Bitcoin, Ethereum, and Ripple Prices Consolidate Along Support Levels
- Bitcoin price could fall soon, with the $24,995 multi-month support level barely holding.
- Ethereum price tests the $1,621 support level with a 5% drop down in sight unless this bullish divergence pans out.
- Ripple price must hold above $0.4800 or risk a retest of the May lows at $0.4191.
Bitcoin, Ethereum, and Ripple prices are consolidating tightly along their current support levels. While BTC shows signs of a continued trend, the ETH daily chart says otherwise.
Bitcoin price readies for a fall
Bitcoin (BTC) price is treading on dangerous grounds, exhausting the $24,995 support level after a longstanding consolidation. Unless the king of crypto finds its footing, it could soon lose the aforementioned support, and descend to the psychological $24,000 level. In the dire case, expect an extended hobble to the demand zone at $21,915, where some buying activity could finally present. This assumption comes as demand zones are often populated by buyers.
Notably, the Relative Strength Index (RSI) is inclined south and could soon cross below the signal line (yellow band). Such a move is often interpreted as a sell signal. Also notable, the histogram bars of the Awesome Oscillator (AO) are negative, suggesting bears have the upper hand.
BTC/USDT 1-day chart
On the flip side, with the $24,995 support level acting as a buyer congestion zone, bullish momentum above this level could send Bitcoin price north, potentially confronting the 200-, 50-, and 100-day Exponential Moving Averages (EMA) at $27,085, $27,830, and $27,522 levels respectively, before the $29,692 resistance is activated.
While overcoming this barricade would be ideal, Bitcoin price would remain in the woods until after a decisive daily candlestick close above the $31,518 level.
Ethereum price could fall if the RSI divergence fails
Ethereum (ETH) price is inclined towards the downside, recording lower lows as the price tests the $1,621 support level. Meanwhile, the RSI is recording higher highs, with the disparity presenting a bullish divergence. This forecasts a possible move north, but it all depends on whether the $1,621 support level holds. If it does not, ETH could fall 5% to the $1,552 support level. The negative AO adds credence to the bearish outlook.
ETH/USDT 1-day chart
Conversely, if the bullish divergence works out, Ethereum price could pull north, past the $1,701 hurdle before confronting the 50-, 200- and 100-day EMAs at $1,741, $1,765, and $1,778, respectively. The $1,841 could be overcome in highly ambitious cases, but the bearish outlook would only be invalidated once the Proof-of-Stake token makes it above the $2,008 level.
Ripple price bulls are not acting
Ripple (XRP) continues to stagnate despite swimming in a demand zone, suggesting bulls are sitting on their hands. This exposes XRP to a slump, possibly sending it below the critical support at $0.4800, which is the mean threshold of the order block. A decisive break below this level would whiplash any short-term hope of a bullish case, with the price possibly breaking below the lower base of the demand zone at $0.4600.
In a dire case, Ripple price could extend to the August 17 intraday low of $0.4191, marking a 15% drop below current levels. The RSI is also heading down, pointing to falling momentum.
XRP/USDT 1-day chart
On the flip side, the AO histograms are edging toward the midline with consistently green bars, showing that bulls maintain a presence in the market. Increased activity from this cohort of traders could send XRP higher, flipping the 200-day EMA hurdle into support and potentially using it as a jumping-off point for more gains. In such a case, the $0.5040 mark would be the level to beat, considering it is where the 100- and 50-day EMA converge at $0.5567 and $0.5624 levels, respectively.