Top 3 Price Prediction Bitcoin, Ethereum, Ripple

(Akash Girimath – FXStreet)

– Bitcoin price is likely to pull back to the $21,250 support level as bulls exhaust after a 45% upswing.

– Ethereum price leads the corrective move as it slips below the equal highs at $1.679.

– Ripple price bounces off the $0.381 to $0.400 support level, denoting a resurgence of sellers or profit-taking.

Bitcoin price shows a tight range formation after rallying for a month. This pause is being seen across Ethereum and Ripple prices, but not all altcoins. Some cryptocurrencies are rallying without a stop; so investors need to exercise caution as this house of cards built over the last month could come crumbling down.

Paypal Suspends Stablecoin Development Due to NYDFS Examination

February 11, 2023

Evolution of Crypto – Its Advantages Over Traditional Fiat Currencies

February 8, 2023

Bitcoin price needs to cool off

Bitcoin price has inflated 45% in the last month and is currently hovering around $23,000. A breakdown of the risk and support trend line at roughly $22,800 will signal a bearish outlook. Such a development could see BTC retrace to the 50-day Exponential Moving Average (EMA) at $21,231.

Beyond this level, Bitcoin price could tag the 100-day and 200-day EMAs at $20,087 and $19,460, respectively.

BTC/USD 1-day chart

While the outlook looks bearish, a daily candlestick close above the $25,000 psychological level will invalidate the pessimistic outlook for Bitcoin price. Such a move could trigger a run-up to $28,000 or $30,000 resistance levels.

Ethereum price ready to make a move

Ethereum price has shown weakness long before BTC did. A prime example of this is January 21, which is when ETH formed its top and market a reversal. However, for the Bitcoin price, this happened a week later.

Regardless, a breakdown of the $1,512 will confirm the start of a bearish descent and potentially knock the Ethereum price to $1,429 and $1,331 support floors.

ETH/USD 1-day chart

On the other hand, if the markets are going to remain bullish, Ethereum’s price needs to flip the $1,679 hurdle into a support floor and continue making higher highs. In such a case, ETH could tag the $1,820 and $2,000 blockades.

Ripple price at an inflection point

Ripple price followed the Bitcoin and Ethereum duo but at a much slower pace. As a result, XRP price rallied only 30% and is already taking a U-turn. After forming a local top at $0.433, the remittance token has now pulled back to retest the $0.400 to $0.381 support barrier.

A breakdown of $0.381 will confirm the start of a sell-off and is likely going to drive Ripple’s price to retest the $0.331 support level.

While things are looking bad for Ripple’s price, a daily candlestick close above $0.448 will confirm the presence of bulls. Such a move will further propel the XRP price to retest the $0.471 hurdle.

Read If Ethereum withdrawals are enabled today $1.5 billion in ETH would be on the move, here’s why this matters

Post Views: 119