Top 3 Price Prediction Bitcoin, Ethereum, Ripple: How long can crypto markets keep rallying?


  • Bitcoin price momentum slows down as it faces trouble crossing the $24,565 resistance level.
  • Ethereum price reverses after failing to go over the $1,730 hurdle, hitting a retracement.
  • Ripple price has sliced through the $0.381 blockade, but failing to sustain below it could result in a correction. 

Bitcoin price shows signs of exhaustion after retesting a major hurdle. This development could result in a correction if bulls can't make a comeback. Ethereum price, despite the Merge narrative, remains correlated to BTC and could tumble if the big crypto does. Ripple price will promptly follow the two largest cryptos should they collapse.

Bitcoin price and trend reversal

Bitcoin price has been rising and falling in channels since January 2022. Each time an ascending corrective channel has stalled and broken down it has led to an immense crash. The leg-ups have always consolidated around the point of control (POC), aka the highest traded level.

As of now, the volume profile shows that the POC is at $21,128. Hence, investors can expect a sudden spike in selling pressure at this level to push BTC down. A breakdown of this level places the big crypto at the mercy of an inflection point, which extends from $19,000 to $20,000.

If this support area also breaks down, investors can expect another flash crash that could push Bitcoin price anywhere from $13,000 to $12,000.

BTC/USD 1-day chart

BTC/USD 1-day chart

While things are looking slow for Bitcoin price, a bounce off the confluence of the 200-week SMA and the 30-day EMA at roughly $22,700 could give buyers a chance to make a comeback. If BTC produces a daily candlestick close above $24,565 and flips this level into a support floor, the bearish thesis will face invalidation.

Ethereum price ready for a pullback

Ethereum price bulls clearly showed exhaustion as they retested the $1,730 hurdle for more than three days. Despite multiple attempts, ETH failed to move past this level, indicating a lack of buying pressure and a large stack of selling pressure.

Therefore, the next logical thing for Ethereum price to do is retrace. A 9.7% drop seems likely for ETH to retest the $1,543 support level. Interestingly, this level coincides roughly with the point of control, aka the highest volume trade. 

The volume profile is drawn only for the recent run-up extending from July 13 to August 1. This allows investors to know if the uptrend was strong and backed with enough volume. 

A breakdown of the $1,543 support floor could send ETH down to $1,350 and below this level, the volume profile thins out considerably, hinting at a steep decline to $1,080. 

ETH/USD  4-hour chart

ETH/USD  4-hour chart

Regardless of the bearish signal, good news for the Merge enthusiasts could trigger a buying frenzy. If Ethereum price produces a daily candlestick close above $1,730, it will invalidate the bearish thesis and trigger a potential move to $2,000.

Ripple price at a make-or-break point

Ripple price rallied 13% on July 30 and collected the liquidity resting above the equal highs at $0.387. This upswing was impressive but lacked any momentum, and as a result, the XRP price is on its way to undoing these gains.

Additionally, the latest four-hour candlestick has closed below the $0.381 support level, suggesting that a further downtrend is likely to ensue. In such a case, investors can expect Ripple price to revisit the $0.340 support level.

XRP/USD 4-hour chart

XRP/USD 4-hour chart

On the other hand, if Ripple's price stays above the $0.381 barrier, it confirms its position as a support level and will also invalidate the bearish thesis. In such a case, the XRP price could open the path to revisit the $0.439 resistance level. 

 


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

Recommended content


Recommended Content

Editors’ Picks

Base to decentralize further with fault proofs, testnet launch expected mid July

Base to decentralize further with fault proofs, testnet launch expected mid July

Base, Coinbase’s Layer 2 chain plans further decentralization through the launch of fault proofs and higher community participation. Fault proofs are expected to go live for Base Sepolia testnet by mid July. Base has noted a spike in usage between Q1 and Q2 with applications like Uniswap, 1inch, and Circle among others. 

More Cryptocurrencies News

These seven altcoins are down over 40% from their all-time highs, recovery likely with latest developments

These seven altcoins are down over 40% from their all-time highs, recovery likely with latest developments

Crypto market capitalization excluding Bitcoin is down 3% in the past seven days and nearly 10% in the past 30 days, per TradingView. The shrinking market capitalization indicates that capital is flowing out of altcoins, the altcoins have likely wiped out their value over time in the ongoing cycle.

More Cryptocurrencies News

Ethereum holders keep accumulating Ether ahead of ETF and new yield opportunities

Ethereum holders keep accumulating Ether ahead of ETF and new yield opportunities

Ethereum’s long-term holders have continued scooping up Ether while Bitcoin’s long-term holders shed their holdings. New yield opportunities in Ether, and the upcoming ETF are likely behind the divergence in the behavior of the long-term holders of BTC and ETH. 

More Ethereum News

Crypto trader loses over $11 million in phishing attack, exploited for Maker and Ethena tokens

Crypto trader loses over $11 million in phishing attack, exploited for Maker and Ethena tokens

Maker on-chain metrics paint a bearish picture. A wallet address suffered an exploit for 3,657 MKR tokens worth $8.7 million and 2.56 million Ethena tokens worth $2.4 million. MKR was hit by a correction and gained ground, posting 1.11% gains on Sunday. 

More Cryptocurrencies News

Bitcoin: Is BTC out of the woods?

Bitcoin: Is BTC out of the woods?

Bitcoin (BTC) appears poised for a slight decline this week, influenced by factors such as the German Government's deposit of over 1,700 BTC in exchanges, decreasing outflows in US spot ETFs, and on-chain data indicating no signs of BTC DeFi liquidation. Technical indicators suggest BTC might experience a 3% correction in the near term before continuing its upward trajectory.

Read full analysis

BTC

ETH

XRP