Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC defies respectable correction, restores above $40,000


  • 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.

Also Read: Bitcoin price could face short squeeze, analyst says, as FTX sells nearly $1 Billion of Grayscale spot BTC ETF

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.

Also Read: Bitcoin Price Outlook: Analyst anticipates $35,000 retest for BTC as part of ‘respectable’ correction

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


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


Recommended Content

Editors’ Picks

US presidential election outcome could shape the future of crypto

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).

More Cryptocurrencies News
Bitcoin ETFs beat Gold ETFs with 65% gain since launch

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.

More Bitcoin News
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

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.

More Ripple News
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

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.

More Ethereum News
Bitcoin: New all-time high at $78,900 looks feasible

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.

Read full analysis
Best Forex Brokers with Low Spreads

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.

Read More

BTC

ETH

XRP