Bitcoin, Ethereum, Ripple Price Forecast: Bitcoin Faces Resistance Near $60,000
Bitcoin, Ethereum, and Ripple prices are currently at critical junctures, with potential bearish trends looming if key support levels are breached. Bitcoin’s price, after facing rejection near the $65,379 resistance level, has dipped by 8% and now lingers around $59,306. Should it drop below $58,783, a further decline of 4.5% to $56,002 is likely. Indicators such as the Relative Strength Index (RSI) and the Awesome Oscillator (AO) on the daily chart point to weakening momentum, signaling a possible bearish phase.
On the other hand, Ethereum’s price retested its broken ascending trendline at $2,619 and encountered resistance, currently trading at $2,516. Failure to surpass the $2,619 level could result in a 6% decline to $2,327. Similar to Bitcoin, Ethereum’s RSI and AO indicators suggest a bearish dominance, reinforcing the potential downward trajectory.
Ripple’s price found support near the 200-day Exponential Moving Average (EMA) at $0.552 following rejection at the $0.626 resistance level. Trading at $0.564, a breach below $0.544 could lead to a 10% decline to $0.492. The RSI and AO indicators on Ripple’s daily chart align with Bitcoin and Ethereum, indicating a bearish outlook.
In the event that Bitcoin maintains support above $58,700 and surpasses $62,042, a bullish scenario could unfold, pushing prices up by 5.5% to $65,379. Similarly, Ethereum breaking above $2,619 and closing beyond $2,927 could invalidate the bearish thesis, potentially rallying by 11% to $3,236. For Ripple, a close above $0.626 might trigger a 5.3% increase to revisit $0.658.
As the cryptocurrency market navigates these critical levels, it is essential for investors to monitor key support and resistance zones closely. The interplay between technical indicators and price action will provide valuable insights into the potential direction of Bitcoin, Ethereum, and Ripple in the coming days.
