Bitcoin, Ethereum, Ripple Price Forecast: Bitcoin Dips Below Key $58,800 Support Level
Bitcoin, Ethereum, and Ripple prices have shown signs of potential decline as they struggle to maintain key support levels and face resistance barriers. Bitcoin’s price closed below the $58,783 support level, indicating a downtrend ahead. Ethereum encountered resistance around its trendline pullback, hinting at a possible decline. Ripple’s price closed below the 200-day EMA at $0.552, signaling a bearish move on the horizon.
Bitcoin, the pioneer cryptocurrency, saw its price dip below the crucial $58,783 support level on Sunday, reaching a low of $57,201. Despite a slight 0.56% increase to $57,674 on Monday, if the $59,560 level acts as resistance, Bitcoin could further decline to test its daily support level at $56,000. Technical indicators like the Relative Strength Index (RSI) and the Awesome Oscillator (AO) suggest weak momentum, supporting the continuation of a downward trend. However, a breakout above $59,560 and a close above $62,042 could invalidate the bearish scenario, potentially propelling Bitcoin to revisit its daily resistance level at $65,379.
Ethereum, the second-largest cryptocurrency, retested its broken ascending trendline around $2,619 on August 29, experiencing a 4% decline in the following days. Currently trading slightly higher at $2,445, Ethereum may face a 5% decline to retest its August 8 low of $2,327 if the $2,619 level continues to act as resistance. Similar to Bitcoin, Ethereum’s daily chart indicators, RSI, and AO are below neutral levels, indicating bearish dominance. A breakout above $2,619 and a close above the daily resistance at $2,927 could invalidate the bearish trend, potentially leading to an 11% rally to revisit the weekly resistance level at $3,236.
Ripple, the third-largest cryptocurrency, closed below the 200-day Exponential Moving Average (EMA) at $0.552 on Sunday, trading slightly higher at $0.564 on Monday. If the 200-day EMA remains a resistance and closes below $0.544, Ripple could see a 10% decline to retest its August 7 low of $0.492. The RSI and AO on Ripple’s daily chart also signal bearish dominance, hinting at a potential fall in prices. Conversely, a close above the $0.626 daily resistance level could shift market structure, leading to a 5.3% rise to revisit the July 31 high of $0.658.
In summary, the current price movements of Bitcoin, Ethereum, and Ripple suggest a possible downturn in the crypto market, with key support levels being tested and resistance barriers to overcome for any potential bullish momentum. Traders and investors are advised to monitor these developments closely to make informed decisions in the volatile cryptocurrency market.
