- Bitcoin price hints that a move higher is just around the corner as it bounces off the $44,705 support floor.
- Ethereum price coils up between the $3,429 and $3,223 barriers with no directional bias.
- Ripple price might resolve lower before triggering an upswing to $1.42.
Bitcoin price has been consolidating since the flash crash on September 7. As BTC coils up, altcoins, including Ethereum and Ripple, follow suit. While BTC shows the possibility of an upward breakout, ETH and Ripple remain unclear.
Bitcoin price in a tricky position
Bitcoin price dropped from roughly $53,000 to $42,850 on a single day. However, the recovery rally kicked in, pushing BTC up to $46,883. Since then, the big crypto has been consolidating but slowly heading lower.
Just above the $44,705 support level, Bitcoin price has stabilized and shows signs of restarting an uptrend here. While this move might seem logical, the market makers might push BTC down to the demand zone, ranging from $41,461 to $39,147, before reversing the trend as this would collect the most liquidity. Investors need to be aware of this potential drop.
As for the upside, Bitcoin price needs to breach through $46,833 to have a chance at retesting the $50,000 psychological level.
BTC/USDT 2-day chart
While things seem straightforward, a retest to the demand zone ranging from $41,461 to $39,147 could turn sour quickly if the sell-off exacerbates, producing a decisive close below $39,147. This move would invalidate the bullish outlook and open the path for further descent.
Ethereum price stuck in limbo
Ethereum price shows no directional bias or patterns that would help its cause. Instead, ETH is consolidating between the $3,429 and $3,223 barriers. However, unlike BTC, the smart contract token has a plethora of support up to $3,011.
Therefore, any short-term spike in selling pressure does not threaten the second-largest cryptocurrency. Investors can expect ETH to slice through the $3,429 resistance barrier to kick-start the uptrend. However, this new rally will receive a boost if the buyers can manage to flip the $3,524 hurdle into a support foothold.
Such a development will open the path for the buyers to propel ETH up to $4,000. While this is a bullish outcome, its journey is sprinkled with roadblocks at $3,716 and $3,926 before it can tag the $4,000 psychological level.
ETH/USDT 1-day chart
On the contrary, if Ethereum price fails to slice through $3,429, it will indicate an increased selling pressure and lack of bullish momentum. This move will sow the seeds of fear among investors, which could prove fatal if ETH produces a decisive close below the $3,000 support barrier as it would invalidate the bullish thesis.
In this case, market participants can expect Ethereum price to explore the lower territory.
Ripple price teeters on a stable barrier for too long
Ripple price set up two equal swing lows at $1.05 on August 18 and August 27. The third retest of this level came after the September 7 crash, but the XRP price is still holding above it for roughly a week now.
While the chances of an upswing are not impossible, investors should be careful of a retest of the 50% Fibonacci retracement level at $0.966. This move is likely to collect liquidity resting below the August 12 swing lows.
Such a move is likely to trigger a rally to $1.236, the immediate resistance ceiling. Clearing this area will open the path for the range high at $1.423.
XRP/USDT 12-hour chart
On the other hand, the drop to the 50% Fibonacci retracement level at $0.966 could be the start of Ripple’s woes. A potential spike in selling pressure that pushes XRP price to produce a decisive $0.779 support floor will invalidate the bullish thesis.
Reason Behind Ethereum (ETH) Price Surge to $12,000
- Justin Bennett looks at a situation in which the price of ETH could hit $12,000.
- Ethereum always follows the BTC price.
- Bennett explained that a $200,000 price surge in BTC will put ETH at $12,000.
With Ethereum (ETH) breaking the $4,000 price this week, analyst Justin Bennett looks at a situation in which the price of ETH could hit $12,000. More so, the crypto has limited two-and-a-half months to travel this year. This indicates ETH has only limited time to reach the optimistic price targets.
According to CoinMarketCap, the ETH price is trading at $4,010.56 with a 24-hour trading volume of $18,093,022,938, at the time of writing.
Ethereum always follows the BTC price, however, analysts have not seen a deviation from this trend. Also, with the current market conditions, the analyst explained in his newsletter which indicators reveal that the price of the pioneer crypto will reach as high as $200K before the present cycle ends.
In case, ETH hits this price target, then ETH will surely rally over 300% in response to this. Aside from all this, Bennett explained that a $200,000 price surge in BTC will put ETH at $12,000 with the present ETHBTC levels. Added to this, the analyst views that the price of ETHBTC will surge before the end of the bull market.
According to Bennett, the price of ETHUSDT could be between $15,000 and $20,000. If the price of bitcoin breaks above $200,000 before the cycle ends, then the price of ETHUSDT will also rise.
Recent trends indicate that Ethereum may hit a new all-time high before the weekend closes, despite significant resistance toward breaking the previous all-time high. If that happens, then we will just have to wait and see what happens.
One Ethereum Competitor Is Showing Strength As Bitcoin Loses Ground, According to Crypto Trader Benjamin Cowen
Crypto analyst Benjamin Cowen says an Ethereum rival is showing strength as Bitcoin pulls back from its all-time high.
Cowen tells his 576,000 YouTube subscribers that AVAX, the native token for the smart contract platform Avalanche, is “weathering the storm relatively well.”ADVERTISEMENT
The 12th-ranked asset by market cap is trading at $68.28 at time of writing, up over 5% in the past 24 hours and more than 20% in the past week, according to CoinGecko.
Cowen notes that AVAX is trading well above both its 20-week simple moving average (SMA) and 21-week exponential moving average (EMA). Taken together, the two metrics are what Cowen refers to as the “bull market support band.”
“We also have some wiggle room in the sense that we are above the bull market support band of the AVAX/USD valuation. The 20-week SMA is at $35.85 and the 21-week EMA is at $43.47. What that tells you is that Avalanche has been performing pretty well for the last several weeks.
A lot of coins are right above their bull market support band, and they haven’t been performing as well recently. A lot of these things can have some type of seasonality as the money ball just jumps around from project to project, and right now, clearly, AVAX is showing a decent amount of strength.”
Cowen doesn’t predict that AVAX will have a strong move against Bitcoin “in the next month or so,” but he does say that Avalanche can increase in value in terms of its relationship to the US dollar in the short term.
Ethereum Price Forecast: ETH bulls set sights on new record high targeting $6,000
- Ethereum price is gearing up for a new all-time high as two significant bullish chart patterns have transpired.
- The governing technical patterns present optimistic targets at $6,015 and $6,365.
- A daily close above $3,960 would add credence to the bulls’ aspirations toward $6,000.
Ethereum price is hovering around a key support level which has previously acted as resistance for ETH, as the bulls catch their breath before the token resumes its rally. As long as the second-largest cryptocurrency by market capitalization holds above $3,960, a 60% surge is still on the radar.
Ethereum price eyes 60% ascent
Ethereum price has printed two major bullish technical patterns on the daily chart, an ascending parallel channel and a cup-and-handle pattern. The former chart pattern indicates that ETH has been consistently reaching higher highs and higher lows since mid-June, presenting an optimistic outlook for the token.
Based on the first prevailing chart pattern, ETH is likely to tag the upper boundary of the channel at $6,015, coinciding with the 161.8% Fibonacci extension level, representing a 48% climb.
The cup-and-handle chart pattern suggests that the projected target for Ethereum price is at $6,365, forecasting a 60% rally. While the two governing technical patterns establish an optimistic outlook for ETH, the token may be confronted by a headwind at its all-time high at $4,369, corresponding to the middle boundary of the parallel channel.
Additional hurdles may emerge at the 127.2% Fibonacci extension level at $5,092, then at the 161.8% Fibonacci extension level at $6,015.
Given the reinforcement of the two optimistic chart patterns presented on the ETH daily chart, retracements for Ethereum price may not be significant even if selling pressure arises.
ETH/USDT daily chart
Ethereum price will discover immediate support at the support trend line at $3,960, then at the 78.6% Fibonacci retracement level at $3,797. The following line of defense will emerge at the 21-day Simple Moving Average (SMA) at $3,710, then at the 50-day SMA at $3,453 before eventually dropping toward the lower boundary of the ascending parallel channel at $3,349, which meets the 61.8% Fibonacci retracement level.
If Ethereum price fails to hold above the aforementioned levels of support, the bullish outlook may be voided, prompting ETH to plunge lower toward the 100-day SMA at $3,137.
ETH bulls should aim for a daily close above $3,960 to reinforce commitment for the bullish target to be on the horizon.