- 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
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
Ripple's XRP set sights on $1.100 following renewed investor interest
Ripple's XRP rallied nearly 20% on Tuesday, defying the correction seen in Bitcoin and Ethereum as investors seem to be flocking toward the remittance-based token.
Dogecoin Price Prediction: Could DOGE ETF spark new all-time high after 130% rise?
Dogecoin rose over 15% on Tuesday as traders anticipate a price move toward the $1 threshold following Bloomberg analyst Eric Balchunas's post regarding a DOGE exchange-traded fund.
Hedera's HBAR rallies nearly 20% as Canary Capital files for HBAR ETF
Hedera's HBAR is up nearly 20% on Tuesday as Canary Capital submitted an S-1 registration to the US Securities & Exchange Commission for an HBAR exchange-traded fund.
Ethereum Price Forecast: ETH down despite hype from Beam Chain unveil
Ethereum is down 1% on Tuesday despite developer Justin Drake proposing the Beam Chain, a new consensus layer that aims to ship a series of changes that will fast-track the Main chain's roadmap to faster block times and quantum resistance.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
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.