Bitcoin, Ethereum, Ripple Price Forecast: Bitcoin Poised for Drop after Falling Below $52,000
Bitcoin, Ethereum, and Ripple are facing critical support levels that could dictate their future price movements in the cryptocurrency market. Bitcoin (BTC) and Ethereum (ETH) both tested significant support levels on Monday, with Ripple (XRP) also experiencing a notable price shift.
Bitcoin’s price dipped below its ascending trendline on August 2, resulting in a 5.6% decline over the subsequent two days. Currently trading at $54,585, a close below the daily support at $52,266 could trigger a further 4.7% decline to test the next support at around $49,917. The Relative Strength Index (RSI) and the Awesome Oscillator on the daily chart have fallen below neutral levels, indicating a potential bearish trend.
Ethereum’s price closed below the daily support at approximately $2,927 on August 3, leading to a 7.4% decline the following day. As of Monday, ETH is down by 14% at $2,321 and is retesting the weekly support at $2,118. A breach below this level could result in an additional 8.7% decline to test the subsequent support at around $1,935. Similar to Bitcoin, Ethereum’s RSI and Awesome Oscillator are signaling a bearish trend.
Ripple’s price closed below the daily support level at $0.544 on Sunday, continuing to decline by 9% to trade at $0.477 on Monday. If $0.544 acts as resistance, XRP could potentially drop by 17% to retest the weekly support at $0.413. The RSI on the daily chart has briefly fallen below the neutral 50 level, hinting at potential bearish pressure.
A change in market structure for Bitcoin, Ethereum, and Ripple could occur if they manage to close above key resistance levels. For Bitcoin, surpassing the $65,596 daily high could lead to a 6% increase to test the weekly resistance at $69,648. Ethereum could see a 5% rise if it closes above the $3,396 daily high from July 29 to retest the high of $3,562. Similarly, Ripple might experience an 18% surge if it breaks above the $0.544 level to target the next daily resistance at $0.643.
In conclusion, the cryptocurrency market is currently at a crucial juncture as Bitcoin, Ethereum, and Ripple navigate key support and resistance levels that could determine their near-term price trajectories. Traders and investors are closely monitoring these levels for potential shifts in market sentiment and price trends.
