See More

Bitcoin, Ethereum, Ripple Weekly Wrap – June 21

2 mins
Updated by Ryan Boltman
Join our Trading Community on Telegram

In Brief

  • Bitcoin’s price is following the predicted bearish path that could send it to $63,000.
  • Ethereum’s price has been consolidated and is awaiting a bullish push above $3,700.
  • XRP price, too, is stuck moving sideways in a bearish environment after failing a bullish pattern.
  • promo

The big three crypto assets have all had a rather bearish week, with Bitcoin’s (BTC) price falling while Ethereum’s (ETH) and Ripple’s (XRP) prices consolidating. Over the weekend, all three of these assets will likely retain this outlook.

BeInCrypto has analyzed where BTC, ETH, and XRP could land following this bearish week.

Bitcoin’s Price Subdued

Bitcoin’s price has been following a bearish double-top pattern for the past month. A double-top pattern is a bearish reversal formation characterized by two peaks at a similar level, indicating strong resistance.

It suggests that the asset’s price is likely to decline after failing to break through the resistance twice.

As BTC broke below the neckline, intense bearishness pursued. Consequently, the crypto asset fell from the neckline at $67,504 to the trading price of $63,6723. BTC is now closer to the target price of $63,068, as set by the bearish pattern, and could hit it over the weekend.

Read More: Bitcoin Halving History: Everything You Need To Know

Bitcoin Price Analysis.
Bitcoin Price Analysis. Source: TradingView

At the same time, a bounce back in Bitcoin’s price is also expected. However, if it comes earlier, BTC could reclaim the support of $64,00 and $66,000. This would enable recovery and invalidate the bearish thesis.

Ethereum’s Price Halts Recovery

Ethereum’s price at $3,496 has been consolidated between $3,669 and $3,336. These levels form the 38.2% and 50% Fibonacci Retracement levels. ETH has been within this range for the last two weeks after the altcoin lost support at $3,700.

It remains to be seen whether Ethereum’s price can break above or below the consolidation range. However, the chances of sideways movement continuing this weekend are very high.

Read More: How to Invest in Ethereum ETFs?

Ethereum Price Analysis.
Ethereum Price Analysis. Source: TradingView

This bearish, neutral thesis would be invalidated if either of the range limits were disrupted, potentially sending ETH rallying to $3,800 or falling to $3,200 on the charts.

XRP Price Sees No Rally Either

The XRP price, hovering between $0.47 and $0.52, faces bearishness after failing the ascending triangle. Changing hands at $0.49, the altcoin could attempt to reclaim $0.51 as a support floor, which would also flip the 23.6% Fibonacci Retracement into support.

The sideways movement could continue since the broader market cues are not supporting a recovery right now. The aforementioned consolidation range could remain intact for a while.

Read More: Ripple (XRP) Price Prediction 2024/2025/2030

XRP Price Analysis.
XRP Price Analysis. Source: TradingView

Nevertheless, the price could fall if XRP holders move to offset their losses by selling their holdings. This could result in a $0.46 or lower drawdown, invalidating the bullish–neutral thesis.

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Frame-2t314.png
Aaryamann Shrivastava
Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
READ FULL BIO
Sponsored
Sponsored