Bitcoin, Ethereum, XRP Price Forecast: Potential BTC Surge After Fed Rate Cut
Bitcoin’s (BTC) price has been moving sideways, reflecting a waning interest in the market, which has also impacted major altcoins like Ethereum (ETH) and XRP. The current struggle between bullish and bearish forces will determine the market’s direction.
Bitcoin’s price is currently below three crucial bull market indicators: the 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs). To confirm an uptrend above $60,000, a daily close above the previous day’s open of $58,425 or the near-term support at $58,000 is necessary. The Moving Average Convergence Divergence (MACD) suggests a bearish outcome, leading traders to focus on shorting BTC price as long as the MACD maintains a sell signal in the short-term ranges.
In response to inflation data, expectations are rising for the Federal Reserve to implement the first rate cut of the year in September. This anticipation is fueling Bitcoin price predictions, with investors eyeing a potential surge above $62,000, paving the way for a push towards $66,000 and possibly $70,000.
Ethereum’s price is facing increasing pressure from overhead resistance after being turned down at $2,775 recently. The rejection was attributed to resistance identified by the 20-day EMA. Two death cross patterns indicate a continued downtrend below the $2,500 short-term support level towards the $2,400 region.
The drop in ETH futures market open interest alongside rising volume suggests growing indecision among traders, likely leading to bearish sentiment and a higher probability of revisiting $2,400. If panic selling occurs among spot market traders, ETH price could drop to retest $2,200 to gather liquidity before potentially breaking out.
On the flip side, a buy signal from the MACD supports a short-term bullish scenario for Ethereum. However, for a significant trend reversal, bulls must reclaim the $2,600 hurdle, aiming for $2,800 and eventually $3,000, as per ETH price forecasts.
XRP’s price has been holding above crucial trend line support and the 20-day, 50-day, and 200-day EMAs, following a surge in bullish activity during the Asian trading session on Monday. Despite a MACD buy signal boosting the chances of breaking the $0.6 resistance level, the uptrend has slowed down in line with the broader market’s sluggishness.
A daily close above $0.58 is essential to confirm the expected trend reversal, targeting key resistances at $0.64 and $0.7 for Ripple price. However, the technical structure of XRP price does not rule out a correction to $0.55, especially with declining trading volumes in the crypto market. Investors are advised to prepare for various scenarios, including a potential pullback to $0.5.
