Bitcoin (BTC) price commenced the week with a minor dip below $58,000, raising concerns about its future performance. On the other hand, Ethereum (ETH) price climbed higher, ready to tackle the next key resistance alongside Ripple (XRP) price bullish outlook.

Bitcoin Price Fights to Reclaim Higher Support

Bitcoin price corrected over the weekend amid fears of an upcoming death cross crash. The down leg extension from $62,500 hurdle tested support at $57,500 before rebounding, ready to tackle $60,000 support/resistance.

Despite the upswing on Monday, BTC price stares at a potential drop toward the $52,000 level given the Moving Average Convergence Divergence (MACD) indicator upholds a sell signal confirmed on July 31.

Traders must move with caution ahead of a data-packed week with the release of the US Producer Price Index (PPI) and Consumer Price Index (CPI) on 12 and 13 August, respectively.

Bitcoin price chart | Tradingview

Based on this Bitcoin price prediction, reclaiming support at $60,000 would confirm the bullish outlook for the rest of August. If the MACD cancels the sell signal for a buy signal, the dreaded death cross will be invalidated, encouraging investors to bet on Bitcoin price edging closer to $70,000.

Ethereum Price on the Verge a Buy Signal

Ethereum price defended $2,500 support during the weekend, gassing up traders to take on more long positions expecting a return above $3,000 this week. The second-largest cryptocurrency doddered at $2,673 ahead of the US  session as bulls seemed composed to take on resistance at $2,800.

According to CoinShares ETH price “benefited the most from the recent market correction, attracting US$155m in inflows last week.” At least $176 million joined the industry’s assets under management (AUM), with Bitcoin accounting for $13 million and Solana $4.5 million.

Crypto weekly fund inflows | CoinShares

The MACD is on the verge of triggering a buy which could fuel the uptrend above $3,000. Traders will look for a breach of $2,700 hurdle coinciding with the 78.6% Fibonacci resistance level to validate the uptick in ETH price and place buy orders.

Ethereum price chart | Tradingview

A previous ETH price forecast directs traders to be watchful of the impact of a currently confirming death cross in the daily timeframe. Failing to restore support at $2,700 will accentuate the decline to $2,500 and increase downside risk to $2,200.

Ripple Price Uptrend Holds Steady

Ripple price is above all three applied moving averages, comprised of the 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs). Support above these key indicators is essential for the uptrend’s continuation.

The Relative Strength Index (RSI) position at 50 highlights a stronger bullish case likely to propel XRP price above the $0.6 barrier. Holding this as support would signal more traders to seek exposure to XRP subsequently building momentum for a larger breakout aiming for $0.7 and $1 levels. Such a move will also lower the chances of another crash to $0.5 if the SEC decides to appeal the lawsuit.

Ripple price chart | Tradingview

On the other hand, until the Ripple price reclaims $0.6 support, a reversal to $0.54 and a worse-off $0.5 will be in the cards. Higher long position liquidations and a low interest rate, as per Coinglass data in the derivatives market, may dampen the market further, making XRP recovery an uphill battle.

The post Top 3 Bitcoin, Ethereum, Ripple Price Analysis: BTC Faces Downside Risks, ETH and XRP Rebound appeared first on CoinGape.

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Filed under: News - @ August 12, 2024 1:18 pm