Top 3 Price Predictions for Bitcoin, Ethereum, Ripple: BTC, ETH, and XRP prepare for correction
As the bullish momentum continues to fade, Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are exhibiting signs of weakness in the middle of the week. BTC has furthered its downturn, now trading beneath $106,000, as ETH and XRP have fallen past their crucial support thresholds. This development sparks worries of a potential deeper correction.
If Bitcoin closes under its 50-day EMA, it could drop further.
Last week, Bitcoin’s price experienced a significant increase of 7.32%, closing at over $108,000. It did, however, encounter a correction on Monday and persisted in its downward trend, finishing the next day at under $106,000. As this is being written, it sits at approximately $106,100.
Should BTC continue to experience a pullback and finish below its 50-day Exponential Moving Average (EMA) of $104,245, the decline could reach its psychological threshold of $100,000. The Relative Strength Index (RSI) on the daily chart is at 51, fluctuating near its neutral mark of 50, which suggests a lack of decisiveness among traders. To maintain the bearish momentum, the RSI needs to drop below its neutral level. The Moving Average Convergence Divergence (MACD) suggests a bearish crossover is near (the MACD line is approaching a crossing below the signal line), which, if completed, would give a sell signal.
However, if the 50-day EMA level at $104,245 remains strong as support, BTC could extend its rally toward the May 22 all-time high at $111,980.
Ethereum is set for a pullback after closing beneath the crucial support level
This week, the price of Ethereum could not establish support near its daily level of $2,461 and on Tuesday closed beneath its 50-day EMA at $2,428. As of the time this was written on Wednesday, it is approximately $2,428.
Should ETH’s correction persist, the decline could reach back to its June 22 low of $2,111 for a retest.
NO_PARAPHRASE The MACD indicator is also coiling against itself, suggesting a lack of decisiveness among traders.
On the other hand, if ETH recovers and closes above the $2,461 level, it could extend the rally toward its next daily resistance level at $2,724.
XRP is poised for a downturn as it encounters rejection from crucial resistance
The price of XRP was unable to close above its daily resistance level of $2.23 on Monday, and it fell by almost 3% the following day. As of the writing on Wednesday, it is around $2.18.
Should XRP’s correction persist, it might prolong the drop to reassess its subsequent daily support level at $1.96.
Conversely, if XRP recovers and closes above the daily resistance at $2.23, it could extend the rally toward its May 23 high of $2.47.
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