(Aaryamann Shrivastava – FXStreet)
– Bitcoin price is struggling to stabilize above $17,500, slipping to $16,730.
– Ethereum price recovered to test its critical support, grazing $1,250.
– Ripple is still hovering above its 19-month-long downtrend, trading at $0.34.
Bitcoin price, along with Ethereum and Ripple price, is struggling to maintain a bullish outlook. The crypto market is currently hovering around $800 billion, still substantially below the $1 trillion mark.
But the last five times the total market capitalization slipped below to the aforementioned levels, it took roughly two weeks or so to recover the $200 billion deficit. Considering the uncertain nature of the crypto space due to the FTX exchange’s collapse, a recovery rally seems less likely.
Bitcoin price hovers aimlessly
Bitcoin price tagged the $17,592 resistance level after recovering from the crash witnessed three days ago. The king coin failed to move higher and is attempting another bounce from $16,762.
A flip of the $17,592 hurdle into a support floor will indicate that the buyers are back. In such a case, market participants can expect BTC to trigger a recovery rally to $18,620.
However, if bears take control and the Bitcoin price slips below the immediate support level at $16,455, it will invalidate the bullish outlook. This development could trigger a panic sell from holders, catalyzing a crash to the $15,000 psychological level, tagged roughly two years ago.
Ethereum price continues to remain safe
Ethereum price declined and closed just below the short-term critical support level at $1,240 on November 13. The ensuing 3.1% rise brought the market value of the altcoin to $1,257.
Maintaining recovery from here on will be difficult as the smart contract token will need the momentum to push through the $14,26 critical resistance. Only then will ETH receive enough strength to flip the resistance area, extending from $1,641 to $1,761 into support block.
But if the broader market notes bullish cues and prices descend, ETH could be looking at a test of $1,000 or lower. Its June swing low stands at $919, which would be the last support before Ethereum breaks down.
Ripple price fails to make any ripples
Ripple price followed in the footsteps of Ethereum, shedding roughly 14% in three days after testing the resistance level at $0.38. Currently trading at $0.35, XRP is in the same consolidation zone as it was between June and September.
If XRP was to reinitiate this movement, it is looking at sideways momentum building up until the investors create enough buying pressure to flip $0.38 into support. That would bring it back to the zone Ripple price stood at in October and November.
On the other hand, if the prices decline, the cryptocurrency could be testing the $0.29 support level. Invalidation of this level could bring XRP back to test its 19-month-old downtrend line at $0.26, which is its last support before the altcoin continues its downtrend.