Top 3 Price Prediction Bitcoin, Ethereum, Ripple: JP Morgan CEO still not sold on cryptocurrencies, market scrambles to find support


  • Bitcoin price seems to be holding well despite Tuesday’s sudden crash.
  • Ethereum price has kick-started its consolidation after setting up an all-time high at $3,530.
  • Ripple price dipped below the demand zone’s lower boundary at $1.33 but showed signs of recovery.

Bitcoin price shows no bearish signs yet despite its rapid sell-off on Tuesday, but its move hereon will determine its direction. Ethereum, on the other hand, has an entirely different outlook and shows a rigorous tussle between the buyers and sellers, leading to sideways movement. 

Unlike BTC or ETH, XRP price shows a bullish bias as it tagged a critical demand barrier.

Jamie Dimon reveals his thoughts on cryptocurrencies

While the cryptocurrency market takes a breather after the recent sell-off, Jamie Dimon, the CEO of JP Morgan, stated earlier today he is not a “Bitcoin supporter” and has no “interest” in it.

However, Dimon adds,

Blockchain is real. We use it. But people have to remember that a currency is supported by the taxing authority of a country, the rule of law, a central bank… On the other hand, clients are interested, and I don’t tell clients what to do.

Such a move by Dimon isn’t the first. In fact, the CEO called Bitcoin a “fraud” during a CNBC conference in September 2017.

Bitcoin price grows increasingly indecisive

On the 6-hour chart, Bitcoin price shows the formation of higher highs and higher lows since April 26. Tuesday’s sell-off depreciated BTC’s market value by roughly 8% but failed to break its bullish market structure.

An upswing in Bitcoin price will face the immediate supply barrier that extends from $56,064 to $57,967. Within this zone is the previous weekly candlestick’s opening price at $56,222. Suffice to say, BTC’s journey is an uphill battle.

However, a swift break through this resistance level leading to a decisive close above $57,967 will open up Bitcoin price for a 5% rally to the next area of supply that ranges up to $61,000.

A 6-hour candlestick close above this barrier with a substantial volume spike will open Bitcoin price for a chance to retest its all-time highs.

BTC/USD 6-hour chart

BTC/USD 6-hour chart

On the flip side, a rejection at $56,064 will result in a range-bound move for Bitcoin price for the foreseeable future. However, a breakdown of the support level at $52,379 will invalidate this bullish outlook and kick-start a 5% downtrend to $50,360.

Ethereum price in lockstep as it begins to coil up

Ethereum price shows a series of tightly woven 4-hour candlesticks of nearly the same height. Such a setup reveals that the buyers and sellers are trying to take control of ETH but are canceling each other’s momentum.

A breakdown of the 78.6% Fibonacci retracement level at $3,160 will trigger the SuperTrend indicator to produce a sell signal. This move would indicate a shift in momentum toward the bears.

In such a case, investors can expect Ethereum price to set up a new swing low around the demand zone that stretches from $2,986 to $2,928.

The 61.8% Fibonacci retracement level at $2,898 will be the next area of support if the bears overwhelm the bullish momentum.

ETH/USD 4-hour chart

ETH/USD 4-hour chart

However, a potential spike in buying pressure that produces a decisive close above $3,530 might trigger a 15% rise to a new all-time high at $4,062, coinciding with the 127.2% Fibonacci extension level.

XRP price shows resilience

XRP price is sticking to its guns despite collapsing 15% on May 4. The remittance token has risen above the demand zone, ranging from $1.33 to $1.40 and fast approaching a critical resistance level at $1.42.

A 4-hour candlestick close above this barrier will confirm the bullish momentum and open the possibility of a 15% upswing to a recent swing high at $1.63.

XRP/USDT 4-hour chart

XRP/USDT 4-hour chart

However, a breakdown of the said demand barrier will signal a slowdown in the buying pressure. If the 50% Fibonacci retracement level at $1.31 is breached, the remittance token will likely slide 11% to tag $1.16.

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.

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