence. If the support at the 50 SMA caves in, massive losses could occur toward $0.4. However, $0.44 is a buyer congestion zone to watch as it has functioned as support before.

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Uniswap price eyes 20% upswing if UNI can clear this crucial barrier

Uniswap price is on a journey to retest $25 after the recent downswing. On-chain metrics hint at smooth sailing ride apart from the massive resistance at $20.84. A daily close below $17.75 will invalidate the bullish thesis.

More UniSwab news

Three major overlooked factors why Ethereum price is about to skyrocket

ETH price has been consolidating after the cryptocurrency registered a new all-time high on November 10. A few factors suggest that the token may be preparing for a massive take-off. 

More Ethereum news

Solana price to trigger a 15% upswing as SOL retests crucial support level

Solana price appears to be making a comeback after it slipped into a steep correction since its all-time high on November 7. This downswing has stopped after retesting a crucial support level and is on a journey to head higher.

More Solana news

Crypto exchange Kraken lists Shiba Inu, kickstarting SHIB price recovery

Leading cryptocurrency exchange Kraken announced that it will support the popular meme-based token Shiba Inu starting November 30. The digital asset trading platform has already begun accepting deposits of SHIB.

More Shiba Inu news

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!

BTC

ETH

XRP