- Bitcoin breaks through a crucial level and signals a potential liquidation underway.
- Ethereum edges near the border of critical support but maintains a bullish stance.
- The Ripple price shows weakness near the anticipated breakout zone.
The crypto market is in a make-or-break phase. Key levels have been identified to qualify potential bull run and bear run scenarios.
Bitcoin price makes an early move
Bitcoin price has breached a crucial trendline which could be early evidence of a weakening trend. Amongst the three cryptocurrencies, Bitcoin currently seems closest to a sell-off as the Volume Profile shows an uptick in volume near the breached boundary.
Bitcoin price currently auctions at $23,444. Bears looking to enter the market should consider the $23,125 level as a key level to induce a sellers’ frenzy. The safest way to approach this short will be a daily close below the level followed by a pullback into the breached trendline. If the bears can accomplish two attempts at $23,125 in said manner, a plummet of up to 20% will be on the cards, targeting $18,600.
BTC/USDT 12-Hour Chart
In the following video, our analysts deep dive into the price action of Bitcoin, analyzing key levels of interest in the market. -FXStreet Team
Ethereum price is not quite there
Ethereum price has been in high debates as the community of developers and investors are dueling over the future Ethereum Merge implications. The commotion has brought considerable social media presence to the smart contract giant and impressive gains. Since July 1, the Ethereum price has rallied 93%.
Ethereum price currently trades at $1,883. Although the Relative Strength Index shows bearish divergence, the ideal scenario has still not presented itself. The Ethereum price is finding support from an 8-day simple moving average while a 21-day simple moving average hovers just below $1,775. For this reason, the ETH network could witness more days of consolidation and potential uptrend before the anticipated short entry becomes clear.
A daily close below $1,775 could be the catalyst for a liquidation targeting $1,350 for up to a 28% decline.
ETH/USDT 12-Hour
In the following video, our analysts deep dive into the price action of Ethereum, analyzing key levels of interest in the market. -FXStreet Team
XRP price stalls out
XRP price is currently in limbo as the bulls have failed to prompt an ascension towards $0.41. In recent days, XRP price has been able to breach a historical trend line with influences on the price dating back to April of 2022. The XRP price hovers above the ascending channel but edges near catastrophe.
XRP price currently trades at $0.3737. A second attempt at the $0.35 barrier could wreak havoc on the digital remittance token. Previous outlooks have forecasted potential target zones in the $0.28 and $0.24. Classical price action confounds the idea of a weakening trend as lower highs have consistently printed since the breach at $0.41 occurred.
Invalidation of the downtrend scenario for XRP remains at $0.48. If the bulls can breach the invalidation point, a bullish rally could ensue targeting $0.96, resulting in a 150% increase from the current XRP price.
XRP/USDT 12-Hour
In the following video, our analysts deep dive into the price action of Ripple, analyzing key levels of interest in the market. -FXStreet Team