- Bitcoin price taking a second attempt at an upswing to retest $42,451.
- Ethereum price has flipped a crucial resistance level at $2,640 into a support barrier.
- Ripple price lacks momentum and is close to testing a crucial demand zone extending from $0.623 to $0.671.
Bitcoin price is taking a break from retracing as it rallied on August 4. If the upswing continues, it is likely to retest a crucial resistance level.
While Ethereum price is following in BTC’s footsteps, Ripple is consolidating and showing no strength.
Bitcoin price takes a second jab
Bitcoin price put an end to its 11% retracement as it rallied roughly 6% and is currently attempting to retest the range high at $42,451. However, the ascent to do so is sprinkled with resistance levels at $40,550 and $41,330.
Breaching through these barriers is crucial to retest $42,451 and to scale to $46,000. Therefore, investors need to keep a close eye on this climb and its reaction to the immediate supply barriers.
BTC/USDT 9-hour chart
On the other hand, if the upswing fails to hold up, it might slice through the $37,241 support level. Breaching this barrier will invalidate the bullish thesis and trigger a correction to $36,361.
Ethereum price shatters barriers
Ethereum price follows BTC’s footsteps but takes it up a notch. The recent run-up for ETH after the retracement has pushed it above the $2,640 resistance level. This move opened up the path toward the range high at $2,895 and the liquidity resting above it up to $3,017.
Clearing this area might propel Ethereum price to $3,240.
ETH/USDT 6-hour chart
Regardless of the bullish outlook, failing to hold above $2,460 will indicate weakness among buyers. In some cases, this weakness could translate into a retracement to $2,460. A breakdown of this barrier will invalidate the bullish thesis and, in some cases, catalyze a sell-off to $2,297.
Ripple price falters as altcoins rally
Ripple price has failed to muster up buying pressure since it tested the range high at $0.785. This move has resulted in a slow and steady downtrend floating above the support level at $0.688.
While a retest of this is likely, a reversal is more probable to occur near the demand zone extending from $0.624 to $0.671.
An impulsive wave that originates here is likely to shatter through the range high at $0.785 and retest these levels – $0.827, $0.91 and $1.
XRP/USDT 4-hour chart
While things seem to be going slow for XRP price, a breakout above $0.785 will change things for the better. However, the opposite could occur if Ripple bears slice through $0.624. This development will invalidate the bullish outlook and potentially trigger a downswing to $0.590.
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.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.