Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Levels to watch after the massive sell-off?

  • Cryptocurrencies have suffered a massive sell-off after reaching for the moon.
  • For some, the correction may bring bargain-seekers, while for others it is not over yet.
  • Here are the next levels to watch according to the Confluence Detector.

Some rocket launches fail – and that is what happened to cryptocurrencies after the immense rally that brought Bitcoin to near $42,000 and Etehreum to top $1,300. While the surge around the New Year was confirmed by higher volume in the first full working week of 2021, the collapse came afterward.

Are digital coins suffering from a repeat of the December 2017 rise and fall? Probably not. The recent increase is backed by institutional investors – and may be further boosted by the most powerful institution, the US government. President-elect Joe Biden is readying a stimulus plan reportedly worth some $3 trillion, with some funds trickling to cryptos.

At the current juncture, digital assets are licking their wounds. How are they technically positioned? 

This is what the Crypto Confluence Detector shows in its latest update:

BTC/USD has a floor in sight

Bitcoin experienced a peak-to-trough fall of over $10,000, but there are hopes for some stability. Some support awaits at around $31,700, which is the convergence of the Pivot Point one-week Support 1 and the PP one-day S2. 

The floor awaits at around $29,300, which is where 2020 high and the PP one-day S3 meet. 

BTC/USD faces some resistance at around $33,000, which is the confluence of the Fibonacci 61.8% one-week and the PP one-month R1. 

Holders of the granddaddy of cryptocurrencies may target $35,700, which is where the 10-day Simple Moving Average hits the price. 

ETH/USD needs to surpass $1,050 to advance

Ethereum is suffering from worse positioning according to the Confluence Detector. Vitalik Buterin's brainchild is capped at $1,050, which is a juncture of lines including the previous 4h-low, the Bollinger Band 15min-Middle and the PP one-month R3. 

Further above, the next cap is $1,100, which is where the Fibonacci 38.2% one-week and the the10-day SMA converge.

Support awaits at $970, which is a cluster including the BB 15min-Lower, the Fibonacci 61.8% one-week, and the BB 1h-Lower. 

ETH/USD has another cushion at around $910, which is where the PP one-month R2 and the PP one-week S1 meet.

XRP/USD may tumble below $0.24

Ripple's XRP token is under pressure – from legal issues – and on the technical graph. It faces initial resistance at around $0.2750, which is where the SMA 5-15m, the SMA 10-15m, and the Fibonacci 61.8% one-week all hit the price.

Even stronger resistance awaits XRP/USD at $0.2930, which is the confluence of the Fibonacci 23.6% one-month and the SMA 5-4h. 

Significant support awaits Ripple only at $0.2382, which is where the PP one-week S1 hits the price. 

See all the cryptocurrency technical levels.

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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Cardano price is primed for new all-time highs as ADA protocol prepares for new upgrade

Cardano has been trading in a robust uptrend for the past two months as investors are looking for better alternatives to Ethereum. The upcoming update for the digital asset will allow users to create tokens from scratch on top of the Cardano blockchain.

More Cardano News

VET is ready for a quick jump to $0.05 if key level holds

Vechain had a significant rebound already climbing by more than 35% since its low of $0.0346. VET managed to climb above a critical resistance level which is now acting as a robust support point.

More VeChain news

Algorand may become the standard smart contracts protocol fuelling ALGO price uptrend

In the past two months, Ethereum has seen a lot of competition as the massively high fees forced investors to look for better alternatives. Algorand has announced several positive developments and aims to become a solution by providing faster and cheaper transactions.

More Algorand News

Crypto bull run on track amid surge in US inflation expectations

The crypto bull run has taken a breather after the gruesome drop in value at the beginning of this week. Bitcoin led the freefall, dropping from $58,000 to $45,000. Generally, all cryptocurrencies retraced and are now holding above key support levels to prepare for another upswing to new yearly highs.

More Cryptocurrencies News


Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected

This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.

Read the weekly forecast