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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.

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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