(Akash Girimath – FXStreet)
– Bitcoin price is ready for a move to $25,000 after overcoming the 200-week SMA.
– Ethereum price awaits capital rotation to make a move to $1,700 and $2,000 hurdles.
– Ripple price shows strength and rallies alongside the big crypto’s bulls.
Bitcoin price is making a significant move with a select few altcoins, including Ripple price. However, Ethereum price seems to have taken a backseat and shows no signs of moving, at least for now.
Bitcoin price is the most bullish among the bunch
Bitcoin price has done the impossible, it has flipped the 200-week Simple Moving Average (SMA) at $22,631 into a support level by producing a daily candlestick close above it. This development is a bullish trigger and has caused many investors to pivot their capital from altcoins to BTC.
As a result, only the big crypto and a select few altcoins are rallying. The most likely target for bulls would be to retest the midpoint at $25,000. This level is where a local top could form for Bitcoin price.
If Bitcoin price produces a daily candlestick close below $22,631, it will indicate a weakness among buyers. However, a four-hour candlestick close below $21,670 will flip the range high into a resistance level and invalidate the bullish thesis.
Ethereum price struggles but remains optimistic
Ethereum price has swept the $1,284 hurdle and is currently grappling with the $1,543 resistance barrier. Although ETH has flipped the latter level into a support floor, it lacks bullish momentum to trigger a run-up.
Therefore, patient investors are likely to be rewarded when capital rotates from BTC to ETH. In such a case, market participants can expect Ethereum price to revisit the $1,700 level next. Under special circumstances, the smart contract token might even revisit the $2,000 psychological level.
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Regardless of the bullish optimism, if Ethereum price fails to stay above the $1,543 level, it will ruin the positive outlook. In such a case, ETH could revisit the $1,284 level, but at that point buyers will have another attempt to push ETH higher.
Ripple price ready for more gains
Ripple price has bounced off the declining trend line at $0.353 and triggered a rally. This trend is likely to reach the range high at $0.387 if the momentum continues to flow in.
Investors can expect an extension of the uptrend if the XRP price manages to flip the $0.387 hurdle into a foothold. In such a case, Ripple price could revisit the $0.439 resistance barrier.
While things are looking up for Ripple price, a rejection at $0.387 is still a likely outcome, especially if the markets cool off. However, if this rejection produces a four-hour candlestick close below $0.336, it will invalidate the bullish thesis.
Read Crypto billionaire Sam Bankman-Fried believes the bottom is in
