Bitcoin’s (BTC) price has been noting steady bullishness for the last few days, which is fueling investors’ bullish expectations. Such is the situation with Ethereum (ETH) and XRP prices as well.
BeInCrypto has analyzed the movement of the big three cryptocurrencies over the past week to present what to expect from them in the coming days.
Bitcoin Weekly Wrap: Strong Price Action
Bitcoin’s price is currently trading at $63,379, well above the critical support level of $60,070. The next key resistance for BTC is $65,000, which will be crucial for the cryptocurrency to maintain its upward momentum.
If Bitcoin sustains its bullish momentum through the weekend and into next week, it could flip $65,000 and make it a support level. This would pave the way for BTC to target $70,000, provided it first closes successfully above $68,300, marking a potential new high.
Read more: Bitcoin Halving History: Everything You Need To Know
However, if Bitcoin fails to breach $65,000, similar to its performance in August, it may fall back below the $63,174 support. A further decline could see BTC testing the $60,000 support, invalidating the current bullish outlook.
Ethereum Has a Challenge Ahead
Ethereum’s price has risen by 7% over the past week, currently trading at $2,542. The altcoin is just below the key resistance level of $2,546. Breaching this barrier could enable a rise toward $2,681, marking a potential short-term bullish breakout.
Despite several attempts throughout August, Ethereum has been unable to flip $2,681 into a support level. The lack of strong bullish momentum suggests that ETH may struggle to surpass this price level in the near term.
Read more: How to Invest in Ethereum ETFs?
But, if Ethereum manages to flip $2,681 into support, a potential rally could be on the horizon. This could propel ETH’s price to $2,930, invalidating the current bearish outlook.
XRP Price Is Aiming at a Breakout
XRP’s price hasn’t seen the bullish momentum other crypto assets have experienced, but it’s inching closer to breaking out of the symmetrical triangle it’s currently stuck in. This consolidation phase is critical for determining its next major move.
The symmetrical triangle pattern suggests a potential 29% rally to $0.76 if XRP breaks out. However, for this rally to be confirmed, XRP needs to flip the resistance at $0.64 into support, signaling a strong upward movement.
Read more: Ripple (XRP) Price Prediction 2024/2025/2030
Despite this, XRP has previously failed to breach the $0.64 resistance, and another rejection could occur. If the pattern fails, XRP may remain in consolidation between $0.64 and $0.56, invalidating the bullish thesis.
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 Conditions, Privacy Policy, and Disclaimers have been updated.
