Bitcoin (BTC) Price Analysis
The price of bitcoin is currently hovering in an uncharted territory, where the prospects of both a rebound and a massive decline are making their way. On the other hand, the quantity also appears to have been evenly distributed between bulls and bears. So, if one gets tired, the other is expected to dominate the rally ahead.
BTC price broke above a multi-trend line in the midst of a market crash in May 2022 and has since formed a massive downward trend. Besides, a few more rounds of liquidity crunch dragged the prices very low, which is likely to be lower at present. Now that Coinbase is believed to be going through a similar situation, another drop is fast approaching.
Therefore, BTC price could experience another pullback, which could drag the price below $15,000 by the middle of the third quarter, if it fails to rally to current levels. However, after a major decline, the price could undergo a significant rally and maintain the 5-digit figure till the end of 2022.
Ethereum (ETH) Price Analysis
It appears that the price of Ethereum is completing a mountain and therefore may return to the foothills very soon. ETH price’s continued efforts to sustain the strong uptrend went in vain as the bears were determined to crush the price below $700. However, strong support is currently residing near the $732 level, so the bears are likely to weaken a bit here.
While the bears are weak, the bulls are expected to enter and push the price above $1000 without wasting any time. Otherwise, these support levels could weaken, where slight selling pressure could push prices below these levels. Furthermore, the weekly ETH chart is showing the formation of a ‘heads and shoulders’ pattern and sadly the price broke the neckline.
ETH price is trying very hard to prevent a move to a defense low just below $500. There is no doubt that the buying volume has accumulated but similar pressure has been generated by the bears as well. Therefore, the asset may consolidate within the range bound for a few more days until either the bulls or the bears dominate the rally.
Ripple (XRP) Price Analysis
Ripple price seems to have made up its mind to hit the lower support at the moment. Therefore, the asset is slowly moving towards the $0.2 level, which is also the last point of defence. Unlike bitcoin and ethereum, the volume has turned out to be quite low and hence this could affect the price volatility in the coming days.
XRP price is showing low attempts of a rally and hence could drop down to the support and ignite a further rally. However, even if the price reaches $0.21, within the gap of market makers participation, the asset may face a lower momentum of recovery that could be limited below $0.5 by the end of 2022.