Bitcoin, Ethereum, Ripple Price Predictions: Bitcoin Drops Below $55,000
Bitcoin, Ethereum, and Ripple faced downward pressure over the weekend as Bitcoin dropped below $56,552, signaling a bearish trend ahead. Ethereum also tested the $2,817 support level, while Ripple found stability around $0.413 before hinting at a potential bearish move if support levels were breached.
Bitcoin’s price encountered resistance at $58,375, resulting in a 4% decline the following day, falling below the critical level of $56,552. At present, it hovers around $54,900, indicating a potential 5% decline to revisit support at $52,266 if the resistance at $58,375 holds. Technical indicators like the Relative Strength Index (RSI) and the Awesome Oscillator (AO) on the daily chart suggest a bearish sentiment, potentially leading to further declines in Bitcoin’s price.
Conversely, a close above $58,375 and the formation of a higher high could indicate bullish momentum, triggering a 9.7% rise to $63,956.
Ethereum’s price retested the $2,817 support level, bouncing back initially before falling 4.5% on Sunday. If Ethereum closes below $2,817, it could decline 6.5% to reach $2,621. Similar to Bitcoin, technical indicators on the daily chart support a bearish outlook for Ethereum’s price.
However, a close above $3,524 could signal continued bullish sentiment, potentially leading to a 5.6% rise to $3,717.
Ripple’s price found support at $0.413 but trades slightly lower at $0.414. A close below $0.413 could result in a 15% drop to $0.347. Technical indicators for Ripple also point towards a bearish trajectory, indicating a potential further decline in price.
On the flip side, a close above $0.499 and the formation of a higher high could suggest a 6% rise to $0.532, signaling ongoing bullish sentiment for Ripple.
Overall, the cryptocurrency market faces uncertainty as major assets like Bitcoin, Ethereum, and Ripple navigate critical support and resistance levels, with technical indicators hinting at potential bearish moves ahead.
