- Bitcoin price recovery is in effect and suggests it could extend up to $53,687.
- Ethereum price eyes retest of $4,500 and $4,660 as markets recovery after December 4 flash crash.
- Ripple price locks in on the $1 psychological level as it hovers around $0.688.
Bitcoin price is currently consolidating after a minor recovery from the brutal sell-off on December 4. The recent uptick in buying pressure has pushed BTC higher, and altcoins have followed suit. Going forward, investors can expect Ethereum, Ripple and others to continue heading higher.
Bitcoin price vies to climb
Bitcoin price dropped from roughly $57,000 to nearly $40,000 less than a day, starting December 4. This flash crash pulled the entire market down, causing liquidations across the board. However, investors were quick to buy the dip, leading to quick recovery to $46,700.
While this short-term uptick is currently stabilizing around $49,010, investors can expect a further climb in BTC price to the first critical hurdle at $53,687. This move would constitute a 10% upswing.
Beyond which are a lot of underwater investors, with a majority of them hovering around the $60,000 psychological level. Therefore, the upside for BTC remains capped at roughly $53,000.
BTC/USD 4-hour chart
If Bitcoin price fails to produce a higher high above $48,950 and makes a run for the $50,000 psychological level or higher, it will indicate that the buyers are exhausted. In this case, if the big crypto produces a lower low below $46,698, market participants can expect the Bitcoin price to retest $40,867.
A breakdown of this barrier will invalidate the bullish thesis.
Ethereum price holds up
Ethereum price sliced through the $4,000 psychological level and retested the $3,400 barrier. Due to the quick buying pressure, ETH recovered to $3,890 and is currently trading at $4,170. Investors can expect the smart contract token to continue its upswing toward the $4,500 hurdle after a 6% ascent.
In some cases, Ethereum price could extend to retest the $4,659 resistance level, representing a 12% climb from the current position.
ETH/USD 4-hour chart
While things are looking up for Ethereum price, a breakdown of the $3,890 support level will trigger a 12% crash to $3,400. A lower low below this foothold will invalidate the optimistic narrative for Ether.
Ripple price struggles below vital barriers
Ripple price sliced straight through the $1 psychological level and produced a swing low at $0.583 as the cryptocurrency markets took a dive on December 4. While this initial downswing was steep, recovery is currently in progress.
So far, XRP price has climbed to $0.789 and eyes to keep this going. Investors can expect the remittance token to rally at least 30% before it retests the $1 psychological level and heads to collect the liquidity resting above the immediate resistance barrier at $1.03.
XRP/USD 12-hour chart
On the contrary, if Bitcoin price fails to rally and proceeds to crash again, investors can expect Ripple price to follow suit. In this situation, the XRP price could revisit the $0.688 support level. However, a breakdown of the $0.613 demand barrier will create a lower low and invalidate the bullish thesis.
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
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.