Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Ethereum at the helm of crypto bull run, as $2000 beckons


  • Bitcoin suffers rejection from $37,000, cutting short the anticipated rally to $40,000.
  • Ethereum hits a new all-time high but risks a correction before it embarks on another uptrend.
  • Ripple settles for consolidation between $0.35 and $0.4 after suffering a massive pump-and-dump action.

Ethereum roared to new all-time highs after stepping above $1,500. The breakout past this crucial level was a significant test for ETH and is likely to precede the rally towards $2,000.

Apart from the incredible movement in Ethereum, the cryptocurrency market has been relatively quiet over the last 24 hours. Ripple and Dogecoin are fighting for recovery after the pump-and-dump this week. Bitcoin has also cooled off after failing to rise above $37,000.

Bitcoin eyes another consolidation period ahead of breakout

The bellwether cryptocurrency soared above the former stubborn resistance at $34,000, as discussed on Tuesday. The bullish leg extended past $36,000 after stepping above the 200 Simple Moving Average on the 4-hour chart. However, bulls ran out of steam before dealing with the seller congestion at $37,000, a move that left the crucial $38,000 hurdle untested.

A correction is underway at the time of writing, but the Moving Average Convergence Divergence (MACD) suggests that it will not be substantial. This indicator tracks the trend of Bitcoin and measures its momentum.

The MACD line's (blue) divergence from the signal line shows that buyers are relatively in control. Consolidation above the 200 SMA is critical to the uptrend's continuation and would give buyers ample time to focus on higher levels at $38,000 and $40,000, respectively.

BTC/USD 4-hour chart

BTC/USD 4-hour chart

Ethereum takes a breather above $1,500

ETH is exchanging hands at $1,540, moments after trading new record highs at $1,575. As covered recently, Ether is poised for a massive move upwards that could overshoot the ascending triangle breakout target at $1,800.

A conservative target is $2,000 in the short-term, but if whales continue with the buying spree, Ethereum might liftoff to higher price levels. Meanwhile, support above $1,500 is needed to sustain the uptrend.

ETH/USD 4-hour chart

ETH/USD 4-hour chart

The TD Sequential Indicator has flashed a sell signal on the 4-hour chart, which could invalidate the immediate upsurge towards $2,000. The call to sell takes the form of a green nine candlestick. If validated, Ethereum price may drop in one to four 4-hour candlesticks. Apart from $1,500, other potential anchors are the 50 SMA, 100 SMA and 200 SMA.

Ripple slides back into consolidation

Ripple is trading between $0.35 and $0.4 after the pump-and-dump dust settled. Recovery is, however, an uphill battle with the seller congestion at $0.4 unshaken. On the downside, support seems to have been stressed by the 50 SMA on the 4-hour chart.

The ongoing sideways trading has also be validated by the Relative Strength Index, as it levels at the midline. Trading beyond $0.4 will revive the uptrend, with the focus shifting to $0.5.

ETH/USD 4-hour chart

XRP/USD 4-hour chart

On the flip side, XRP is not out of the woods yet and may tumble further, mostly if the buyer congestion at the 50 SMA ($0.3) is disrupted. In our earlier analysis, XRP's downtrend eyed $0.28. It is worth mentioning that the 100 SMA and 200 SMA will absorb the selling pressure, thereby preventing a sharp drop.


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


Recommended Content

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

Bitcoin and Ethereum are approaching their key support levels, and a sustained close below these marks could lead to further declines. 

More Cryptocurrencies News
TON set to launch synthetic Bitcoin to boost its DeFi solutions

TON set to launch synthetic Bitcoin to boost its DeFi solutions

TON revealed its plan on Thursday to launch a synthetic Bitcoin token on its blockchain, allowing users to trade, stake, and earn yield using BTC. Following the announcement, TON is down over 3%.

More Ton News
Maker Price Forecast: MKR could stage 40% rally

Maker Price Forecast: MKR could stage 40% rally

MakerDAO is up 2% on Thursday and could be set for a 40% rise in the coming weeks if it successfully maintains an extended move above the descending trendline of a falling wedge. On-chain data also supports the bullish outlook after a four-month-long decline.

More MakerDAO News
USDT market cap crosses $120 billion as stablecoins continue their uptrend

USDT market cap crosses $120 billion as stablecoins continue their uptrend

The stablecoin market cap continued its uptrend in October, characterized by USDT reaching a $120 billion market cap, according to a CCData report on Thursday. This indicates that investors are preparing liquidity to fuel more demand.

More USDT News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

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.

Read More

BTC

ETH

XRP