- Bitcoin price continues its consolidation in the $41,000-$43,000 range for more than a week.
- Ethereum price is likely to decline, giving side buyers the opportunity to accumulate ETH around $2,167.
- Ripple price needs to rise again before it can start a rise to $0.532.
The price of Bitcoin (BTC) does not show any directional distortion as it trades within a narrow range. However, investors are paying attention to the volatility of Ethereum (ETH), Ripple (XRP) and other altcoins.
Also Read: Bitcoin price continues its upward trend as Chinese investors leave the local market in favor of US-focused ETFs
Bitcoin price pressure
Bitcoin price action over the past week shows that there is no volatility. With BTC trading in a range of $41,000 to $43,000, investors are expecting a move in both directions. Some predict that there will have to be a crash to $34,000 before the pioneer cryptocurrency sees a rally. Others take a contrarian approach and expect BTC to continue its uptrend if it breaks the tightening range.
Regardless of which direction Bitcoin price moves after its breakout, this analysis will focus on a shorter time frame. The key levels that investors need to keep an eye on are:
- Monday's high is $43,567
- Monday's low is $42,229 and
- Last Monday's low was $41,167.
With a range-bound trading strategy, if the price moves liquidity above or below any of these points, it indicates that it is about to move back within the range towards the lower or upper bound, further extending the range market.
Given the ongoing consolidation, the chances of an upside to the $43,567 level initially appear high, which would likely be followed by a rise to $41,167.
BTC/USDT 1-hour chart
On the other hand, if Bitcoin price breaks the $41,167 support level first, investors could open a long position targeting $43,567.
The Ethereum price wants to rise
Ethereum price is moving in the $2,167-$2,719 range and is aiming for a retest of the $2,400-$2,600 resistance zone. However, given the position of the Relative Strength Index (RSI), it initially seems likely that the price will break through the $2,167 mark.
A bounce followed by a quick recovery will be an important buying signal for excluded buyers. This move will likely result in a retest of the range midpoint at $2,443.
In some cases, Ethereum price could rise as buying pressure increases.
Also Read: Over 50% of Ethereum ERC-20 tokens listed on DEXes exhibit pump-and-dump characteristics
ETH/USDT 1-day chart
Regardless, the bullish thesis will be invalidated if Ethereum price breaks $2,167 and creates a lower low. In such a case, ETH could hit $2,000 and below again.
Ripple price at the end of its downtrend
Ripple price shows that it is nearing a potential bottom on the three-day chart. Investors should expect a possible break of the $0.468 support level before an uptrend begins.
If this liquidity surge is followed by a quick recovery from the above-mentioned level, that would be a buy signal. In such a case, investors can expect XRP to stage a 13% rally to retest the weekly barrier at $0.532.
Also Read: XRP price could deteriorate due to Ripple’s request for an extension in the SEC lawsuit
XRP/USDT 3-day chart
While the outlook for Ripple price is logical, a break below the $0.468 support level and a subsequent flip of the $0.468 support level from the fall 2023 lows into a resistance level will invalidate the bullish thesis. In such a case, XRP could plunge 19% and reach the next key support level at $0.379.
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