Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Faux strength or resurgence of bullish momentum?


  • Bitcoin price will undo the bearish outlook if it can turn the $24,565 resistance level into a support floor.
  • Ethereum price attempts to reclaim the $1,730 level but depends massively on BTC’s directional bias.
  • XRP price hints at a potential 12% rally but this move has a small time window to complete its objective.

Bitcoin price shows a resurgence of buying pressure as the eastern markets open fresh to a new week. This development, while bullish, could turn sour if BTC fails to overcome a significant hurdle. Assuming this occurs, the recent surge in Ethereum, Ripple and other altcoins could also quickly come undone.

Bitcoin price takes another jab

Bitcoin price fractal explained earlier is still in play, however, the recent surge in bullishness has caused BTC to slice up through the $23,383 to $24,198 supply zone. This move could extend until the one-hour price inefficiency at $24,362 is tagged.

This is the point of no return for bears and hence has to be defended. However, if BTC bulls take control and flip the $24,565 resistance level into a support level, it will invalidate the fractal formation and trigger a rally to $28,000 or $29,000.

BTC/USDT 4-hour chart

BTC/USDT 4-hour chart

Regardless of the bullishness, if BTC fails to move past the $24,362 level, it will indicate that the bearish outlook remains intact. In such a case, investors can expect Bitcoin price to return to the 200-week Simple Moving Average (SMA) at $22,794.

A breakdown of the 30-day Exponential Moving Average (EMA) at $22,694 will confirm the start of a bearish regime and open the idea of a crash to $21,440 and $21,115.

Ethereum price wants to test its strength

Ethereum price is trying to make a comeback and is currently retesting the $1,730 resistance level, which coincides with the 100-day EMA. This cluster of resistance levels is a make-or-break point for ETH, and a breakout will result in an explosive move to $2,147, aka the 200-day EMA.

This scenario, however, is heavily reliant on the price action of Bitcoin. If BTC bulls fail to push price past the $24,565 resistance level, it could undo this optimistic attempt.

ETH/USDT 1-day chart

ETH/USDT 1-day chart

On the other hand, if Ethereum price gets rejected at $1,730 of its own accord or due to the influence of Bitcoin price, it will likely confirm the presence of bears. In such a case, ETH could slide lower and fill the four-hour price inefficiency at $1,446.

XRP price cements its next move

XRP price seems to be in a better position than ETH as it is above the 30-day and 50-day EMAs and shows potential to rally toward the 100-day EMA at $0.421. Therefore, investors must be prepared for an explosive 12% move.

This window to rally should be taken with a grain of salt since Bitcoin price could get rejected and reverse its trend, putting an end to the bullishness that is currently in the market.

XRP/USDT 1-day chart

XRP/USDT 1-day chart

While things are looking up for XRP price, a rejection at the $0.381 resistance level will indicate that the bulls are weak and their dreams are likely to be left unfulfilled. A breakdown of the 30-day EMA at $0.362 will invalidate the bullish thesis and trigger a potential crash to $0.340.

 


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

Bitcoin Weekly Forecast: Further upside likely after hitting new all-time high

Bitcoin Weekly Forecast: Further upside likely after hitting new all-time high

Bitcoin (BTC) surged more than 10% this week, hitting a new high of $76,849 on Thursday, buoyed by the crypto-friendly candidate Donald Trump’s victory in the US presidential election.

More Bitcoin News
Cardano breaks above descending trendline, eyes April high as bullish momentum builds

Cardano breaks above descending trendline, eyes April high as bullish momentum builds

Cardano extends gains on Friday, following a close above a descending trendline the previous day. Technical indicators and on-chain data show bullish momentum, suggesting a rally ahead.

More Cardano News
Top 3 Price Prediction: BTC touches new all-time high near $77,000 following Fed rate cut

Top 3 Price Prediction: BTC touches new all-time high near $77,000 following Fed rate cut

Bitcoin price rallied and reached a new all-time high of $76,849 following the US Federal Reserve’s 25 basis point rate cut. Ethereum and Ripple followed suit and closed above their key resistance levels, hinting at a possible rally ahead.

More Cryptocurrencies News
Bitcoin, crypto market remain in uptrend following 25 bps Fed rate cut

Bitcoin, crypto market remain in uptrend following 25 bps Fed rate cut

Fed Chair Jerome Powell stated that the FOMC lowered the Fed funds rate by 25 basis points. The rate cut comes after Bitcoin reached a new all-time high price upon Donald Trump's election victory.

More Bitcoin News
Bitcoin: Further upside likely after hitting new all-time high

Bitcoin: Further upside likely after hitting new all-time high

Bitcoin (BTC) surged more than 10% this week, hitting a new high of $76,849 on Thursday, buoyed by the crypto-friendly candidate Donald Trump’s victory in the US presidential election.

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