- Bitcoin price shows signs of a bottoming process as it trades around the $42,000 level.
- Ethereum price needs to clear the 200-day SMA at $3,431 to embark on a 15% uptrend.
- Ripple price lacks volatility and has its upside potential capped at $0.826.
Bitcoin price is hovering around a crucial barrier moving sideways, suggesting a massive move could be around the corner. Ethereum is already showing promise of a recovery rally while XRP slacks around. Some altcoins are already swinging higher, showing strength and optimism.
Bitcoin price positions itself for a quick run-up
Bitcoin price has been stuck trading around the $42,000 level for nearly a week. The big crypto could form a bottom after it dips for the third time into the liquidity pool below $41,492. This swing low could trigger an uptrend that penetrates above the support floor mentioned above.
The resulting rally aims to retest the $45,678 resistance barrier after a 10% ascent. In some cases, the run-up could extend to $48,027 or the 200-day Simple Moving Average (SMA) around the same level.
In total, BTC could stand to gain 15% if the aforementioned bullish scenario plays out.
BTC/USD 4-hour chart
While things are looking good for Bitcoin price, a breakdown of the liquidity pool’s lower limit at $39,057 will create a lower low, invalidating the bullish thesis. This development could further crash BTC to $30,000.
Ethereum price prepares for a relief rally
Ethereum price is following Bitcoin’s steps and is currently hovering around the $3,153 barrier. Although ETH has recovered above it, there is a chance it could slice through it to produce another swing low, completing its bottoming process.
This development in ETHis likely to trigger an uptrend to $3,629, constituting a 15% surge, closely following BTC. In some cases, the rally could break through the immediate resistance barrier and make a run for the $3,852 hurdle and the liquidity resting above it. Cumulatively, ETH could see potential gains of 22% if the optimistic scenario plays out.
ETH/USD 6-hour chart
Regardless of the optimism, Ethereum price needs to slice through the 200-day Simple Moving Average (SMA) at $3,431 to fulfill its 22% ascent. A failure to pull through could lead to a 6% crash to the $2,963 support level.
A six-hour candlestick close below this barrier will create a lower low, invalidating the bullish thesis. This swing low could be the origin of a down move that pushes ETH down to $2,764.
Ripple price completes its downside objective
Ripple price collected the liquidity resting below $0.749 from the January 6 flash crash. Since then, the XRP price has been hovering around the same level. This consolidation could be a bottoming pattern before the downtrend attempts a reversal.
Unlike BTC or ETH, XRP price seems to lack volatility, however, and investors should not hold their breath. Expect the uptrend to be capped at $0.823.
XRP/USD 4-hour chart
If the buying pressure fails to push Ripple price higher, there is a higher possibility it will revisit the $0.705 support level. A four-hour candlestick close below this barrier will create a lower low, invalidating the bullish thesis.
Such a development could take XRP price down to $0.604, where the buyers can attempt another uptrend.
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
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin ETFs beat Gold ETFs with 65% gain since launch
Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand
Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.