Bitcoin, Ethereum, Ripple Price Predictions: Bitcoin Nears $56,000 Support Level
Bitcoin is on the verge of testing a critical daily support level at $56,000 as it aims for a potential recovery. Meanwhile, Ethereum is encountering resistance at $2,461, indicating a downward trajectory with subdued momentum. In contrast, Ripple has successfully retested and rebounded above the 100-day EMA at $0.553, signaling a continuation of its upward trend.
Bitcoin’s price failed to secure a close above the 100-day Exponential Moving Average (EMA) at $60,685 and the descending trendline last Friday. Subsequently, it experienced a 3.78% decline over the following three days, currently retracing down to $57,851. Should the retracement persist, a potential support level lies around $56,022. A successful hold at this support could pave the way for another attempt to breach the 100-day EMA at $60,685 and the descending trendline. Notably, the Relative Strength Index (RSI) and the Awesome Oscillator (AO) on the daily chart are hovering around neutral levels, indicating a balance between bullish and bearish forces. To sustain the bullish momentum, both indicators need to remain above their neutral thresholds. However, a close below the $56,022 daily support level could invalidate the bullish scenario, potentially leading to a 3.6% decline towards the psychologically significant level of $54,000.
Ethereum faced rejection at the $2,461 daily resistance level last Friday, resulting in a 5.88% downturn over the subsequent three days. As of the latest update on Tuesday, Ethereum continues its descent, trading at $2,275. If the $2,461 resistance persists, ETH could see a further 5.6% decline towards its September 6 low of $2,150. Both the RSI and the AO on the daily chart are currently below their neutral levels, indicating a bearish momentum continuation. Nevertheless, a breakthrough and close above the $2,461 resistance could invalidate the bearish outlook, potentially propelling Ethereum to retest its 61.8% Fibonacci retracement level at $2,564.
Ripple managed to breach and close above the $0.544 daily resistance level and the 100-day EMA at $0.553 on September 12. Subsequently, it surged by 6% over the following two days, retraced, and found support around the 100-day EMA at $0.533 on Monday. At present, Ripple is trading above at $0.583. If the $0.553 100-day EMA and the $0.544 daily support levels hold firm, XRP could extend its upward momentum towards retesting the daily resistance level at $0.626. The RSI and the AO on the daily chart are currently above their neutral levels, indicating bullish control and a sustained upward momentum. However, a close below the $0.544 daily support level and a break below the ascending trendline could invalidate the bullish stance, potentially leading to a 7.5% decline towards the September 6 low of $0.502.
