- Bitcoin price has crashed to the August month’s low after dropping 9.7% in roughly 24 hours.
- Ethereum price broke below the $1,355 to $1,440 support area and tagged the $1,280 support level.
- Ripple price faced another rejection at the $0.381 hurdle, signaling the persistence of sellers at that level.
Bitcoin price has single-handedly crashed the entire crypto market as it tumbled below a crucial support level. As of this writing, BTC is still yet to find a stable support level and hatch a recovery plan. Altcoins, including Ethereum and Ripple, are already working on bouncing back.
Bitcoin price remains indecisive
Bitcoin price has swept the previous weekly low at $18,500 and is very close to collecting the sell-stop liquidity below the June 18 swing low at $17,593. Regardless, the recent sell-off for BTC is an opportunity for patient investors.
Investors can expect BTC to trigger a run-up to $19,405, which is the weekly open. However, a flip of $19,539 could catalyze Bitcoin price to retest the $20,737 hurdle, clearing which could result in a swift move to $25,169.
BTC/USD 12-hour chart
On the other hand, if Bitcoin price flips the $18,293 support level into a resistance barrier, it will invalidate the bullish outlook and trigger a crash to $15,550.
Ethereum price ready to recover losses
Ethereum price created a string of higher lows since August 29, but after the third swing low at $1,406, the sellers took over, crashing the altcoin. As a result, ETH dropped 17% in three days, which has sliced through the $1,355 to $1,440 support area.
As Ethereum price currently trades at $1,280, investors can expect ETH to kick-start a recovery rally, provided Bitcoin price supports the narrative. In such a case, Ethereum price could bounce higher to retest the monthly open at $1,553.
Clearing this would push ETH to $1,730, which is a high timeframe resistance level.
ETH/USD 12-hour chart
While things are looking bearish at the moment, the recent drop in Ethereum price could be a good level to accumulate, especially when looking at it from a long-term perspective. However, if ETH produces a daily candlestick close below $1,280, it will invalidate the bullish outlook and potentially crash to $1,080.
Ripple price back to the pavilion
Ripple price retested the $0.381 resistance level after a 20% rally, but the sellers at this level, combined with the deteriorating market structure, pushed the XRP price lower. As a result, holders experienced an 11% drawdown to where the remittance token currently trades at $0.340.
Going forward, investors can expect XRP price to stabilize between the $0.331 to $0.360 barrier. Forming a base here will serve as a launch for the next leg-up that will attempt to break the $0.381 ceiling.
Doing this will allow Ripple price to aim for the $0.439 resistance level.
XRP/USD 12-hour chart
However, if Ripple price breaks below the $0.331 support floor and flips it into a resistance level, it will invalidate the bullish thesis. This development could see XRP price revisit the $.0309 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.
Recommended Content
Editors’ Picks
Ethereum dips slightly amid Renzo depeg, BlackRock spot ETH ETF amendment
Ethereum (ETH) suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH (ezETH) crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective (INJ) price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
US intensifies battle against crypto privacy protocols following crackdown on Samourai Wallet
CEO Keonne Rodriguez and CTO William Lonergan of Samourai Wallet were arrested by the US Department of Justice (DoJ) on Wednesday and charged with $100 million in money laundering on a count and illegal money transmitting on another count. This move could see privacy-focused cryptocurrencies take a dip.
Near Protocol Price Prediction: NEAR fulfills targets but a 10% correction may be on the horizon
Near Protocol price has completed a 55% mean reversal from the bottom of the market range at $4.27. Amid growing bearish activity, NEAR could drop 10% to the $6.00 psychological level before a potential recovery. A break and close above $7.95 would invalidate the downleg thesis.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?