- Bitcoin price risks a downside break if it stays below the $25,000 resistance zone.
- Ethereum price must breach the $1,704 resistance level to invalidate its bearish thesis.
- Ripple price must surpass the $0.3800 resistance level to avoid a downside break and start a fresh increase.
Bitcoin price is moving horizontally as the risk of a downside break continues to grow. With it, Ethereum price (ETH) and other altcoins like Ripple price (XRP) have conformed to a slowdown. The tokens have experienced a slight drop from the previous days as concerns over market liquidity escalate.
Good morning everyone! ☀️JPMorgan predicts that the Federal Reserve's emergency loan program could inject $2 trillion into the US banking system, potentially providing a boost to the crypto market. #crypto #bitcoin #blockchain #cryptonews #FederalReserve #EconomicStimulus pic.twitter.com/r4Glx6QK5d
— Callistemon (@Callistemon25) March 16, 2023
The declines come amid ongoing concerns about Credit Suisse, a European bank currently in ruin. Investors are worried that the situation could escalate into another banking crisis. Such an outcome could affect Bitcoin price in the short term. Meanwhile, the macroeconomic environment remains dull as economic uncertainty inspires a cautious trading atmosphere.
Bitcoin price trims gains
Bitcoin price (BTC) is at an inflection point after recording a high of $26,386 on March 14 after the CPI data release. The peak was followed by consolidation with an overall negative bias that sent the token back to the $24,000 zone.
At the time of writing, the Bitcoin price was $24,627 after shedding around 1.5% in the last 24 hours. BTC could shed more value if the price fails to break above the $25,000 ceiling.
Currently, Bitcoin price sits on near-term support at $23,931, with the confluence support due to the horizontal line and the 50-day Exponential Moving Average (EMA) at $22,459 level providing additional, more substantial support not far below.
Selling pressure will likely increase once the Bitcoin price drops below $22,459. An increase in profit-taking below this level could send BTC below the 200 and 100-day EMAs at $21,855 and $21,502 levels, respectively.
BTC/USDT 1-day chart
On the upside, if buying pressure increases, Bitcoin price could break above the $25,000 level, invalidating the bearish thesis. Above that, the BTC could regain the Tuesday highs before locking in more profits for investors.
Ethereum price faces a rejection northward
Ethereum price (ETH) is also on a gain-shedding exercise after losing some of the ground covered earlier in the week. At press time, ETH is auctioning for $1,652 after losing 0.05% in the last 24 hours. The price could drop further unless the largest altcoin breaks above the $1,704 resistance level.
Nevertheless, given Ethereum’s comparable trend with Bitcoin, and the general absence of bullish catalysts in the market, the token will likely continue dropping. Accordingly, investors should expect the Ethereum price to drop toward the $1,595 support level before possible retracement to the supplier congestion zones presented by the 50, 200, and 100-day EMAs at $1,572, $1,548, and $1,519 support levels, respectively.
The Ethereum price could tag the $1,424 support level in extreme cases.
ETH/USDT 1-day chart
On the upside, Ethereum price could climb 3.05% if buying pressure increases to confront the immediate barrier at $1,704. A daily candlestick close above this level could invalidate the bearish case.
In highly ambitious cases, Ethereum price could rise further to tag the $1,744 resistance level or reclaim the Tuesday highs of $1,780.
Ripple price upside remains capped at $0.4233
Ripple price (XRP) has been trapped below $0.4233 since November as dark clouds thicken. Resultantly, the altcoin has descended around 14% to trade at $0.3631 at the time of writing.
Ripple price also faces a growing overhead pressure due to the 50, 100, and 200-day EMAs at $0.3800, $0.3849, and $0.4056 resistance levels. These buyer congestion zones have played a role in stunting XRP’s growth in market value.
Ripple price is struggling to stay above the $0.3552 support level and must surpass the $0.3800 resistance level to start a fresh increase and avoid a downside break. Failure to do so could see XRP dip further to tag the $0.3418 support floor.
XRP/USDT 1-day chart
On the upside, if the Ripple price manages to break above the immediate resistance, the odds for an uptrend could increase. However, the bearish thesis would only be invalidated once XRP records a daily candlestick close above $0.3800.
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