Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Is this the beginning of the end for bulls?


  • Bitcoin price turns soft as it retests the $23,000 support level.
  • Ethereum price faces rejection at $1,677, a monthly resistance level.
  • Ripple price slides back to tag the $0.400 to $0.381 zone as buyers take a break.

Bitcoin (BTC) price is the glue that is holding this 2023 bull run intact for Ethereum (ETH), Ripple (XRP) and other altcoins. But the BTC bulls are beginning to show some weakness, therefore, investors need to be cautious of a sudden reversal. With no major macro announcements to influence price movements, investors can expect an uneventful week if buyers restrain from booking profits. 

Bitcoin price at the edge of bullishness

Bitcoin price has been hovering around roughly $23,000 for the last two weeks. At first, it attempted to breach the $22,800 hurdle posed by the Momentum Reversal Indicator’s (MRI) state trend resistance level (red dotted) and the breakout line (blue).  In the second half, BTC breached it but is yet to confirm a successful flip.

Investors can choose to be optimistic and assume the bull rally will continue, but the technicals are hinting otherwise. The Relative Strength Index (RSI) shows that the momentum has been waning since January 14.

The only thing holding Bitcoin price from nosediving is the $22,800 support level. A breakdown of this level will trigger a correction in BTC to the $21,355 to 19,830 zone, which is where the 50-, 100- and 200-day Exponential Moving Averages (EMA) lie.

BTC/USD 1-day chart

BTC/USD 1-day chart

While the bearish outlook makes logical sense, investors need to be aware of the possibility of a sudden spike in buying pressure. The ongoing rally was a surprise rally that caught many bears off-guard. Hence, Bitcoin price might take another jab at $25,000. A flip of this psychological level into a support floor will invalidate the bearish thesis. Such a move could trigger sidelined buyers to pour in, kick-starting a rally to the next psychological level at $30,000. 

Ethereum price has more to lose

Ethereum price has been following in Bitcoin’s footsteps, but if the bearish regime begins, ETH will see a drastic decline. Rejection at the monthly resistance level of $1,677 followed by a correction could see the smart contract token find support at $1,429. 

A breakdown of this level due to the overwhelming pressure of investors booking profits could drag the Ethereum price to $1,331. In a dire case, ETH might revisit the $1,227 floor.

ETH/USD 1-day chart

ETH/USD 1-day chart

Regardless of the bearish outlook in Bitcoin price, if Ethereum price manages to flip the $1,677 hurdle, a push to $2,000 is likely. If this level is flipped into a support floor, the fall can be mitigated and instead, a run-up to $2,730 could be on the horizon.

Ripple price at strong base

Ripple price is back to retesting the $0.400 to $0.381 support zone after the initial decline. A daily candlestick close below $0.381 will lead to a breakdown of this structure, signaling the start of a downtrend. 

In such a case, Ripple price will revisit the temporary support level at $0.367. A spike in selling pressure will send the remittance token to the $0.337 and $0.316 barriers.

XRP/USD 1-day chart

XRP/USD 1-day chart

On the other hand, if Ripple price bounces off the $0.400 to $0.381 support level, there could be an attempt to tag the $0.448 hurdle. A flip of this resistance level into a foothold will invalidate the bearish thesis for XRP. In such a case, a spike in buying pressure could send the remittance token to $0.471.

 


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