- Bitcoin price is back above the $28,633 support level as markets adjust to the FOMC announcement on May 3.
- Ethereum price could rise 10% as the imbalance created by the FVG acts as a magnet for ETH.
- Ripple price is up almost 1% in the last 24 hours, printing what can very well be a bullish reversal.
Bitcoin (BTC) price has gained ground in the wake of the Federal Open Market Committee (FOMC) announcement, and with it, Ethereum and Ripple price are showing signs of improvement. Thanks to this newly found positive momentum, bulls appear to be putting a new threshold on BTC, with all credit going to the series of macro events that have just been completed.
Bitcoin price trades with a resounding bullishness
Bitcoin price, at $28,890 at the time of writing, is bullish with anticipation for more gains. The flagship crypto is back above the $28,633 level after modestly withdrawing to $28,360 just after the FOMC rate decision, marking a 0.96% increase around the development.
The bullish rating is evidenced by the position of the Parabolic SAR under the current Bitcoin price. BTC now faces a new threshold at $30,601, which could be attained if buying pressure increases. Such could be achievable if sidelined investors buy BTC at the current market value, thereby defending above the $28,633 support level.
Bitcoin price also enjoys strong downward support due to the 50-, 200-, and 100-day Exponential Moving Averages (EMA) at $27,802, $25,934, and $24,447 buyer congestion zones, respectively. A sustained increase in buying pressure could see BTC rise 6.85% to the $30,601 resistance level before collecting buy-side liquidity above this level.
BTC/USDT 1-Day Chart
Conversely, if retail traders start booking profits, Bitcoin price could descend below the critical support at $28,633. A break below this supplier level could see BTC revisit the psychological support at $27,708, below which the cliff could deliver the king crypto to the bears under $27,000.
Also Read: These three catalysts are key to Bitcoin price rally to $35,000
Ethereum price eyes 10% gains
Ethereum (ETH) price remains subject to Bitcoin dominance, showing signs of a recovery rally as the Fair Value Gap (FVG on the chart) between the April 18 and 20 wicks creates an imbalance that has to be filled.
Fair Value Gaps are created within a three-candle sequence and are commonly visualized on the chart as a large candle whose neighboring candles’ upper and lower wicks do not fully overlap the large candle. With this vacuum acting as a magnet, ETH could rise 10% to tag the $2,129 resistance level, thereby completing the inefficiency highlighted in pink.
Like in the case of Bitcoin, Ethereum price also has strong downward support presented by the 50-, 100-, and 200-day EMA at $1,845, $1,745, and $1,675, respectively. These supplier congestion zones were ideal entry points for sidelined investors to come in and solidify the speculated uptrend.
ETH/USDT 1-Day Chart
On the other hand, if selling pressure ensues, Ethereum price could drop below the 50-day EMA- acting as support- before a continued downtrend that would see investors lose money in the near term.
Also Read: Ethereum price primed for 20% gain as rally shows no sign of exhaustion
Ripple price displays a bullish reversal with a 0.8% gain on the day
Ripple (XRP) price is up 0.8% in the last 24 hours to exchange hands at $0.45 at the time of writing. The newly found bullish momentum comes in tandem with the wider market. The price recovery could prove instrumental in refocusing the XRP community on breaking above the $0.49 resistance level.
If the recovery is sustainable enough to facilitate growth, the Ripple price could rise around 10% to breach the aforementioned hurdle, clearing the path for further gains. The supplier congestion zone due to the 50-day EMA at $0.46 above the price, and the 100- and 200-day EMA at $0.44 and $0.43 levels, respectively, could provide the requite momentum to solidify the uptrend.
XRP/USDT 1-Day Chart
Nevertheless, it is impossible to ignore the low trading volume, which is only up by a meager 0.8% as of press time. Without significant growth in trading volume, buyer momentum for XRP could not be equal to Ripple price growth, meaning it could not keep the price up for long.
If such an outcome prevails, Ripple price could revisit the late March lows around $0.42, denoting an 8% downswing.
Also Read: Coinbase terminates its Bitcoin loan service, meets Ripple legal team to discuss crypto regulation
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