- Bitcoin price rallies into the $23,000 price zone.
- Ethereum price traps bear beneath $1,600.
- XRP price is up 2% on the day and could rally an additional 7%.
The crypto market has broken its five-day consolidation to the upside. Key levels have been identified to gauge where cryptocurrencies may find resistance moving forward.
Bitcoin price back within the range
Bitcoin price currently auctions at $23,084, as profit is being taken on smaller time frames after rallying 5% earlier in the day. While the bulls have accomplished a new high on the month at $23,816, the daily settle has closed within the previous five-day range. The retracement could suggest problematic market behavior in the days to come.
It is evident now that the BTC faces significant resistance near $24,000. Since BTC is already up 40% since January 1, traders may want to move their stop losses higher to secure profits in the event of a stronger decline. A second attempt at the daily low at $22,300 could catalyze a stronger move to the downside with key targets at $20,719 and $19,695. The best bearish scenario creates the possibility for a 15% decline from Bitcoin's current market value.
BTC/USDT 1-day chart
On the contrary, a daily close above $24,000 could signal more uptrend potential. Key levels of interest would be the $24,800 and $25,400 liquidity zones. BTC would rise by 10% if the bulls were to succeed.
Ethereum price wipes out liquidity
Ethereum price witnessed the largest red day in 2023 as the decentralized smart contract token fell by 4% on January 23. Since the breach, the ETH price has pulled off an impressive 180, rallying by 5% and reconquering the $1,600 zone.
Ethereum price currently auctions at $1,623. The back-and-forth price action is sure to trap traders on one side of the market. Currently, the bears are holding more risk as the January 25 auction settled with a 5% gain above the 8-day exponential moving average.
The next trade will likely propel ETH into the $1,700 zone, resulting in an additional 7% increase in market value.
ETH/USDT 1-day chart
Invalidation of the bullish trade idea could arise from a sweep of the recent low at $1,523. A second attempt at the low would lead to a much stronger decline targeting the 21-day simple moving average at $1,490, and potentially the $1,400 barrier. The Ethereum price would decline by 15% under the bearish scenario.
XRP price has a decision to make
XRP price Is up 2% on the day as the bulls have bounced from a previous resistant trend line. The breached trend, which acted as resistance between January 14 and January 20 when XRP traded at sub-0.400 price levels, provided cushion space for bulls to enter the market during an early afternoon sell-off on January 25.
XRP price currently auctions at $0.415. At the current time, the back-and-forth price action this week is a firm signal that the market will witness a strong move in the coming days. If the direction is north, the Ripple price will tag November's broken support zone at $0.440. The bullish scenario creates a potential 7% spike from XRP's current market value.
XRP/USDT 1-day chart
On the contrary, a second attempt at the current daily low at $0.396 could trigger a cascade of selling. Traders should look for support levels to step in near the 21-day simple moving average at $0.381 and $0.375 as a second target. The bears would forge a 15% dip in market value if successful.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Follow us on Telegram
Stay updated of all the news
Cardano network’s Charles Hoskinson warns traders against AI token scams ahead of Apple developer conference
Charles Hoskinson, the founder of Cardano, has warned the crypto trading community against scams. With market participants watching the upcoming Apple 2023 WWDC lined up for Monday, there is a rally in artificial intelligence-based (AI) tokens.
Terra LUNA Classic price on the rise as Montenegro court approves Do Kwon’s second bail request
Terra LUNA Classic price yielded double-digit gains overnight for holders. LUNC price rallied in response to the recent development in Do Kwon’s bail request. The next hearing in Kwon’s case is June 16.
Pro-XRP attorney says Ripple has 25% chance of winning against SEC, Judge could announce verdict by September
Ripple has a 25% chance of winning its legal battle against the US Securities & Exchange Commission (SEC), according to pro-XRP attorney John Deaton. Over the weekend, Deaton shared his opinion on Ripple’s likelihood of both an outright win and a partial victory.
Why Solana price is primed for 30% rally
Solana price shows quite a few developments on the daily chart, all of which point to a bullish future for SOL holders. Investors can expect a quick run-up, which could develop into a medium-term uptrend if these optimistic conditions remain bullish.
Bitcoin: BTC targets $30,000 as short-term bias turns bullish
Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.