Ethereum Price Expected to Drop 5% to $2,770 as Sell Signal Appears
Ethereum, the second-largest cryptocurrency by market capitalization, is likely to see a 5% fall from its current levels as a sell signal is already in play. This prediction comes amid a larger downtrend in the cryptocurrency market, with Bitcoin and other altcoins also experiencing a downward trend. The sell signal on Ethereum’s Relative Strength Index (RSI) adds to the bearish sentiment, making a revisit to the $2,770 support level highly plausible. Additionally, the Moving Average Convergence Divergence (MACD) indicator is dipping, signaling further downside potential. However, in an optimistic scenario, Ethereum’s price could surge and test the $0.6421 blockade, which is nearly 20% higher than the current levels.
Bitcoin Price Set to Decline 5% to $48,000 Amid Bearish Market Conditions
Bitcoin, the most popular cryptocurrency, is expected to retreat about 5% to the psychologically significant level of $48,000. The bearish sentiment is prevalent in the market, with Bitcoin flashing red alongside other altcoins. The Federal Open Market Committee (FOMC) minutes revealing concerns about interest rates have contributed to the negative outlook. In addition, technical indicators suggest a downtrend, with Bitcoin breaking below the $51,335 support level. If the cryptocurrency fails to sustain above this level, it may tumble further to the $48,000 mark. In a more dire situation, Bitcoin could even retest the order block between $45,556 and $46,691. The sell signal on the RSI and the declining MACD also support the bearish forecast. However, if the buyers regain control, Bitcoin price could recover and potentially reach $55,000 or even $60,000, constituting a significant climb from current levels.
Ripple Price Faces 7% Drop Amid Growing Overhead Pressure
Ripple, another major cryptocurrency, is currently facing growing overhead pressure that suggests a possible 7% decline. The cryptocurrency remains within the confines of a descending parallel channel, and the situation is worsened by key resistance levels, particularly the 200 and 100-day Simple Moving Averages (SMAs) at $0.5643 and $0.5835, respectively. Furthermore, the recent sell signal on the RSI adds to the bearish bias. As a result, Ripple price could drop to $0.5001, a level last seen on February 7. If this support level fails to hold, XRP could slip even further to the $0.4734 level, representing a 13% decrease from current levels. Nonetheless, if buying pressure increases, Ripple price may recover and surpass the 200 and 100-day SMAs, potentially reaching the $0.6000 psychological level. In an extremely bullish scenario, XRP price could rise even higher and test the $0.6421 resistance, a nearly 20% increase from current levels.
Analyst comment
1) Ethereum Price Expected to Drop 5% to $2,770 as Sell Signal Appears – Negative news. Ethereum is likely to experience a 5% decline due to a sell signal and overall downtrend in the cryptocurrency market. The MACD indicator also suggests further downside potential. There is a possibility of Ethereum testing the $2,770 support level.
2) Bitcoin Price Set to Decline 5% to $48,000 Amid Bearish Market Conditions – Negative news. Bitcoin is expected to retreat 5% to $48,000 due to bearish market sentiment and concerns about interest rates revealed in FOMC minutes. Technical indicators also signal a downtrend, with the possibility of testing lower support levels.
3) Ripple Price Faces 7% Drop Amid Growing Overhead Pressure – Negative news. Ripple is currently facing overhead pressure and could experience a 7% decline. Key resistance levels and a recent sell signal on the RSI contribute to the bearish bias. There is a possibility of dropping to $0.5001 or even further to $0.4734 if support levels fail.
