|

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: One more leg up is on the horizon for crypto markets but...

  • Bitcoin price could sweep the equal lows at $22,584 before an attempted rally to $24,336.
  • Ethereum price reverses its short-term downtrend as bulls attempt to reclaim the $1,730 resistance level.
  • Ripple price could move lower before buyers make a comeback and attempt to retest the $0.381 hurdle.

Bitcoin price has shown resilience to sellers as buyers stepped in after retesting a historically strong support level. This development has caused Ethereum, Ripple and other altcoins to trigger a premature rally. 

Bitcoin price shows an ambiguous outlook

Bitcoin price shows an interest in sliding lower to collect liquidity, resting below the equal lows at $22,584. This move will be a market manipulation that will signal a trend reversal next. As a result, investors can expect BTC to trigger a move to the one-hour price inefficiency, aka Fair Value Gap (FVG).

This move could further trigger a crash to $20,737, where a ton of liquidity is resting in the form of sell-stops.

While this short-term move vows to clear the liquidity on both sides, the end result of confirmation of a further uptrend would arrive after BTC flips the $25,000 level into a support floor.

BTC/USD 4-hour chart

BTC/USD 4-hour chart

On the other hand, if Bitcoin price produces a daily candlestick close below the $19,000 support level, it will invalidate the bullish thesis and potentially trigger a crash to $13,000. 

Ethereum price turns around prematurely

Ethereum price faced rejection at the $1,730 resistance level and dropped 9% to set a temporary swing low at $1,557. Although a further move to the downside might be possible, a reversal here would leave the four-hour price inefficiency, aka FVG, at $1,470 uncollected. 

Therefore, overly eager investors need to be careful about the ongoing sell-off as a reversal here could catch these traders off guard. 

ETH/USD 4-hour chart 

ETH/USD 4-hour chart 

On the other hand, a breakdown of the $1,228 support level will invalidate the bullish turnaround thesis for Ethereum price and trigger a crash to the $1,080 and $887 barriers. 

Ripple price might need another down move

Ripple price sliced up through the $0.381 hurdle but failed to maintain momentum. The lack of buying pressure led to a reversal that has knocked XRP price down by 11% over the last three days.

Going forward, a sweep of the $0.359 or $0.349 hurdles could trigger a run-up that attempts to reclaim the $0.381 level. If successful, the remittance token could revisit the $0.439 hurdle.

XRP/USD 4-hour chart

XRP/USD 4-hour chart

Regardless of the bullish outlook for Ripple price, a flip of the $0.340 support level into a resistance barrier will invalidate the bullish thesis and potentially trigger a crash to the $0.326 and $0.309 support levels.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

More from Akash Girimath
Share:

Editor's Picks

Crypto Today: Bitcoin, Ethereum, XRP trade under sustained selling pressure despite mild ETF inflows

Cryptocurrency prices remain under pressure as a risk-off mood persists on Friday, with Bitcoin consolidating its losses above $62,000. Altcoins, including Ethereum and Ripple, are extending their weakness, trading near lower support levels around $1,600 and $1.12, respectively.

Bitcoin Weekly Forecast: After the bloodbath, everyone looks at $60,000

Bitcoin (BTC) hovers above $62,000 at the time of writing on Friday, weighed down by growing risk-off sentiment due to persistent geopolitical tensions in the Middle East and sticky macroeconomic uncertainty.

Cardano hits five-year low even as Hoskinson clarifies "break" isn't an exit

Cardano price is down 10% at press time on Friday, extending losses over 30% so far this week amid Charles Hoskinson's clarification that "break" isn't an exit. A reactionary spike in on-chain activity and social chatter, reflecting a strength of community, but fails to absorb the price decline.

Arthur Hayes' “Holy Trinity” is dead: Exits Zcash after Orchard Pool exploit

Arthur Hayes dumped his entire Zcash holdings on Friday, a day after selling his HYPE and NEAR holdings. Zcash is down 13% so far on Friday, extending the 26% drop from the previous day.

Bitcoin: After the bloodbath, everyone looks at $60,000
Bitcoin (BTC) hovers above $62,000 at the time of writing on Friday, weighed down by growing risk-off sentiment due to persistent geopolitical tensions in the Middle East and sticky macroeconomic uncertainty. The institutional sell-off continued to wreak havoc on capital flows, with spot Bitcoin Exchange-Traded Funds (ETFs) recording billions in outflows.