- Bitcoin prices have been consolidating in a range of $41,000 to $43,000 for over a week.
- The price of Ethereum is likely to fall, and buyers who refrain from participating will have the opportunity to accumulate approximately $2,167 in ETH.
- Another sweep is needed for Ripple price to start rising to $0.532.
Bitcoin (BTC) price trades within a narrow range, so there is no directional bias at all. However, investors are turning to Ethereum (ETH), Ripple (XRP), and other altcoins due to their volatility.
Also read: Bitcoin price continues its upward trend as Chinese investors exit the domestic market en masse in favor of US-focused ETFs
Bitcoin price pressure
Bitcoin price action over the past week shows that volatility is nowhere to be seen. BTC is trading within the $41-$43,000 range, so investors are expecting a move in either direction. Some predict that a crash to $34,000 would be necessary for the crypto pioneer to rise further. Other investors are taking a contrarian approach, expecting BTC to continue its upward trend even if it breaks out of the tightening range.
Regardless of which direction Bitcoin price goes after the breakout, this analysis will focus on the outlook for the shorter time frame. The key levels that investors need to focus on are:
- Monday’s high was $43,567
- Monday’s low was $42,229;
- Last Monday’s low was $41,167.
Using a range trading strategy, if the price wipes out liquidity above or below any of these points, it suggests that it is about to move back toward the lower or upper end of the range, and the extension of the range market continues. To do.
Given the ongoing consolidation, an initial rally is likely to reach the $43,567 level, followed by a likely rally to $41,167.
BTC/USDT 1 hour chart
On the other hand, if Bitcoin price first breaks through the $41,167 support level, investors will be able to open a long position targeting $43,567.
Ethereum price is on the rise
Ethereum price is trading within a range of $2,167 to $2,719 and is targeting a retest of the $2,400 to $2,600 resistance zone. However, considering the relative strength index (RSI) position, it seems likely that the price will break through the $2,167 level first.
A large rally followed by a rapid recovery would be an important buying signal for buyers who have been holding off on trading. This move will likely result in a retest of the midpoint of the range at $2,443.
In some cases, a gradual increase in buying pressure could push the price of Ethereum higher.
Also read: More than 50% of Ethereum’s ERC-20 tokens listed on DEXs exhibit pump-and-dump characteristics
ETH/USDT 1 day chart
In any case, if Ethereum price breaks above $2,167, it will cut the lows and invalidate the bullish thesis. In such a case, ETH could revisit sub-$2,000 levels.
Ripple price at the end of a downtrend
Ripple price shows that it is approaching a potential bottom on the 3-day chart. Investors should expect a possible clearing of the $0.468 support level before an uptrend begins.
If this drop in liquidity is followed by a quick recovery from the aforementioned levels, it would be a buy signal. In such a case, investors can expect XRP to focus on a 13% rally to retest the weekly barrier at $0.532.
Also read: Ripple’s deadline extension request in SEC lawsuit could hurt XRP price
XRP/USDT 3-day chart
The outlook for Ripple price is logical, but a break below the $0.468 support level and reversal to resistance levels from the fall 2023 lows invalidates the bullish theory. In such a case, XRP could plummet by 19% and hit the next key support level at $0.379.