Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Early bulls meet the butcher


Share:
  • Bitcoin price continues to move sideways after the 16% sell-off that occurred last week.
  • Ethereum price edges near a key level of interest. More upside should not be ruled out.
  • Ripple's XRP price is likely to liquidate bulls who entered the market at the beginning of the summer.

The crypto market shows concerning signals under the hood while retail traders place their wagers on the next directional move. Based on on-chain analysis, an additional plummet is highly probable. For this reason, being an early bull is ill-advised.

Bitcoin price needs work

Bitcoin price currently auctions at $21,561 as a sideways range follows the 16% sell-off that occurred on Friday, August 19. The Volume Profile index remains sparse, signaling that high-cap players lack confidence. It is likely the current trading range is retail traders looking to latch on to the next directional move.

Bitcoin price hovers above the 50% Fibonacci levelsurrounding the entirety of the bullrun accomplished this summer. Traders seeing this have a justified reason to want to participate in an early buy, but based on the lack of volume and lackluster price action, being an early bull is ill-advised. 

Traders from last week’s bearish trade setup are still profitable, and the first target at $18,900 has yet to be breached. Moving the risk into profit would be highly risky as a fractal wave of Bitcoin’s prior performance could result in a liquidity hunt tagging as high as the $23,000 price level. Invalidation of the bearish trend remains at $27,000.

https://editorial.fxstreet.com/miscelaneous/BTCUSDT_2022-08-24_13-05-00-637969628666575891.png
BTC/USDT 4-Hour Chart

In the following video, our analysts deep-dive into Bitcoin's price action, analyzing key levels of interest in the market - FXStreet Team

Ethereum price is concerning

Ethereum price currently auctions at $1,671. Traders have been closely eyeing the smart contract giant as a good rebound is speculated to occur after the steep 25% decline since the $2,030 highs. Since the August 20 low at $1,523 was established, the ETH price has already rallied 10%.

Glassnode’s Number of Transfers to Exchanges indicator has witnessed the largest influx of deposits in the last four years. At 174,549,000, the influx of transfers is almost twice the amount deposited compared to the previous influx of deposits when Ethereum traded near all-time highs at $4,000 in May of 2021.

Due to the massive influx of transfers, the Ethereum price is a highly risky knife to catch. Invalidation of the bullish impulse wave is a breach of the $1,250 level. The invalidation’s breach could set up a sweep-the-lows event targeting $970 in the short term.

tm/eth/8/24/22

Glassnode’s Number of Transfer to Exhcanges Indicator

tm/eth/24/22chart

ETH/USDT 4-Hour Chart

In the following video, our analysts deep dive into the price action of Ethereum, analyzing key levels of interest in the market - FXStreet Team

XRP price is disappointing

Ripple’s XRP price currently auctions at $0.34. The bears appear to have full control over the digital remittance token as the sideways consolidation continues below the 8- and 21-day simple moving averages. 

XRP price will likely head south as the Volume Profile dictates bearish force. Additionally, the Relative Strength Index pierced through justifiable-buy territories on intra-hour time frames. A retest-and-rejection signal from the 21-day moving average currently positioned at $0.354 could act as the catalyst to induce a further 15% decline to $0.29 in the short term.

tm/xrp/8/24/22

XRP/USDT 4-Hour Chart

In the following video, our analysts deep dive into the price action of Ripple, analyzing key levels of interest in the market - FXStreet Team

 


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.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

XRP price stuck under $0.65 despite Bitcoin hitting $38,000 three times in one week

XRP price stuck under $0.65 despite Bitcoin hitting $38,000 three times in one week

Ripple (XRP) and Bitcoin (BTC) prices do not show parity. Despite both featuring among the crypto top three, Ripple price is stuck under $0.6500 while Bitcoin has managed to foray north, testing the $38,000 psychological level for the third time in a week.

More Ripple News

FTX token FTT jumps 8% as exchange wins approval to start selling $744 Million in Grayscale and Bitwise assets

FTX token FTT jumps 8% as exchange wins approval to start selling $744 Million in Grayscale and Bitwise assets

FTX token (FTT) has jumped 8% following news that a US bankruptcy court of Delaware has allowed the now-defunct cryptocurrency exchange to move forward with a November 6 request.

More FTX News

Optimism price slips under critical support as $40 million worth of OP due to flood market Thursday

Optimism price slips under critical support as $40 million worth of OP due to flood market Thursday

Optimism (OP) price has dropped 5% in the last day, but trading volume is up a stark 15% over the last 24 hours as of press time. The disparity comes amid expectations of more tokens in the OP market relative to what traders are willing to buy at current prices.

More Optimism News

Pando becomes thirteenth BTC ETF applicant as BlackRock presents revised in-kind model

Pando becomes thirteenth BTC ETF applicant as BlackRock presents revised in-kind model

Amid the ongoing spot Bitcoin ETFs race, a new player has joined the marathon. Pando Asset AG has become the thirteenth applicant even as the US Securities & Exchange Commission (SEC) continues to engage with prospective issuers.

More Cryptocurrencies News

Three key BTC accumulation levels before ETF approval in January 2024

Three key BTC accumulation levels before ETF approval in January 2024

Bitcoin, from a high time-frame perspective, has been in an up-only trend since the start of 2023. BTC has ignored many sell signals due to the likelihood of an Exchange-Traded Fund approval. With the holidays around the corner, falling liquidity could see BTC discounted from its current level, hovering around the $37,000 region.

Read full analysis

BTC

ETH

XRP