|

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

Zcash Price Forecast: ZEC tests $500 threshold amid risks of a deeper correction

Zcash price hovers around $500 on Friday after five consecutive days of losses, testing a crucial support cluster. The privacy coin holds retail strength, with a positive funding rate despite over $2 million in liquidations over the last 24 hours, suggesting bullish bias persists.

Dogecoin Price Forecast: DOGE eyes $0.065 after breaking key support level

Dogecoin price trades in the red below $0.0700 on Friday, following a 5% drop the previous day. DOGE loses retail strength as broader market speculative demand eases with elevated tensions between the US and Iran. The technical outlook for DOGE points to deeper losses below $0.065.

Cardano Price Forecast: Mixed signals cap ADA recovery

Cardano extends its decline, trading below $0.168 on Friday after facing rejection at the 50-day EMA earlier this week. Mixed derivatives metrics indicate traders' indecision, while neutral momentum indicators suggest ADA lacks a catalyst for a sustained move in either direction. Derivatives data for Cardano show mixed sentiments among traders.

Crypto Market Overview: Bitcoin tests 50-day EMA support – Pi Network and Sky lead losses
The broader cryptocurrency market faces headwinds with rising tensions between the US and Iran, pushing Bitcoin (BTC) down to its 50-day Exponential Moving Average (EMA) support around $65,135 on Friday. Under pressure, Pi Network (PI) and Sky (SKY) emerge as the worst-performing crypto assets over the last 24 hours.
Bitcoin’s potential recovery in the second half hinges on these 4 catalysts
Bitcoin (BTC) has fallen over 34% in the first half of this year as the King Crypto failed to capitalize on a good semester for risk assets despite the woes from the Iran war.