Top 3 Price Prediction: Bitcoin, Ethereum, Ripple: Inflation's relief pump


  • Bitcoin price needs to hurdle the $23,940 level to maintain the uptrend’s health
  • Ethereum price faces resistance near $1,700
  • XRP price is displaying strong bullish technicals on smaller time frames.

The crypto market could be displaying the final stages of consolidation before the next trends begin

Bitcoin price is a day away from the next move

Bitcoin price has traders honing in as price consolidates near the lower $23,000 region. While the BTC price trade sideways, the technical suggests that the peer-to-peer digital currency is in a make-or-break situation.

Bitcoin price currently auctions at $23,185. The Relative Strength Index (RSI) displays a clear bearish divergence pattern on the weekly and three-day time frame. The current decline tests a previous breakout zone on the RSI that catalyzed the short-term swing into the $25,265 high in February.

A pivot candle closing above the previous 3-day candlestick opening price at $23,940 will be needed. Qualify that the $23,000 zone is supportive enough to continue the winter rally. At the time of writing, the technicals are 24 hours from the next 3-day candlestick settle.

If the bulls do not accomplish a hurdle above the $23,940. In that case, traders can expect a decline to challenge liquidity levels near the $21,387 level, resulting in an 8% decline from BTC's current market value. This target zone is extracted from a Fibonacci retracement tool that surrounds the origin point of the winter rally at $16,333 and 2023 year-to-date high at $25,250.

tm/btc.2/28./22

However, if the bulls are successful in their 3-day hurdle above the $23,940 region, traders can expect a continuation of the winter rally. The BTC price could rally as high as $27,000, a 16% increase from today's Bitcoins price.

Ethereum price is under pressure

Ethereum price continues to face resistance near the $1,700 zone. On February 28, the decentralized smart contract token consolidated within the 8-day exponential and 21-day simple moving average while testing support from above a recently breached trendline.

Etheruem price currently auctions at $1,609. The RSI suggests that the ETH price has significant space to fall as it remains poised near the 58 level. The ETH price could remain bullish enough to continue the winter rally towards $2,100.

This leaves Ethereum's price in a peculiar situation that should warrant healthy risk management amongst investors. A breach of the $1,352 level would suggest that the uptrend has failed. Ethereum price could decline as low as the $1,250 zone if this scenario occurs, resulting in a 24% decline from ETH's current market value.

tm/eth/2/28/22

ETH/USDT 8-Hour Chart

On the contrary, the Ethereum price could pull off a market reversal at any time in the earliest signs to suggest that the uptrend move is underway and would be a break above the previous resistance zone near $1,650. A breach of the level will leave traders justified in opening a long position targeting the $2,100 level.  Under this scenario, bulls could keep an invalidation point beneath the Initial Wave 1 swing high at $1,352.

XRP price consolidating in bullish fashion 

XRP price is trading at $0.37. Between February 13 and February 16, the XRP price rallied 10%. When reviewing the wave structure, the rally looks impulsive. The RSI also shows a divergence near the first consolidation zone near $0.34 and this week's low at $0.375.

Based on the bullish price action, the digital remittance token could set up a 4:1 trade idea targeting the $0.44 level. The bullish scenario creates the potential for a 20% rise from Ripple's current market value.

tm/xrp/2/28/65po0

Invalidation of the bullish thesis could arise from the previous swing low at $0.364. If the level is breached, traders can expect a decline targeting trading liquidity near the previous consolidation zone near $0.340, resulting in a 9% decline.



 


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