- Bitcoin price shows signs of rallying to $35,000 at the start of a new week.
- Ethereum price is likely to follow BTC and trigger a 22% run-up to $2,541.
- Ripple price faces multiple hurdles that could subdue its bullish momentum.
Bitcoin price has been coiling up around the base of a range for quite some time. Monday’s range formation, however, indicates that an up move is likely in the coming days. Investors can expect Ethereum, Ripple and other altcoins to do the same.
Bitcoin price presents a bullish opportunity
Bitcoin price is still navigating a range extending from $29,700 to $32,627. Although the low has been swept, a concerted move higher seems unlikely due to the coincidence of Monday's high and weekly open at $31,268 providing resistance.
Investors will need to wait for a sweep of Monday’s low at $29,027 to contemplate going long BTC. On the other hand, if BTC penetrates and then flips Monday’s high at $31,268, it will reveal a stronger conviction amongst buyers and suggest a rally is likely.
In such a case, Bitcoin price could first retest the range high at $32,676. Clearing this hurdle would open the path to $34,752. Investors can expect the upside for BTC to be limited to $35,000.
BTC/USD 2-hour chart
A decisive candlestick close below $28,500 without a quick recovery will indicate that the bulls are weak and invalidate the short-term bullish thesis. In such a case, BTC could revisit $26,802 before reevaluating its directional bias.
Ethereum price lags behind BTC
Ethereum price is stabilizing above the $1,986 support level, coinciding with the lower limit of the ascending parallel channel. Depending on how the Bitcoin price unravels, there is a good chance ETH price will rise from here and retest the $2,199 hurdle.
From an optimistic perspective, Ethereum price could flip the said barrier and make a run for the $2,541 blockade, bringing the total run-up to 22%.
ETH/USD 1-day chart
On the other hand, if Ethereum price fails to stay above the $1,986 barrier, it will create a lower low and give sellers control. In such a case, ETH could crash 13% to $1,730.
Ripple price faces an uphill battle
Ripple price has slipped below the inclined trend lined extending back to March 2020. The recent uptick in XRP price has failed to push Ripple price above it, indicating the presence of a resistance barrier.
Unlike Bitcoin, which is well-positioned for an uptrend, Ripple price needs to overcome the inclined resistance barrier to retest $0.509. If this move does occur, it would constitute a 17% ascent from the current position - $0.434.
XRP/USD 1-day chart
Regardless of the bullishness, a rejection at the inclined resistance barrier could knock Ripple price down to $0.401. A spike in selling pressure that flips this support floor into a resistance barrier would create a lower low and invalidate the bullish thesis.
Such a development could see the remittance token crash 17% to retest the immediate support level at $0.336.
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's XRP set sights on $1.100 following renewed investor interest
Ripple's XRP rallied nearly 20% on Tuesday, defying the correction seen in Bitcoin and Ethereum as investors seem to be flocking toward the remittance-based token.
Dogecoin Price Prediction: Could DOGE ETF spark new all-time high after 130% rise?
Dogecoin rose over 15% on Tuesday as traders anticipate a price move toward the $1 threshold following Bloomberg analyst Eric Balchunas's post regarding a DOGE exchange-traded fund.
Hedera's HBAR rallies nearly 20% as Canary Capital files for HBAR ETF
Hedera's HBAR is up nearly 20% on Tuesday as Canary Capital submitted an S-1 registration to the US Securities & Exchange Commission for an HBAR exchange-traded fund.
Ethereum Price Forecast: ETH down despite hype from Beam Chain unveil
Ethereum is down 1% on Tuesday despite developer Justin Drake proposing the Beam Chain, a new consensus layer that aims to ship a series of changes that will fast-track the Main chain's roadmap to faster block times and quantum resistance.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
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.