- Bitcoin price liquidity has been swiped.
- Ethereum price should see a fall to $1400.
- XRP price action should be watched closely.
The cryptocurrency market is uncomfortable for investors as a Bitcoin sell-off to $28,100 on May 26th has invalidated the bullish thesis. The liquidity hunt is a valid proof of smart money's involvement in the market. Bitcoin, Ethereum and XRPcould experience more downside price action due to the unfortunate breach.
Bitcoin price has whales playing tricks
Bitcoin price magnet-like price action around $41,300 and $39,700 was once a bullish signal. It seems smart money has been holding the BTC price around this level to induce traders to open a long position. Now that the contrarian bullish triangle is invalid, the next target is a guessing game. Bears in the market should avoid being greedy and allow more time from the technicals to display potential targets.
BTC/USDT 3-Hour Chart
Invalidation of the downtrend now lies at $32,630. If this level is breached, the bulls should have enough steam to push the BTC price as high as $38,000, resulting in a 30% increase from the current Bitcoin price.
Ethereum price could shake out early bulls
Ethereum price is still decaying below the $2,000 zone. The ETH price currently trades at $1756 as the bears are following the technicals mentioned in last week's bearish thesis.
Ethereum price will likely fall to $1400 in the coming days as the bears are pushing the price down impulsively. This is the first crypto season in several years where Bitcoin holds its value while the Ethereum price withers. For these reasons, fear seems to be at an all-time high amongst investors. The Relative Strength Index has officially breached the buyers' support level, which further confounds more downside price action for Ethereum in the future.
ETH/USDT 3-Hour Chart
Ethereum price bearish invalidation now lies above $2,480. If the bulls can breach this area, the ETH price downtrend could be void. The bulls could confidently aim for a $3000 ETH price resulting in a 75% increase from the current Ethereum price.
XRP price must be watched closely
XRP price is still disappointing investors the most within the cryptocurrency market. This week, the Ripple price broke away from a consolidative triangle pattern, sending the XRP price to revisit $0.38. Still, analysts are looking for ways to forecast an alternative uptrend scenario ahead of the upcoming news event between XRP and the SEC.
XRP price could continue its erratic nature for days to come. The long-held dispute between the two forces is likely the only thing holding XRP price from reaching $1.00 and beyond. A dollar-cost average approach is still a favorable strategy for XRP maximists aiming for long-term macro targets.
XRP/USDT 3-Hour Chart
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
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
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.