- Bitcoin price can retest $25,000 and $28,000 if it can overcome the inflection point at $23,000.
- Ethereum price drops 6% as it reacts to the bearish divergence seen on the 12-hour chart.
- Ripple price also shows incredible resilience as it sustains above the $0.400 support level.
Bitcoin price shows an ambiguous outlook, but Ethereum and Ripple are already showing weakness. The fate of this short-term yet exuberant rally depends on BTC and its next move.
Also read: Three reasons why crypto market is primed for a selloff
Bitcoin price sustains without breaking
Bitcoin price continues to resist a sell-off as it consolidates around the $23,000 hurdle. This level is the only one that is in the path of bulls and retesting $25,000 and $28,000 levels. However, the extended nature of this rally could be hinting at a distribution that could trigger a selloff.
From a short-term perspective, a flip of the $22,500 support level into a resistance barrier will confirm a narrative favoring bears and could cause a move down to $21,489. An extended move south will be determined by the momentum of the selling pressure.
BTC/USD 4-hour chart
On the other hand, if Bitcoin price can manage to overcome the $23,000 hurdle and flip it into a support floor, things could continue favoring the bulls. In such a case, BTC could eye a retest of the $25,000 and $28,000 levels.
Ethereum price reacts first
Ethereum price peaked at $1,679 and has dropped roughly 10% so far. While the initial reaction seems bearish, confirmation of the same has yet to arrive. A daily candlestick close below the $1,501 will create a lower low and add credence to the pessimistic outlook.
Such a development could see Ethereum price retest the $1,417 and $1,331 support levels. Further decline in ETH’s market value will happen if Bitcoin price also continues to sell-off.
ETH/USD 12-hour chart
Regardless of the bearish implication after the recent Ethereum price move, investors need to wait for a confirmation. If the big crypto continues to spike higher, the short-term dip could be just that. If Ethereum price manages to flip $1,679 into a support floor, it will invalidate the bearish bias and trigger a move to $1,820.
Ripple price remains neutral
Ripple price has overcome a string of important hurdles in its 2023 rally. This move has sliced through and flipped the $0.400 blockade that has plagued XRP holders for the last six months. Hence, the recent sell-off seems to have been supported by buyers at this aforementioned level.
As long as this barrier continues to provide buying pressure, things are not bearish for Ripple price. However, a breakdown of this level could see XRP price slide to $0.372 and $0.352 support floors.
XRP/USD 12-hour chart
While the neutral outlook for Ripple price makes sense, it will be undone by strong pressure from Bitcoin price moves. If BTC resumes its ascent, the next levels of interest for XRP price are $0.448 and $0.471, provided it manages to hold its ground around $0.400.
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
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
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.