- Bitcoin price could make a 5% run to the supply zone at $29,000 if it successfully shatters the $28,096 barricade.
- Ethereum price has the $1,674 resistance level in sight with a buy signal pending activation.
- Ripple price on a one-way trip to $0.5604 as XRP holds above an ascending trendline.
Bitcoin (BTC) price is showing some degree of optimism ahead of the weekend, with the same narrative going for Ethereum (ETH) and Ripple (EXRP). It all points to fired-up bulls as volatility resumes in the market. It is also a sign to exercise caution to avoid being caught in a bulltrap.
Also Read: @Satoshi X account tweets for first time in 5 years, touts Bitcoin as a predicate machine
Bitcoin price eyes 5% gains to the supply zone
Bitcoin (BTC) price recovery rally continues after bouncing from the $25,114 around mid-September. It is currently testing the $28,096 hurdle after multiple failed attempts while enjoying strong support from below due to the 100-day Exponential Moving Average (EMA) at $27,350.
If Bitcoin price breaks and shatters the $28,096 hurdle, it could climb 5% to the supply zone at the $29,000 psychological level. A decisive flip of this resistance zone into a bullish breaker would clear the path into the $30,000 psychological level, or in highly bullish cases, extend to the range high at $31,508. This would denote a 13% move above current levels.
The Relative Strength Index (RSI) looks primed to continue north while sustaining above 50. Meanwhile, the Awesome Oscillator (AO) remains in the positive zone, increasing BTC’s upside potential.
BTC/USDT 1-day chart
On the other hand, after multiple rejections from the $28,096 hurdle, Bitcoin price could pull back as skeptics cut their losses. This could send BTC below the 100-day EMA at $27,349, or lower to lose the 50- and 200-day EMA at $27,054 and $26,990 levels respectively.
In the dire case, a retest of the $26,000 psychological level would seem logical. This would not only invalidate the bullish thesis, but could kickstart a fresh downtrend to test the $25,114 support floor.
Also Read: Bitcoin price will likely hit $22,800 before 2024 should it follow its nine-year pattern
Ethereum price awaits pending buy signal
Ethereum (ETH) price could climb 5% to the $1,674 resistance level as it awaits the activation of a buy signal. This would happen once the RSI decisively crosses above the signal line (yellow band).
Traders heeding this call could see ETH shatter the immediate hurdle at $1,648. In highly bullish cases, the gains could see Ethereum price overcome the 50-, 100-, and 200-day EMA at 1,664, $1,710, and $1,729 before clearing the equal highs at $1,736.
ETH/USDT 1-day chart
Conversely, a rejection from the $1,648 barrier could plunge Ethereum price into the demand zone between the $1,603 and $1,569 order block. A break and cross below the midline of this zone at $1,585 would invalidate the bullish thesis, potentially sending the Proof-of-Stake token to the $1,551 range low.
Also Read: Ethereum price dip extends, liquidates $10 million in long positions as exchange outflows skyrocket
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 holds above a trendline
Ripple (XRP) price is consolidating along an ascending trendline, steadily rising with the $0.5604 level in sight. Testing this level would constitute a 6% climb above current levels and would require overcoming the 50- and 100-day EMA at $0.5263 and $0.5351 levels.
The RSI is in an uptrend, mirroring the price action of XRP with higher highs. This shows rising momentum is driving the surge. In highly ambitious cases, Ripple price could reach the supply zone, the order block ranging between $0.6146 and $0.6432. Flipping this zone into a bullish breaker would clear the path for more gains.
XRP/USDT 1-day chart
If sellers have their way, however, Ripple price could lose the support due to the ascending trendline confirmed by a break and close below the $0.5145 support level. This would invalidate the optimistic outlook. In the dire case, it could extend to the $0.4483 level, 15% below current rates.
Also Read: XRP price uptrend continues as Ripple proponent John Deaton states a trial is unlikely
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