Bitcoin (BTC) price sideways movement reflects dwindling interest across the market, impacting altcoin majors such as Ethereum (ETH) price and XRP price. Market directionality will be determined by the outcome of the current bullish and bearish struggle.
Bitcoin Price Scouting The Next Move
Bitcoin price sits below all three key bull market indicators: the 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs). A daily close above the previous day’s open of $58,425 or near-term support at $58,000 is required to affirm the uptrend above $60,000.
Based on the Moving Average Convergence Divergence (MACD), a bearish outcome is highly likely. Traders will focus on shorting BTC price as long as the MACD upholds a sell signal in short-term ranges.
In retrospect, inflation data increased the chances of the Federal Reserve enacting the first rate cut of the year in September. Investors expect Bitcoin price prediction to pick up the pace following the cut. A sustained uptrend above $62,000 would clear the course to $66,000, thus narrowing the gap to $70,000.
Ethereum Price Set To Edge Lower
Ethereum price grapples with increasing overhead pressure after being rejected at $2,775 late last week due to resistance highlighted by the 20-day EMA in the daily range. Two death cross patterns signal a continued downtrend below $2,500 short-term support to the liquidity-rich $2,400 area.
According to Coinglass, the drop in ETH futures market open interest while volume increases hints at growing indecision among traders. This situation will likely culminate in bearish sentiment and increase the probability of another swing to $2,400. If traders in the spot market panic and sell, ETH price will drop to retest $2,200, collecting liquidity ahead of another breakout.
On the other side of the fence, a buy signal flaunted by the MACD upholds the short-term bullish thesis. However, for bulls to pull through with a major trend reversal, they must reclaim the short-term hurdle at $2,600. From here, $2,800 will be the next target, followed by $3,000, as ETH price forecast depicts.
XRP Signals Stay Green
XRP price holds above a key trend line support as well as the 20-day, 50-day, and 200-day EMAs after traders jumped on the bullish train during the Asian session on Monday.
The MACD buy signal augmented the chances of Ripple price breaking $0.6 resistance, but the uptrend cooled off, reflecting a sluggish broader market. A daily close above $0.58 will help validate the trend reversal expected to take on key hurdles at $0.64 and $0.7.
Conversely, the XRP price technical structure does not rule out the possibility of a correction to $0.55, especially with crypto assets experiencing declining trading volume. Therefore, it would be wise for investors to prepare for all scenarios, including an extended pullback to $0.5.
Frequently Asked Questions (FAQs)
Bitcoin price may reach ATH in Q4 if the Fed begins to cut interest rates, allowing markets to gain liquidity.
Considering a weakening technical structure and general market slowdown, Ethereum may drop to $2,400 before making a major upswing.
XRP may reach $1 before the end of 2024, but this milestone will depend on strong macroeconomic factors and a generally bullish market.
John Isige
John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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