- Bitcoin price continues to consolidate within the $41,000 to $43,000 range for over a week.
- The price of Ethereum is likely to drop, allowing marginalized buyers the opportunity to accumulate ETH around $2,167.
- Ripple price needs another sweep before it can start an ascent to $0.532.
Bitcoin (BTC) price is not showing any directional bias as it is trading within a tight range. However, investors are watching the volatility of Ethereum (ETH), Ripple (XRP), and other altcoins.
Bitcoin price contracts
Bitcoin price action over the past week shows that volatility is nowhere to be found. As BTC trades within a range of $41-43,000, investors anticipate a move in either direction. Some predict that a drop to $34,000 is necessary before the pioneering cryptocurrency rises further. Others are taking a contrarian approach, expecting BTC to continue its uptrend as it breaks through the tightening range.
Regardless of the direction Bitcoin price takes after its breakout, this analysis will focus on a shorter time frame perspective. The key levels that investors should watch are
- Monday high at $43,567
- Monday's low at $42,229 and
- Low of the previous Monday at $41,167.
When using a range bound trading strategy, if price sweeps liquidity above or below one of these points, it will suggest that it is about to retrace range towards the lower or upper boundary, continuing a range market extension. .
From the point of view of the ongoing consolidation, the chances of a bullish move to the $43,567 level first appear high, which would then likely be followed by a sweep of $41,167.
BTC/USDT 1-hour chart
On the other hand, if bitcoin price sweeps the support level of $41,167 first, it would allow investors to open a long position with a target of $43,567.
Ethereum price wants to rise
Ethereum price is trading within the range of $2,167 to $2,719 and is aiming for a retest of the resistance zone, which extends from $2,400 to $2,600. But taking into account the position of the Relative Strength Index (RSI), it seems likely that the $2,167 level will be broken first.
A sweep followed by a quick recovery will be a key buying signal for marginalized buyers. This move is likely to result in a retest of the range midpoint at $2,443.
In some cases, Ethereum price could rise further if buying pressure increases.
Also read: Over 50% of Ethereum ERC-20 Tokens Listed on DEX Show Pump and Dump Features
ETH/USDT 1-day chart
Regardless, if Ethereum price breaks above $2,167, it will invalidate the bullish thesis by producing a lower low. In such a case, ETH could revisit $2,000 and lower levels.
Ripple price at the end of its downtrend
ripple price shows that it is approaching a possible bottom on the three-day chart. Investors should expect a possible sweep of the $0.468 support level before an uptrend begins.
If this liquidity run is followed by a rapid recovery of the aforementioned level, it will be a buy signal. In such a case, investors can expect XRP to see a 13% rally to retest the weekly barrier of $0.532.
Also read: XRP Price Could Deteriorate With Ripple's Request to Extend Deadline in SEC Lawsuit
XRP/USDT 3-day chart
While the outlook for Ripple price is logical, a break below and then a shift of the $0.468 support level from the fall 2023 lows to a resistance level will invalidate the bullish thesis. In such a case, XRP could plummet by 19% and mark the next key support level at $0.379.
