- Bitcoin price falls into the 200-week moving average, liquidating $348 million in the process.
- Ethereum price did not find support at the 2017 all-time highs at $1427.01.
- Ripple price falls from a triangular pattern in nearly a straight line.
The crypto market needs to turn soon, or summer will be a very disappointing time for investors. Here’s a June recap of Bitcoin, Ethereum and XRP prices.
Bitcoin price shatters optimism
Bitcoin price currently trades at $21,800. The 200-week moving average is being tested as support, and it could be the catalyst before a reversal occurs. Coinglass has reported that $348 million have already been liquidated. Despite the severe loss in value for the peer-to-peer cryptocurrency, someone is making out as a big winner. If the bulls do not provide support soon, a break into the 2017 all-time highs at $19,798 will be the next probable target.
Invalidation for traders willing to participate in a high-risk high-reward trade setup is a breach and close above $25,500 on the daily chart. Said price action could be the catalyst to send Bitcoin price back to $28,000, resulting in a 20% increase from the current BTC price.
BTC/USDT 1-Day Chart
Ethereum price unphased by history
Ethereum price has revisited the 2017 all-time high at $1427.01 this week. To many traders' surprise, the previous resistance level provided no support as the bears pushed through the barrier level with a strong engulfing candle on the daily chart. Ethereum price now trades at $1184, a level unseen since January 2019. If the bulls do not show up soon, a break into a weekly order block around $800 could be the next bearish target.
A high-risk invalidation level is a breach above $1536. If the bulls can accomplish this bullish event, a continuation rally into $1800 could occur. The ETH price would subsequently rise 40% from the current trading price.
ETH/USDT 1-Day Chart
Ripple price hits target one
Ripple price validates last week's bearish trade setup as a breach of $0.3839 immediately sent XRP into a free-fall decline. The digital remittance token now consolidates at $0.29. Considerable volume has poured in, warranting the idea for vicious volatility spikes throughout June. If market conditions persist, an extended target at $0.24 could occur.
Invalidation for the bearish downtrend is a breach above $0.40. If this were to occur, the macro downtrend could be deemed over. XRP price could rise as high as $1.20, resulting in a 200% increase from the current Ripple price.
XRP/USD 1-Day Chart
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.