- Bitcoin price is poised for a big move and could hit $30,400 as volatility eases and open interest rises to revive the market.
- The price of Ethereum could break the $1891 barrier, potentially hitting the $1921 resistance level before retreating.
- Ripple price will drop by 15% if the bulls fail to use the 200-day EMA of $0.5766 for a quick reversal.
The price of Bitcoin (BTC) is declining after exiting a long period of consolidation. This move is due to the fact that traders continue to open long and short positions by opening contracts around BTC. However, as open interest increases, markets remain volatile, and low volatility leaves markets open to manipulation.
See also: Bitcoin volatility shows impulsive growth, bulls pay a high price to start acting.
Bitcoin price prepares for a big move north
Bitcoin (BTC) broke its consolidation during a sharp fall below its 100-day exponential moving average (EMA) of $29,339. The largest cryptocurrency by market capitalization could fall further to mark the $28,758 support level before a possible pullback.
The ensuing demand pressure could see the price of bitcoin drop below the EMA and break out of the downtrend line. Such a move would pave the way for a potential breakout of the $30,079 resistance level and, in a particularly bullish case, mark the $30,441 resistance level. This move would mean a 5% increase.
12 hour BTC/USDT chart
Conversely, if the selling pressure intensifies, the price of Bitcoin could fall below the immediate support at $28,758. Such a move would take BTC to the $27,000 level or, in a pinch, to the $26.3000 level. Such a move would mean a fall of 10% from the current level.
Placing the relative strength index (RSI) below 50 adds credibility to the bearish outlook, while the Awesome Oscillator (AO) histogram is in the negative zone.
See also: Bitcoin volatility shows impulsive growth, bulls pay a high price to start acting.
Ethereum price moves north as open interest increases
The price of Ethereum (ETH), like BTC, is in a downtrend, but this may correct as open interest increases. As more money enters the ETH market, the PoS token could rise by 5%, breaking the $1891 resistance level to an eventual $1921 resistance level.
However, for now, the price of Ethereum is looking for a possible pullback, and the $18,118 level represents a potential pivot point for a move north. If these bullish predictions work, ETH could break above the 200-, 50-, and 100-day EMAs at $1842, $1852, and $1857 respectively, and further north, ETH could break above $1981 and, in a very optimistic case, avoid the barrier at 1921 dollar. means an increase of 5%.
ETH/USDT 12-hour chart
Conversely, failure to hold the $1,813 level as support could see ETH drop to the psychological $1,725 level.
RS supports downward movement with a possible breakout of level 30 to the south. Similarly, the AO histogram is red and negative, confirming the existence of a bear market.
Read also : Prices of Ethereum, XRP, Litecoin and Cardano may fall
Frequently Asked Questions about Ethereum
Ethereum is an open source decentralized blockchain with smart contract functionality. Serving as the base cryptocurrency of Ether (ETH), it is the second largest cryptocurrency and the largest altcoin by market cap. The Ethereum network is designed with scalability, programmability, security, and decentralization in mind, making it popular with developers.
Ethereum uses decentralized blockchain technology where developers can create and distribute applications independently of a central authority. To facilitate this task, the network has a programming language that helps users create self-executing smart contracts. Smart contracts are basically verifiable code and allow transactions to be made between users.
Equity is the process by which investors increase their portfolio by locking up their assets for a specified period of time rather than selling them. Most blockchains use it, especially those that use a Proof-of-Stake (PoS) mechanism where users are rewarded as an incentive to stake their tokens. For most long-term cryptocurrency holders, staking is a strategy to generate passive income from their holdings for a reward.
Ethereum switched from Proof-of-Work (PoW) to Proof-of-Stake (PoS) in an event called Fusion. The transformation occurred when the network wanted to achieve greater security, reduce power consumption by up to 99.95%, and introduce new scalability solutions with a possible threshold of 100,000 transactions per second. With PoS, the bottleneck for miners becomes less due to lower power consumption.
Ripple price continues to fall
Ripple (XRP) prices continue to decline and may soon test the 200-day EMA at $0.5766 if growth does not recover. Given strong bearish power, the token supply could fall below the $0.5048 support or briefly release all the strength associated with the July 13 rally to find support near the psychological handle at $0.4604, which means a drop of 20% below the current level. . .
The RSI, which is currently at 28, suggests a bearish outlook for the market, while the AO histogram supports a bearish stance.
XRP/USDT 12 hour chart
However, given the position of the RSI, XRP can be considered overbought if this momentum indicator crosses north of 30. Subsequent pressure from demand could push Ripple prices higher, breaking the $0 barrier at 6840. A continuation of the uptrend could help it rise to $0.8193 , which would mean flying 40% above the current level.