Top 3 Price Prediction for Bitcoin, Ethereum, Ripple: BTC range leaves investors confused

Bitcoin price consolidation could resolve into a short-term correction to $27,330.
Ethereum price sell signal triggers an initial downtrend but bears target $1,767.
Ripple price eyes a retest of stable support levels at $0.433 and $0.413.

Bitcoin (BTC) price continues to move sideways in a tight range with no resolution. However, a closer look at the price action suggests that a steep correction could be on its way. If bears are successful, Ethereum (ETH) and Ripple (XRP) could be in trouble as well.

Also read: Bitcoin ETFs are not a winner take all, experts say, as influence on crypto exhausts

Bitcoin price ready to shed weight

Bitcoin (BTC) price shot up 27% from $24,777 on June 15 to set up a local top at $31,500 on June 23. As the third quarter takes off, BTC swept the $31,500 level for buy-stop liquidity and set up a new high at $31,568. It has since shed 3.65%.

Currently, Bitcoin price trades at $30,438 and could end its two-week consolidation with a downward breakout that drives BTC into deep discount mode. The midpoint of the 27% ascent at $28,138 is equilibrium. Any move below this level would technically place BTC at a discount for buyers.

Likewise, the $27,330 and $26,767 are two deep discount levels where sidelined buyers could step in. Hence, bears could consider booking profits after a 10% and/or 12% descent from the current position.

BTC/USD 4-hour chart

On the other hand, if Bitcoin price flips the second-quarter high at $31,500 into a stable support floor, it would invalidate the bearish thesis. In such a case, BTC could attempt a rally to the $35,000 and $36,000 levels.

Also read: Veteran trader Peter Brandt calls Binance ‘scam of the decade’ as Bitcoin, Ethereum trade at discount

Ethereum price continues to descend

Ethereum (ETH) price created a bearish divergence setup above the four-hour time frame. The resolution of this technical formation led to a 7.6% downtrend between July 3 and 6. Since then, ETH has recovered and currently trades at $1,877.

If bulls fail to take control of Ethereum price, it could lead to a nearly 6% downswing that retests the $1,767 support level.

ETH/USD 4-hour chart

While the bearish outlook for Ethereum (ETH) price makes logical sense, bulls need to retake the 1,921 hurdle. A flip of this level into a support floor would invalidate the pessimistic outlook. Such a development would see ETH revisit the $2,000 psychological level and attempt a retest of the $2,700 critical hurdle.

Ripple price stagnates between key levels

Ripple (XRP) price has been ranging between two critical barriers at $0.548 and $0.413 for nearly four months. The recent retest of the range high has led to a 10% downtrend, where XRP price currently trades at $0.476.

If bears continue their rampage, Ripple price could retest the $0.433 and $0.413 support floors.

XRP/USD 1-day chart

Regardless of where Ripple price is currently trading, if Bitcoin price rips higher, the chances for XRP bulls will improve vastly. In such a case, if XRP price manages to turn the $0.548 hurdle into a support floor, it will invalidate the bearish thesis. This development could potentially push the remittance token higher and tag the $0.774 barrier.

Like this article? Help us with some feedback by answering this survey:

Share: Cryptos feed

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.