Bitcoin, Ethereum, Ripple revealed a sudden increase in volatility on Wednesday, accelerated by Mt. Gox’s release of another $2.3 billion worth of payments to its creditors.

According to blockchain research company Arkham Intelligence, the transfers, which happened on Tuesday, involved 34,000 BTC sent to new or external addresses and 47,229 BTC moved to addresses associated with the defunct exchange.

Bitcoin, Ethereum, Ripple Market Overview

Bitcoin’s price slumped to $64,000 on Wednesday, ignoring the US Federal Reserve’s expected dovish stance on interest rates. Ethereum dropped to $3,100 as XRP price lost steam at $0.65 resistance. The cross-border money remittance token had clawed back most of the weekly gains, retesting $0.6 support on Thursday.

Bitcoin Defends $64,000 Support, Recovery Next?
Bitcoin rebounded from $64,000 support toward the start of US business hours on Thursday. This area came in handy following a rising wedge pattern breakout, which extended the early-week correction from $70,000.

Despite the Federal Reserve keeping interest rates unchanged at the end of the FOMC meeting on July 31, sentiment did not improve resulting in a brief sell-off from $66,000 to $64,000.

Based on BTC price prediction, if the coin maintains the recovery momentum at $64,783, a buy signal will follow from the Moving Average Convergence Divergence (MACD) indicator, encouraging traders to buy the dip and force a major recovery toward $70,000.

Bitcoin price chart | Tradingview

Following the wedge pattern breakout, a 13% drop to $58,000 is expected. The target is determined by measuring the distance between the first swing high and the first swing low and adding to the breakout point.

Ethereum Price Nears Oversold Conditions

The launch of Ethereum ETFs was a textbook buy-the-rumor-sell-the-news event, considering Ether has consistently dropped below $3,500 and is nearing support at $3,100.

While ETH price recovered to $3,193, trading below the broken ascending trendline arm the bears, who may consider increasing shorts for a debut below $3,000. Reclaiming this trend line as support will be critical for the resumption of the uptrend, targeting the area above $3,500.

Ethereum price chart | Tradingview

The short-term Ethereum price forecast reveals a bearish RSI divergence, which must be broken to validate solid recovery. Moreover, failure to reclaim $3,200 support before the end of the day could increase the risk of sliding below $3,000.

Ripple Price Flashes Sell Signal

Ripple price exploded 72% after support at $0.3823 in the first week of July but topped out at $0.6589—an area reinforced by the 23.6% Fibonacci ratio.

The correction that followed this majestic move took place in tandem with the downturn in Bitcoin, Ethereum, and Ripple on Wednesday. With support at $0.6 holding strong, the XRP price doddered at $0.61 at the time of analysis.

A sell signal from the MACD could accelerate the pullback, calling for dips below $0.6. Traders can count on $0.58 and $0.55 as initial support levels, but a further drop to $0.5 is still likely.

Ripple price chart | Tradingview

A golden cross pattern formed when the 50-day EMA crossed above the 200-day EMA, which may invalidate the above bearish call. With $0.6 allowing for a fresh collection of liquidity, XRP may resume the uptrend, targeting $0.7.

The post Bitcoin, Ethereum, Ripple Price Analysis: Here’s What to Expect in August appeared first on CoinGape.

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Filed under: News - @ August 1, 2024 2:18 pm