- Bitcoin price is showing strength despite the recent decline, hinting at a bullish move to $52,000.
- Ethereum price rallies before moving to $4,000.
- The price of XRP is likely to drop lower before catalyzing an exponential rise to $1.
The price of bitcoin has been falling lately, but that has allowed a few altcoins to go wild. Ethereum and Ripple do not appear to be on this list and will likely take more time before triggering a bull rally.
The price of Bitcoin is preparing for its next step
The price of bitcoin is again testing the level of support of $42,076 after falling nearly 12% from its March 28 high of $48,238. Interestingly, said level also coincides with the $40,490-$42,316 demand zone and is also home to the 50-day and 100-day simple moving averages (SMA).
Therefore, a retest of this launchpad is why investors can expect a high probability of upside that propels Bitcoin price to $44,580. If the buyers push it back and flip it into a support floor, it will pave the way for the bulls to retest the 200-day SMA at $48,248.
In a very bullish case, the price of Bitcoin will look to retest the psychological level of $50,000 and the ceiling of $52,000. This surge, in total, would constitute a 21% upside and is likely where the big crypto’s upside is capped.
While things are looking up for Bitcoin price, a sudden spike in selling pressure pushing it below the $40,490 level will invalidate the bullish thesis and set the stage for a retest of the 34 support barrier. $752.
Ethereum price soars
Ethereum price hovered above the high volume node at $3,136 for four days. If the world’s 2nd crypto rises higher, ETH is perfectly positioned to soar to $3,703, which is the low volume node.
In a very bullish caseEthereum price could extend to the next high volume node at $4,040, bringing the total surge to 27%.
In the event of a downturn, ETH has a support cluster, ranging from $2,820 to $2,966, which also hosts the 50- and 100-day SMAs.
A breakdown of said confluence of support producing a near daily candlestick below $2,820 will create a lower low. Moreover, it would favor the bears and invalidate the bullish thesis. In such a case, ETH might retest the next high volume node down to $2,584.
Price struggles for XRP
Ripple price remained on its bullish trajectory for almost a month, but the decline on April 6 pushed it below the 2022 volume profile control point at $0.771. This level is where the greatest volume for 2022 is traded.
Therefore, a swing from this level into a resistance barrier will indicate that the bulls are weak and the bears are in control. Due to this decline, investors can expect Ripple to slide lower and retests the $0.657 support level.
A rebound from this barrier is likely to trigger a rise in the XRP price which restarts its uptrend. The resulting bullish rally would need to conquer the $0.771 checkpoint for chances to revisit the $1 psychological level.
On the other hand, if Ripple price breaks below the $0.601 support level, it will create a lower low and invalidate the bullish thesis. In this situation, XRP might fall to $0.548.