Top 3 Price Prediction Bitcoin, Ethereum, Ripple: US ETFs drive demand, shape and accelerate BTC price action

• Bitcoin price could attempt a new all-time high above $73,777, contingent on bulls flipping centerline of Bollinger Bands indicator into support.
• Ethereum price draws closer to 25% rally, but bulls must capture $3,406 first.
• Ripple price gains momentum, XRP could make it to $0.6000 as RSI higher high confirms trend reversal.

Bitcoin (BTC) price has reclaimed territory above the $60,000 threshold after a steep dip earlier in the week. The resurgence has inspired optimism among altcoins with analysts saying they are primed for a rally.

On-chain market intelligence firm Glassnode attributes the show of strength in BTC to US exchange-traded funds (ETFs), saying there is a classic phase of euphoria in a bull market. This comes as unrealized profits surpassed more than 50% of the market capitalization size.

Also Read: Bitcoin Weekly Forecast: Should you buy BTC here?

Bitcoin price directional bias remains balanced

Bitcoin price bounced from the lower band of the Bollinger Bands indicator in the aftermath of an oversold condition. Despite the successful liquidity collection, having cleared the pool of liquidity between $60,600 and $59,005, whether the uptrend will sustain itself is contingent on bulls flipping the centerline of the Bollinger indicator into a support floor at $63,367.

A move above the aforementioned level could set the pace for a continuation of the intermediate trend. If the bulls manage to push BTC price above the $67,133, confirmed by a breakout above the upper boundary of the Bollinger indicator at $67,667, it would set the tone for a move to reclaim the $73,777 peak.

Investors should watch for a decisive move of the Relative Strength Index (RSI) above the mean level of 50. Until then, the chances of a pullback remain viable.

BTC/USDT 1-day chart

Conversely, with the RSI still below 50 and the Awesome Oscillator (AO) still in negative territory, the odds continue to favor the downside. A rejection from the centerline of the Bollinger indicator at $63,367 could send Bitcoin price lower. An extended move below could see BTC provide another buying opportunity at $55,000.

Also Read: Will new wave of capital inflows into BTC ETFs catalyze Bitcoin price rally to new all time high?

Ethereum price coils up for 25% breakout

Ethereum price continues to consolidate within a falling wedge pattern, which is a bullish reversal technical formation. The climbing RSI points to growing momentum. If buying strength increases, enough to propel the RSI above the mean level of 50, it would kickstart a new wave of bullish momentum.

A breakout above the upper boundary of the falling wedge could see Ethereum price complete the target objective of the wedge pattern, marked by a 25% rally to a level above $4,200.

ETH/USDT 1-day chart

On the other hand, if the bears have their way and profit-booking ensues, Ethereum price could retract. Losing the $2,900 level would set the tone for a lower low, invalidating the bullish thesis in the process.

Also Read: Ethereum to break out of bearish move, ETH ETFs unlikely in 2024

Ripple price eyes $0.6000, but there is a caveat

Ripple price looks primed for a rally, given the higher lows on the RSI. Traders looking to open long positions for XRP may consider waiting it out until this momentum indicator moves above the mean level.

This could send Ripple price above the $0.5715 threshold or even flip the 50% Fibonacci placeholder of $0.5847 into support. Such a move would bring the $0.6000 psychological level into focus, almost 15% above current levels.

XRP/USDT 1-day chart

On the other hand, if bears have their way, the Ripple price could drop below the immediate support at $0.4952. A break and close below $0.4500 on the daily time frame would invalidate the bullish thesis, instigating a continued fall to the bottom of the market range at $0.4188.

Also Read: XRP recovers from week-long decline following Ripple’s response to SEC motion

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