- Bitcoin price finds support from a crucial indicator signaling more uptrend potential.
- Ethereum price show strong bullish signals and is likely to rally towards $1,800.
- XRP price remains undecided as it is confined within the $0.40 congestion zone.
The Crypto market continues to show bullish signals. Still, a trade-per-trade stance is being implemented as markets are highly elevated since January's 40% rally.
Bitcoin price ready to rise
Bitcoin's price has risen 1% today after briefly losing support from the $23,000 price zone. The 21-day simple moving average has jumped in to provide support. This is the first time Bitcoin has engaged with the 21-day SMA since it traded at $16,000 during the first week of January.
Bitcoin price is currently trading at $23,082. Given these factors, it is likely that Bitcoin's will continue to move toward higher price zones. The levels of interest would be the $25,000 boundary and $27,250. This bullish scenario creates the potential for an additional 20% rally.
BTC/USDT 1-day chart
Invalidation of Bitcoin's trend could occur if the recent swing low at $22,260 is tagged. If the breach occurs, Bitcoin will likely retrace toward lower support zones within the winter-rally. The $17,000 zone has a fair chance of acting as support. A test of this barrier would result in a 25% decline from Bitcoin's current market value.
Ethereum price stair-steps north
Ethereum price has dually found support from the recently tested 21-day simple moving average. The support has created a higher low at the $1,600 level, which suggests ETH is ready to surge from the mid-$1,550 consolidation zone it has been confined in as of late.
Ethereum price is currently trading at $1,665. On smaller time frames, the Ethereum price has formed a ramping 1-2-1-2 pattern, which is likely to result in a volatile move. A conservative target to aim for would be the $1,800 price zone, and potentially the psychological $2,000 barrier. This bullish scenario creates space for a 20% rally for traders to participate in.
ETH/USDT 1-Day Chart
Invalidation of the uptrend could occur if ETH falls below the previous swing low within the consolidation zone at $1,530. If this occurs,the Ethereum price could fall towards lower support zones as low as $1,350, resulting in a 20% decline from ETH's current market value.
XRP price still undecided
XRP price continues to cause confusion as the digital asset is not moving in cohesion with the rest of the market. While Bitcoin and Ethereum have both ascended out of their previous consolidatios, the digital remittance token remains suppressed near the $0.40 zone.
XRP is currently trading at $0.399. The 8-day exponential moving average and 21-day simple moving average have both been breached and may result in a bearish cross. In the event that the cross occurs, the XRP price could fall towards previous resistance zones as low as $0.3450.
XRP/USDT 1-day chart
Invalidation of the bearish scenario could occur Ripplr hurrdles above the previous swing high within the range at $0.421. A breach of this level would likely induce a rally towards broken support zones near $0.44, resulting in a 10% increase from XRP's current market value.
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.
Recommended Content
Editors’ Picks
Ethereum supply shrinks by 70,000 ETH. Will Ethereum price hit $2,000?
Ethereum transition from Proof-of-Work to Proof-of-Stake (PoS) was the last major upgrade to the altcoin’s blockchain and the Shanghai hard fork is the next one. The shift to PoS purged 70,000 ETH tokens from the altcoin’s circulating supply.
Decentraland Price Forecast: What to expect from MANA as Metaverse Fashion Week kicks off
Decentraland price (MANA) has identified critical support on day one of the Metaverse Fashion Week. The token is trading horizontally on the four-hour timeframe as bulls push to break above a descending trendline.
Ethereum devs confirm withdrawals to begin on April 12; Here's what to expect from ETH price
Ethereum is on the verge of bringing about one of the biggest upgrades to the blockchain since the Merge. The arrival of withdrawals has been anticipated for a long time now, however, it may not be as lucrative for Ethereum price as one might expect.
Ripple holders' profit taking hits a 19-month high as XRP price shoots up by 42%
XRP price has performed beyond expectations and has marked a multi-month high, restoring confidence in its investors. These holders have also made the most of the situation and turned to sell, which could backfire on the price action soon.
Bitcoin: Should you trust this BTC sell signal or wait for $34,000?
Bitcoin price shows a clear picture of its rally after it breached a long-term bullish pattern in mid-January. As the rally takes a breather, sell signs have started to emerge, which is putting investors in a confused state.