- Bitcoin price momentum is slowing as it faces trouble above the $24,565 resistance level.
- Ethereum price has reversed after reaching a retracement, failing to break above the $1,730 hurdle.
- Ripple price has survived the $0.381 lockdown, but failure to break below could lead to a correction.
Bitcoin price shows signs of exhaustion after retesting major hurdles. This development could lead to a correction if bulls fail to make a comeback. Ethereum Despite Merge Story The price of BTC remains correlated with BTC and could go down if the big cryptocurrencies go down. Ripple price will soon follow if the two biggest cryptocurrencies crash.
Bitcoin price and trend change
Since January 2022, the Bitcoin price has continued to rise and fall. Each time the rising adjustment channel stalls and collapses, leading to a huge crash. Legups are always consolidated around the point of control (POC), the highest trading level.
Currently, the volume profile shows that the POC is $21,128. Therefore, investors can expect selling pressure to spike at this level, pushing BTC down. This level of breakdown puts the big crypto at the mercy of the inflection point ranging from $19,000 to $20,000.
If this support area also collapses, investors can expect another flash crash that could push Bitcoin’s price from $13,000 to $12,000.
BTC/USD 1-day chart
Bitcoin’s price looks weak, but a bounce back around $22,700, the confluence of the 200-week SMA and 30-day EMA, could offer buyers a chance to make a comeback. The bearish thesis will be invalidated once BTC generates his daily candlestick above $24,565 and this level turns into a support floor.
Ethereum Price Ready for Pullback
The Ethereum price bulls were clearly tired as they retested the $1,730 hurdle for over three days. There is a lack of buying pressure, indicating a large amount of selling pressure.
So the next logical thing for Ethereum price to do is retrace. A 9.7% drop seems likely for ETH to retest his $1,543 support level. Interestingly, this level almost coincides with the control point, i.e. the maximum trading volume.
Volume profiles are drawn only for the most recent run-up from July 13th to August 1st.
A breakdown of the $1,543 support floor could push ETH down to $1,350, below which the volume profile would thin out significantly, suggesting a plunge to $1,080.
ETH/USD 4-hour chart
Regardless of the bearish signal, the good news for Merge enthusiasts is likely to trigger a buying frenzy. If the Ethereum price generates a daily candlestick above his $1,730, it will invalidate the bearish thesis and trigger a potential move to $2,000.
Ripple price at make or breakpoint
Ripple price surged 13% on July 30, attracting liquidity above the same high of $0.387. While this rally was impressive, it lacked momentum and as a result, the price of XRP is about to undo these rally.
Moreover, the latest 4-hour candlestick has broken below the $0.381 support level, suggesting further downtrend is likely to continue. In such a case, investors can expect the Ripple price to return to the $0.340 support level.
XRP/USD 4-hour chart
On the other hand, if Ripple price stays above the $0.381 barrier, it will confirm its position as a support level and invalidate the bearish thesis as well. In such a case, XRP price could pave the way to revisit the $0.439 resistance level.