– Bitcoin price uptrend may be exhausted for the short term, as the $35,500 level pressures BTC.
– Ethereum price at crossroads below $1,935 mean threshold represents a make-or-break moment for the largest altcoin by market capitalization.
– Ripple price’s bullish momentum continues to build, but the supply barrier ahead may pose a challenge with $0.800 likely to hold.
Bitcoin (
BTC) price has led the broader market north over the past few weeks, towing Ethereum (ETH) and Ripple (XRP) prices along with it.However, the market appears to be at the cusp, a point of transition between two different states with key levels proving impenetrable for the crypto top three.
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Cryptocurrency prices FAQs
How do new token launches or listings affect cryptocurrency prices?
Token launches like Arbitrum’s ARB airdrop and Optimism OP influence demand and adoption among market participants.Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network.This is typically bullish for a digital asset.
How do hacks affect cryptocurrency prices?
A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods.The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins.Such events often involve an en masse panic triggering a sell-off in the affected assets.
How do macroeconomic releases and events affect cryptocurrency prices?
Macroeconomic events like the US Federal Reserve’s decision on interest rates influence risk assets like Bitcoin, mainly through the direct impact they have on the US Dollar.
An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa.
If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.
How do major crypto upgrades like halvings, hard forks affect cryptocurrency prices?
Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset.
At consistent demand if the supply reduces, the asset’s price climbs.This has been observed in Bitcoin and Litecoin.
Bitcoin price marks time below $35,954
Bitcoin (BTC) price is marking time below the $35,954 level after a steady 40% climb that began in mid-September.Exchanging hands for $35,091 as of press time, the rally seems exhausted, with the price showing reluctance around the $35,500 level.The bulls are likely to take a breather as the Relative Strength Index (RSI) position shows BTC is massively overbought.
With this outlook, it is likely that Bitcoin price could correct soon, likely for the short term, before a continuation of the primary trend.Likely targets in a downward directional bias include the $32,000 psychological level, a critical juncture having capped the upside potential for the king of cryptocurrencies since May 2022 when the Terra (
UST) ecosystem fell off a cliff.
The RSI deviated from the northbound move, flattening to show complacency as buying pressure continues to weaken.This observation favors the downside.
BTC/USDT 3-day chart
However, if sidelined investors join the bull’s camp, Bitcoin price could continue north, breaking past the $35,954 resistance level with a breakout objective above the $40,000 psychological level.In a highly bullish case, the gains could extrapolate for BTC to test the supply zone extending from $44,321 to $47,122, with the $48,000 handle presenting the next logical target, a level last seen in March 2022.
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Ethereum price on collision with $1,035 mean threshold
Ethereum (
ETH) price’s 22% uptrend that started on October 13 has the second largest cryptocurrency by market capitalization confronting a crucial barrier – the $1,935 mean threshold of a supply zone extending from $1,861 to $2,004.
If Ethereum price records a daily candlestick close above the $1,935 midline, it would confirm the continuation of the uptrend, setting the tone for a successful foray above the $2,000 psychological level, with $2,029 as the next logical target.
ETH/USDT 1-day chart
A rejection from the $1,935 level could send Ethereum price spiraling south, potentially slipping below the $1,800 psychological level and testing the $1,748 support.Such a move would denote an 8% drop below current prices.
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Ripple price eyes 10% more gains
Ripple (
XRP) price continues northbound, with robust higher highs and higher lows surpassing key barricades.
Despite XRP being massively overbought, the primary trajectory of the RSI is still northbound, showing that momentum is still rising.
Increased buying pressure above current levels could see Ripple price test the supply zone extending from $0.7771 to $0.8199.For a confirmed uptrend, the price must break and close above the $0.8000 psychological level, with the move likely to catalyze an extension to the $0.9000 psychological level, 25% above the current price.
XRP/USDT 1-day chart
Conversely, with XRP being massively overbought, it is likely that the supply zone will hold as a resistance order block.The ensuing rejection could see Ripple price pull south, slipping through the $0.6968 support level and testing the $0.6242 support with bulls seeking rejuvenation.Another evaluation will be required at this point to determine the next step for XRP, considering the prevailing bullish outlook in the broader market.
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XRP price could extend gains with Ripple’s likely win through $20 million settlement with SEC
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