- If Bitcoin price slips below the $24,995 key support level, the odds of a bearish breakdown increase.
- Ethereum price could fall below the $1,621 level over the weekend as investor aggression reduces.
- Ripple price could fall back into the bearish technical formation with prospects for an 8% slump to $0.4600.
Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) prices are testing crucial support levels. With the weekend setting in, crypto markets are showing fading momentum.
Also Read: Bitcoin Weekly Forecast: BTC could revisit $21,000 as sell signals multiply ahead of US CPI.
Bitcoin price lacks directional bias, make-or-break support nearby
Bitcoin (BTC) price is moving west, consolidating within a narrow range after breaking below a crucial support level during the August 17 crash. With weekends known to be rather lulled, the odds of a move north are slim unless large holders act.
The $24,995 support level is a ‘make-or-break’ for Bitcoin price. A decisive break below would send BTC to the psychological $24,000 and mark a bearish shift in trend. In the dire case, seller momentum could see the king of crypto hit $21,915, levels last seen around mid-March.
Both the Moving Average Convergence Divergence (MACD) indicator and the RSI recently gave buy signals. The RSI rose out of oversold territory at the end of August and the MACD line crossed above its signal line in negative territory at the same time. Despite these signals only reflecting a brief dead-cat bounce in price that quickly fell back at the start of September, there is still a possibility of a recovery evolving.
BTC/USDT 1-day chart
A resurgence by the bulls could provide such an impetus for Bitcoin price, fueling a recovery to the upside. Such a move could send BTC above the 200-, 50-, and eventually the 100-day Exponential Moving Average (EMA) at $27,066, $27,414, and $27,763 levels before ultimately restoring above the support offered by the ascending trendline at $29,692.
In a highly ambitious case, Bitcoin price could foray into the zone above the psychological $30,000 before tagging $31,518. While the possibility for a northbound move remains bleak in the near term, it would constitute a 20% climb above current levels.
Also Read: Bitcoin all-time high in 2025? BTC price idea reveals ‘bull run launch’
Ethereum price tests the $1,621 support
Ethereum (ETH) price is testing the $1,621 support level, which is shaky ground, considering momentum is fading.
A drop below this buyer congestion level with a lot of uncollected liquidity hanging beneath could see ETH test the $1,529 support level.
ETH/USDT 1-day chart
Conversely, revitalized momentum among bulls could see Ethereum price pivot at $1,621 before forging north to the 50-day EMA at $1,734. The ascension could extend, possibly reaching the area where the 200- and 100-day EMAs appear to converge at $1,762 and $1,773, respectively.
With the right momentum, inspired by a strong move by Bitcoin, the price could see Ethereum price hit $1,841, an area last tested on August 15.
Also Read: Ethereum whales accumulate ETH as researchers explore scaling beyond EIP-4844.
Ethereum FAQs
Ethereum is a decentralized open-source blockchain with smart contracts functionality. Serving as the basal network for the Ether (ETH) cryptocurrency, it is the second largest crypto and largest altcoin by market capitalization. The Ethereum network is tailored for scalability, programmability, security, and decentralization, attributes that make it popular among developers.
Ethereum uses decentralized blockchain technology, where developers can build and deploy applications that are independent of the central authority. To make this easier, the network has a programming language in place, which helps users create self-executing smart contracts. A smart contract is basically a code that can be verified and allows inter-user transactions.
Staking is a process where investors grow their portfolios by locking their assets for a specified duration instead of selling them. It is used by most blockchains, especially the ones that employ Proof-of-Stake (PoS) mechanism, with users earning rewards as an incentive for committing their tokens. For most long-term cryptocurrency holders, staking is a strategy to make passive income from your assets, putting them to work in exchange for reward generation.
Ethereum transitioned from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) mechanism in an event christened “The Merge.” The transformation came as the network wanted to achieve more security, cut down on energy consumption by 99.95%, and execute new scaling solutions with a possible threshold of 100,000 transactions per second. With PoS, there are less entry barriers for miners considering the reduced energy demands.
Ripple price breaks out from a bearish trend, decisive?
Ripple (XRP) price has broken out from a descending parallel channel after the exhaustion blow-off move lower on August 17. These are both bullish signs that the downtrend has finished. Further confirmation would be provided should the remittance token record a daily candlestick close above the 200-day EMA at $0.5233.
XRP/USDT 1-day chart
If sidelined investors or late buyers come in, the increased buying momentum could see Ripple price tag, or in a highly bullish case, overcome the resistance presented by the confluence resistance area between the 100-day and 50-day EMAs at $0.5547 and $0.5580 levels respectively.
Overcoming these hurdles could clear the way for Ripple price to reach the psychological $0.7000 level. This would indicate a 15% drop.
From a bearish perspective, there is still a risk Ripple price could slip back below the upper boundary of the descending channel and potentially extend to the July 13 lows around $0.4600. This would represent an 8% fall. In a dire case, Ripple price could extend to the midline of the bearish technical formation at $0.4191.
Also Read: XRP price likely to slump as pro-XRP attorney Deaton analyzes the Howey memo and Hinman speech
https://www.fxstreet.com/cryptocurrencies/news/top-3-price-prediction-bitcoin-ethereum-ripple-a-break-down-seems-likely-as-btc-momentum-wanes-202309081845
