- Bitcoin price could flip $43,860 into a support floor, bringing the $50,000 psychological level into view.
- Ethereum price could climb 7% to the $2,500 level as bulls show determination.
- Ripple price could extend 10% north as bulls make a comeback in the XRP market.
Bitcoin (BTC) price remains steadfast on the higher timeframe, amid news that spot BTC exchange-traded funds (ETF) discussions are now at the technical stage of approval. Specifically, talks with Spot BTC ETF issuers have advanced to key technical details, with Reuters indicating that it could signal a shift toward a potential approval.
Also Read: This is the level to beat as Bitcoin eyes $50,000 next
Bitcoin price could overcome $43,860
Bitcoin (BTC) price is confronting the $43,860 critical support, marking the midline of a weekly supply zone extending from $40,698 to $46,999. A decisive candlestick close above this mean threshold on the weekly timeframe would confirm the continuation of the primary trend, flipping the supply barrier into a bullish breaker and using it as the springboard for a race to the $50,000 psychological level.
The Relative Strength Index (RSI) remains northbound despite BTC being overbought, indicating momentum continues to rise. Meanwhile, the histogram bars of the Awesome Oscillator (AO) remain in positive territory, flashing green to show that bulls are leading the BTC market. These bolster the case to the upside.
BTC/USDT 1-week chart
On the flipside, if the supply zone holds as a resistance level, Bitcoin price could face a rejection, deflecting south to lose the support offered by the $40,000 psychological level. In a worse case, the fall could extend to the $30,000 psychological level, with a weekly candlestick close below this level invalidating the bullish thesis.
Ethereum price could climb 7%
Ethereum (ETH) price action remains bullish since mid-October, consolidating within an ascending parallel channel. This is a bullish technical formation, promising more growth as long as the asset’s price remains within its confines.
With both the RSI and AO indicators supporting the bullish outlook, Ethereum price could rise 7% to the $2,500 level last tested in May 2022.
ETH/USDT 1-day chart
Conversely, should profit-taking kick in, Ethereum price could fail to realize the $2,500 target. The ensuing selling pressure could see ETH dwindle to lose the $2,147 support.
Ethereum price could then extend a leg down, converting the midline of the April 18 supply zone extending from $2,049 to $2,107 from a resistance area into a support area by breaking and closing below its midline at $2,075. A daily candlestick close below this level would not only invalidate the bullish thesis but also confirm the continuation of the downtrend.
Also Read: Ethereum Price Prediction: ETH attempts to flip $2,300 into support
Ethereum FAQs
What is Ethereum?
Ethereum is a decentralized open-source blockchain with smart contracts functionality. Serving as the basal network for the Ether (ETH) cryptocurrency, it is the second largest crypto and largest altcoin by market capitalization. The Ethereum network is tailored for scalability, programmability, security, and decentralization, attributes that make it popular among developers.
What blockchain technology does Ethereum use?
Ethereum uses decentralized blockchain technology, where developers can build and deploy applications that are independent of the central authority. To make this easier, the network has a programming language in place, which helps users create self-executing smart contracts. A smart contract is basically a code that can be verified and allows inter-user transactions.
What is staking?
Staking is a process where investors grow their portfolios by locking their assets for a specified duration instead of selling them. It is used by most blockchains, especially the ones that employ Proof-of-Stake (PoS) mechanism, with users earning rewards as an incentive for committing their tokens. For most long-term cryptocurrency holders, staking is a strategy to make passive income from your assets, putting them to work in exchange for reward generation.
Why did Ethereum shift from Proof-of-Work to Proof-of-Stake?
Ethereum transitioned from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) mechanism in an event christened “The Merge.” The transformation came as the network wanted to achieve more security, cut down on energy consumption by 99.95%, and execute new scaling solutions with a possible threshold of 100,000 transactions per second. With PoS, there are less entry barriers for miners considering the reduced energy demands.
Ripple price in recovery mode
Ripple (XRP) price is in a recovery rally, up almost 12% since the $0.5773 support level came into play. With the technicals in favor, XRP price could extrapolate the climb into the supply zone stretching between $0.6572 and $0.7161.
A decisive daily candlestick close above the midline of this order block at $0.6870 would confirm the continuation of the uptrend. This could see Ripple price hit the $0.7000 psychological level, 10% above current levels.
On the other hand, if the supply zone holds as a resistance order block, Ripple price could pull south to invalidate the bullish outlook below the $0.5773 support level.
Also Read: XRP price suggests bullishness as Ripple CEO credits the community with lawsuit win
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