- Bitcoin price could make a move north if it closes above the $40,726 support on the three-day timeframe.
- Ethereum price likely to fall 5% before inflection with uncollected liquidity residing below $2,135.
- Ripple price looks poised for recovery after a double chance on the FVG.
Bitcoin (BTC) price is attempting a recovery barely 24 hours after speculation of a “respectable correction” that was expected to send BTC to the $35,000 range. Ethereum (ETH) price is yet to heed BTC’s cue, while Ripple (XRP) appears to have bottomed out.
Bitcoin price fights to find a hinge
Bitcoin (BTC) price is pulling back after a strong rejection from the $48,000 psychological level. Despite a slippery slope, BTC has managed to reclaim the $40,000 psychological level after a range low of $38,555. BTC holders remain in murky waters until such a time when the price breaks and closes above the $40,726 support on the three-day timeframe.
The Moving Average Convergence Divergence (MACD) and Awesome Oscillator (AO) indicators remain in positive territory above their respective mean lines, inspiring hope for a possible move north.
If the bulls have their way, a decisive move above $40,726 would set the pace for Bitcoin price to breach $43,750, or in highly bullish cases, reclaim the $48,000 level. Overly ambitious outcomes could send BTC past the $50,000 psychological level, last tested in December 2021.
BTC/USDT 3-day chart
Conversely, with the Relative Strength Index (RSI) below 50 and still southbound, Bitcoin price could extend the fall, potentially slipping past the $37,800 support. Losing this buyer congestion level could send BTC to the $30,000 psychological level.
Ethereum price could extend the fall 5%
Ethereum (ETH) price may have an additional 5% in losses coming to test the $2,135 level, amid uncollected sell-side liquidity residing below this critical level. This level is critical for Ether market value, as it continues to hold Ether afloat after a prolonged consolidation since December 3.
It therefore marks a possible inflection point or another measure of quicksand to invalidate the prevailing bullish outlook.
The odds support the bearish thesis, suggesting the drop could come as the RSI is showing falling momentum as the MACD is subdued and moving in tandem with the signal line (orange band). The AO histogram bar is flashing red but still in positive territory, reinforcing the assumption that $2,135 will be critical in determining the next directional bias.
ETH/USDT 3-day chart
If the $2,135 support holds, the Ethereum price could bounce, with the potential to overcome resistance due to the midline of the channel as it targets the $2,800 level, 25% above current levels.
Also Read: Ethereum ETFs likely to get better deal than their Bitcoin counterparts
Ripple price likely to bounce from here
Ripple (XRP) price looks ready for recovery after a second retest of the Fair Value Gap (FVG) between $0.4927 and $0.5111. The RSI has tagged 30, suggesting XRP is oversold and a bullish correction may be due. A reentry by the bulls could see the Ripple price reclaim the support offered above $0.5442. In a highly ambitious case, XRP could extend the gains to the $0.5784 level. Beyond this, the next logical target for the XRP price could be the $0.6000 psychological level, standing around 16% above current levels.
XRP/USDT 1-day chart
On the flip side, if the XRP price extends the fall below the midline of the FVG at $0.5029, the load-shedding exercise could extend with Ripple price likely to revisit the $0.4746 support, around 8% below current levels.
Also Read: XRP price could gain nearly 12% as on-chain metrics signal recovery
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