Crypto

Top 3 Price Predictions for Bitcoin, Ethereum and Ripple: Early Traders Meet the Butcher | Cryptocurrency

  • The price of bitcoin continues to move sideways after the 16% sell-off that took place last week.
  • Ethereum price is approaching a key interest level. A further increase is not excluded.
  • The price of Ripple XRP is likely to liquidate traders who entered the market at the beginning of the summer.

The crypto market is showing ominous signals under the hood as retail traders bet on the next move. Based on the analysis of the chain, a further drop is highly likely. For this reason, it is not recommended to be a precocious bull.

Bitcoin price needs work

The price of Bitcoin is currently auctioning at $21,561 as a sideways range follows the 16% sell off that took place on Friday, August 19th. The Volume Profile Index remains sparse, suggesting that large-cap players lack confidence. It is likely that the current trading range is for retail traders looking to lock in a move in the next direction.

The price of bitcoin is hovering above the 50% Fibonacci levels surrounding the entire bull run that ended this summer. There is good reason for traders seeing this to engage in early buying, but given the lack of volume and sluggish price action, being an early bull is impractical.

Traders from last week’s bearish setup are still profitable and the first target of $18,900 is still intact. Turning risk into profit would be very risky as a fractal wave of Bitcoin’s past performance could lead to a liquidity hunt reaching the $23,000 price level. Downtrend reversal remains at $27,000.

BTC/USDT 4-hour chart

In the following video, our analysts dive into bitcoin price action by analyzing key levels of interest in the market – Netcost-Security Team

Ethereum Price Concerns

The price of Ethereum is currently being auctioned at $1,671. Traders are keeping a close eye on the smart contract giant as there is likely to be a good bounce after the sharp 25% drop from the $2030 high. Since the August 20 low at $1,523, ETH has already gained 10%.

The Glassnode transfers to exchanges indicator showed the largest inflow of deposits in the last four years. The transfer influx of $174,549,000 is almost double the amount of deposits compared to the previous deposit influx, when Ethereum traded at a nearly all-time high of $4,000 in May 2021.

Due to the huge influx of transfers, the price of Ethereum is a very risky knife to catch. The reversal of the bullish impulse wave is a violation of the $1250 level. Violation of the revocation could result in a low scale event targeting $970 in the near future.

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Indicator of the number of transfers to Glassnode exchanges

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ETH/USDT 4-hour chart

In the following video, our analysts dive into Ethereum price action by analyzing key levels of interest in the market – Netcost-Security Team

XRP price is disappointing

Ripple XRP price is currently being auctioned at $0.34. Traders appear to be in complete control of the digital discount token as sideways consolidation continues below the 8- and 21-day simple moving averages.

The price of XRP is likely to go down as the volume profile dictates bearish power. In addition, the relative strength index has gone beyond the limits of acceptable buying territories on intra-hour timeframes. A retest signal and a deviation from the 21-day moving average currently at $0.354 could act as a catalyst for a further 15% decline to $0.29 in the near term.

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XRP/USDT 4-hour chart

In the following video, our analysts dive into Ripple’s price behavior by analyzing key levels of market interest – Netcost-Security Team

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