- Bitcoin price has breached the $30,000 level for the first time since June 2022, but momentum indicators suggest a looming correction.
- Ethereum price could rise 5% to tag the $2,000 resistance level ahead of Shanghai/Capella upgrade.
- Ripple price could rally almost 10% if buyer momentum takes it above the $0.51 resistance level.
Bitcoin price (BTC) is trading with a positive bias after bulls flocked to the market to breach a key barrier. However, a pullback seems near sight. Nevertheless, altcoins seem to conform to the BTC dominance with Ethereum price (ETH) and Ripple price (XRP) flashing green ahead of positive network developments.
Bitcoin price could pullback before a steadfast uptrend
Bitcoin price breached the $30,000 level on April 11 to exchange hands for $30,208 at the time of writing. The king crypto boasts four consecutive green bars on the daily chart as bulls take the lead. However, based on the position of the Relative Strength Index (RSI) at 71, it appears BTC is overbought and a correction may be due.
If this happens, Bitcoin price could retrace south, losing the support at $28,881 before another leg down to the $27,724 support level. A pullback to this area could spark fear among investors, causing them to hedge their positions to avoid further losses.
An increase in selling pressure from the aforementioned position could send Bitcoin price lower to the $26,555 support level right before confronting the 50-day Exponential Moving Average (EMA) at $26,148.
In the dire case, Bitcoin price could plunge to tag the support confluence due to the horizontal line and the 100-day EMA at $24,177. This would be the ideal turnaround point for bulls to kickstart a northbound move.
BTC/USDT 1-day chart
Conversely, if buyer momentum increases above the current price of $30,208, Bitcoin price could ascend to breach the immediate barrier at $30,487. In highly bullish cases, the king crypto could reach up to tag the $31,438 barricade. A tactical use of this supplier congestion zone could pave the way for a continuation toward the psychological $34,000.
Ethereum price could rise 5% in the days leading to the Shanghai Upgrade
Ethereum price identified a pivot on April 9, using the $1,835 support level as the turnaround point for a recovery rally. The uptick came as the countdown to the Shanghai/Capella upgrade continues, with investors presumably hoping to benefit from the “sell the news” event.
Accordingly, with the upgrade scheduled for April 12, investors should expect more gains for Ethereum price, potentially rising 5% to tag the $2,000 level. The position of the RSI at 63 also adds credence to this thesis, indicating there was still more room for the upside before the largest altcoin was overbought.
ETH/USDT 1-day chart
Nevertheless, if smart traders already anticipate a similar price action to what was witnessed before and after The Merge, early profit takers could start booking theirs soon. If this happens, the Ethereum price could drop toward the $1,835 support level.
An increase in selling momentum below this level could see Ethereum price find support at the $1,753 level, around where the April rally started.
Ripple price readies for a bullish breakout
Ripple price could explode almost 10% if bulls breach the $0.51 resistance level. A decisive candlestick close above this critical barrier could lead to a notable surge, pushing XRP to new local highs around $0.59.
To get there, however, XRP bulls must overcome the $0.55 resistance level, a move that could trigger a significant surge in buying activity, potentially leading to a rally that could solidify the uptrend for the remittance token.
XRP/USDT 1-day chart
Nevertheless, the future for XRP remains at the balance given the pending summary judgment by Judge Analisa Torres on the Ripple versus SEC case. A ruling in favor of the regulator could trigger a sell-off among XRP holders, causing Ripple price to dive south.
In such a motion, Ripple price could revisit the $0.48 support level or, in the dire case, plunge towards the support confluence due to the horizontal line and the 50-day EMA at $0.44.
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 on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
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.