Ethereum
Bitcoin faces rejection around $70,000 level
- Bitcoin price is facing rejection around the weekly level of $69,648, a close above this level would indicate a bullish move.
- Ethereum price is finding support around the daily level of $3,076, signaling a potential uptrend on the horizon.
- Ripple price is finding support around the daily support level at $0.544, with an imminent rally on the cards.
Bitcoin (BTC) price is struggling to break above $70,000, while Ethereum (ETH) and Ripple (XRP) are holding steady at their daily support levels, suggesting a potential rally could be on the horizon.
Bitcoin Price Shows Upside Potential After Closing Above $70,000 Level
Bitcoin price retested the daily support at $64,737 on July 25 and gained 4% over the next three days. Currently, it is facing rejection at the weekly resistance level at $69,648. On Tuesday, it is trading slightly down 0.67% at $66,406.
If the daily support at $66,406 and the ascending trendline hold, BTC could rise 10% to retest its June 7 high at $71,997.
On the daily chart, the Relative Strength Index (RSI) and Awesome Oscillator (AO) indicators are trading above their respective neutral levels of 50 and zero. This robust momentum signals strong bullish sentiment in the market.
BTC/USDT Daily Chart
However, a close below $62,736 and a break below the ascending trendline would change the market structure from bullish to bearish by forming a lower low on the daily time frame. Such a scenario could precipitate a 10% drop in Bitcoin price to retest its July 12 low at $56,405.
Ethereum Price Poised for Rally After Retesting Trendline Support Zone
Ethereum Price On July 25, ETH retested the daily support level around $3,076 and rebounded 4.63% over the next four days. This daily support level also coincides with the former trendline resistance and is now acting as support. On Tuesday, ETH is trading slightly down 0.43% at $3,302.
If this level at $3,076 holds, ETH could climb 15% to retest its 61.8% Fibonacci retracement level at $3,530.
The Relative Strength Index (RSI) and the Awesome Oscillator (AO) on the daily chart briefly broke below their neutral levels of 50 and zero, respectively. If the bulls do indeed make a comeback, then both momentum indicators should maintain their positions above their respective levels. Such a development would add a tailwind to the recovery.
If bullish sentiment prevails and the whole cryptocurrency market The outlook remains bullish, Ethereum price could close above the $3,530 mark, potentially continuing its 5.3% rally to challenge its June 9 daily peak of $3,721.
ETH/USDT Daily Chart
On the other hand, if Ethereum’s daily candlestick closes below $2,817, forming a lower low in the daily time frame, it may signal a persistent bearish sentiment. This scenario could trigger a 7% drop in Ethereum’s price, aiming for a revision to its daily support at $2,621.
Ripple Price Eyes a Rebound After Closing Above $0.643
Ripple price retested its daily support at $0.544 and gained 5% earlier this week. On Tuesday, it is trading slightly lower, down 0.7%, to $0.597.
If XRP closes above the $0.643 level, it could surge 13.3% to retest its next daily resistance level at $0.724.
On the daily chart, the Relative Strength Index (RSI) and the Awesome Oscillator (AO) are currently above their neutral levels of 50 and zero, respectively. These momentum indicators strongly indicate bullish dominance.
XRP/USDT Daily Chart
However, if Ripple’s daily candlestick Ripple price closes below the $0.510 level, indicating a sustained bearish sentiment, forming a lower low in the daily time frame. Such a scenario could lead to an 18% drop in Ripple price, targeting a revision to its weekly support at $0.413.