- Bitcoin price is retesting its weekly resistance level of $67,147.
- Ethereum price finds support around $3,321, the price imbalance between $3,146 and $3,498.
- Ripple price faces rejection due to the key resistance level of $0.499.
Bitcoin (BTC) and Ripple (XRP) prices are poised for short-to-midterm corrections, while Ethereum (ETH) hints at a potential rally.
Bitcoin price faces resistance at a major level
Bitcoin price daily candlestick closed at $66,043 on Friday and is currently moving upward toward its weekly resistance level of $67,147.
If BTC breaks above this weekly resistance level and flips it into a support zone, then it could rally 6% from the point of breakout to reach its previous resistance of $71,280.
However, if BTC fails to break above the $67,147 level, then it could have a short-to-midterm downward correction in the coming days, tagging the midpoint level of the price imbalance between $63,118 and $64,602 at $63,813.
This midpoint level also roughly coincides with the 50% retracement level at $64,258, calculated from the swing low of $56,523 on May 1 to a swing high of $71,994 on May 21.
If BTC bounces off $63,813, it could rally 6% to reach its previous resistance level of $67,147.
If the bulls are aggressive and the overall crypto market outlook is positive, then BTC could extend an additional rally of 6% to reach its previous resistance level of $71,280.
BTC/USDT 1-day chart
However, if Bitcoin price breaks and closes below its daily support level of $60,800, the bullish thesis would be invalidated, leading to a 4% drop to its weekly support level of $58,375.
Ethereum price poised for a rally
Ethereum price bounced 7% from a low of $3,362 on Friday to its current trading at $3,614.
The $3,362 level roughly hovers around the 61.8% Fibonacci retracement level and the price imbalance midpoint between $3,146 and $3,498.
If this support holds, ETH price could rally 10% from its current trading price of $3,614 to tag its previous resistance level of $3,977.
ETH/USDT 1-day chart
On the other hand, if Ethereum's daily candlestick price closes below the $3,279 level, it would produce a lower low and signal a break in the market structure. This move would invalidate the aforementioned bullish thesis, potentially triggering an extra 13% crash to the previous support level of $2,864.
Ripple price is set for a correction
Ripple price faces resistance at its daily resistance level at $0.499.
If this resistance level holds, XRP could experience a 7% short-to-midterm downward correction from its current trading price of $0.488 to its recent low of $0.450.
If the bears are aggressive and the overall crypto market outlook is negative, then XRP could extend an additional decline of 7% to reach its previous low of $0.419 from April 13.
XRP/USDT 1-day chart
On the other hand, if the Ripple daily candlestick closes above $0.499, XRP could rally roughly 7% to its previous high of $0.532 on June 5.
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
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.