- Bitcoin price rejection at the $42,867-to-$43,755 bearish breaker suggests a continuation of the downtrend.
- Ethereum price could start its retracement as the MRI shows a sell signal on the daily chart.
- Ripple price looks ready for a minor retracement as it retests the first hurdle at $0.85.
Bitcoin price is facing blockades, pausing its uptrend and even reversing it. This sudden lack of momentum has allowed bears to take control. As a result, Ethereum, Ripple and other altcoins are also undergoing minor retracement.
Bitcoin price needs a breather
Bitcoin price has been on a slow and steady uptrend since March 13, rallying roughly 15%. This move tagged the four-hour breaker, extending from $42,867 to $43,755, and is already getting rejected.
Investors can expect a continuation of this downswing at least until $40,417, Monday‘s low. In some cases, BTC might even retest the daily demand zone, ranging from $36,562 to $38,859.
BTC/USD 4-hour chart
Ethereum price looks toppy
Ethereum price pierced the weekly supply zone, extending from $2,927 to $3,413, and failed to move higher. This lack of buying pressure combined with the Momentum Reversal Indicator (MRI)’s red ‘one’ sell signal indicates that an uptrend is unlikely.
This technical formation forecasts a one-to-four candlestick downtrend for ETH. Therefore, investors can expect ETH to revisit the weekly support level at $2,541 soon.
ETH/USD 1-day chart
Regardless of the optimism surrounding the upcoming Merge for Ethereum price, a weekly close below $2,541 will invalidate the bullish thesis and trigger a correction to $2,000 or lower.
Ripple price remains bullish
Ripple price enjoyed gains for the better part of last week when most altcoins were struggling to move higher or experiencing losses. However, after a 16% ascent and retesting the first target at $0.85, XRP price is experiencing a slowdown.
While the bullish thesis is intact, investors can expect the remittance token to slide lower and retest the $0.80 or $0.76 barrier before triggering another leg-up to $0.91 and $1.00.
XRP/USD 1-day chart
As optimistic as Ripple price might seem, the bullish thesis will face invalidation if the four-hour demand zone, extending from $0.68 to $0.70, is breached. While this move would put an end to the short-term uptrend, it doesn’t invalidate the long-term bullish thesis for Ripple.
XRP bulls have another opportunity at the nine-hour demand zone, ranging from $0.546 to $0.633, to give the uptrend another go and recover the losses.
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