Ethereum
Bitcoin returns to crucial support
- Bitcoin price faces rejection at the weekly resistance level of $67,147.
- Ethereum price is stabilizing near the $3,362 support level established on June 14.
- Ripple price encounters a barrier at $0.515, which is its 50-day exponential moving average (EMA).
Bitcoin (BTC) price meets resistance at weekly highs before returning to seek support at a crucial level, while Ethereum (ETH) and Ripple (XRP) closely align with Bitcoin’s moves, bracing to overcome resistance barriers and embark on ascending rallies.
Bitcoin Price Meets Major Resistance
Bitcoin Price was rejected by the weekly resistance level of $67,147 on Monday and is currently trading within a descending channel. The descending channel is drawn, joining several high points and low levels between early June and mid-June, as shown in the daily chart below.
If BTC continues to declineit could find support at $62,451, the 61.8% Fibonacci retracement level increased from a low of $56,523 on May 1 to a high of $71,994 on May 21.
If the $62,451 support holds and BTC breaks above the descending channel, it could rebound 7.5% to its previous resistance level of $67,147.
The Relative Strength Index (RSI) and Awesome Oscillator (AO) on the daily chart are below their respective average levels of 50 and zero. If the bulls are indeed making a comeback, then both momentum indicators should maintain their positions above their respective average levels.
This development would give additional impetus to the ongoing recovery.
If bullish sentiment prevails and the overall cryptocurrency market shows optimism, BTC could extend its 6% rally from $67,147 to retest its previous resistance level of $71,280.
BTC/USDT 1-day chart
However, if Bitcoin price breaks and closes below its daily support level of $60,800, the bullish thesis could be invalidated, leading to a 4% crash, its weekly support level of $58,375.
Ethereum price outlook is optimistic
Ethereum Price finds support around the June 14 low at $3,360. Wednesday, the United States Securities and Exchange Commission (SEC) gave it a free passis currently trading at $3,523 – the low of $3,360 is roughly hovering around the 61.8% Fibonacci retracement level at $3,279.
If this support If so, the ETH price could rise 5% from its current price of $3,523 to reach its previous high of $3,717 on June 9.
The Relative Strength Index (RSI) in the daily chart is struggling to close above its average level of 50, while the Awesome Oscillator (AO) is trading below its average zero. If the bulls are indeed making a comeback, then both momentum indicators should maintain their positions above their respective average levels.
If ETH closes above $3,717, it could extend an additional 7% rally to reach its previous resistance level of $3,977.
ETH/USDT 1-day chart
On the other hand, if the daily Ethereum candlestick price closed below the $3,292 level, it would produce a lower low and signal a break in the market structure. This move would invalidate the aforementioned bullish thesis, potentially triggering an additional 13% crash from the previous support level of $2,864.
Ripple price is promising
Ripple price faced resistance at $0.515, its 50-day exponential moving average (EMA), on Monday and is currently trading at $0.490.
If the ripple price breaks above the 50-day EMA at $0.512, this could increase 7% from $0.499 to $0.532, its previous high from June 5.
The Relative Strength Index (RSI) in the daily chart is below the average level 50, while the Awesome Oscillator (AO) is below its zero line. If bullish momentum persists, both momentum indicators should remain above their respective thresholds of 50 and zero. This would provide additional support for the recovery.
If the XRP daily candlestick closes above $0.532, it could extend an additional 9% rally to $0.581, a 50% price retracement level of $0.419 and $0.744 from March 11 to April 13.
XRP/USDT 1-day chart
Conversely, if Ripple offers daily candlestick closing below $0.450, marking the June 7 low, setting a lower low on the daily chart would invalidate the bullish outlook. This scenario could result in a 7% drop in XRP price towards the April 13 low of $0.419.