Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin At Last Line Of Defense As SEC Chair Gensler Advocates Stricter Crypto Regulations

Last Updated August 3rd 2021
3 Min Read
  • The Securities and Exchange Commission (SEC) chairman, Gary Gensler, wants to regulate crypto exchanges.
  • Bitcoin price cracks the 100-day SMA support as declines loom toward $35,000.
  • Ethereum continues to lose ground as the London hard fork upgrade nears.
  • Ripple price risks another drop to $0.62 as the death cross takes effect.

Bitcoin lifted to $42,000 last week, pulling the entire market up with it, thanks to the correlation that still exists. Altcoins such as Ethereum and Bitcoin Cash gained ground to $2,700 and $570, respectively.

Solana outperformed to trade at $37 but corrected back to $33 as bulls battled to secure higher support before resuming the uptrend. Most altcoins have trimmed the gains following a two-week winning streak. If the prevailing bearish wave continues in the coming sessions or days, cryptos may sink into dire losses.

The SEC Chair Gary Gensler Calls For Robust Crypto Regulations

Gensler, the sitting chair of the US SEC in an interview with Bloomberg, stressed that his knowledge or association with crypto is not a factor that will deter a comprehensive regulatory framework for the sector. He ascertained that he remains “neutral on” but “intrigued” by crypto assets. However, he is “not neutral about investor protection.”

The chairman explained that investors have the freedom to put money where they deem fit, but the SEC is there to protect them from fraud. Gensler also took the opportunity to call on Congress to give the regulatory body the legal authority to carry out oversight of cryptocurrency exchanges.

Bitcoin Price On The Verge of Freefall To $35,000

Bitcoin price is trading slightly above $38,000 at the time of writing. The daily chart shows overhead pressure mounting after losing support at the 100 Simple Moving Average (SMA). The odds for a retreat also soared after the ascending channel’s lower boundary gave in to the bearish pressure.

The least resistance seems downward based on the Relative Strength Index’s (RSI) rejection from the overbought area. A sharp drop toward the midline accentuates the downtrend. Besides, a daily close below $38,000 may trigger more sell orders, opening the door for losses to stretch to the 50-day SMA, near $35,000.

BTC/USD daily chart

 BTC/USD daily chart

Despite the bearish short-term outlook, Bitcoin has a bullish long-term picture. Alex Mashinsky, the CEO of Celsius Network, a digital asset lending company, has reinforced the narrative, saying that BTC will rally to $140,000 and $160,000 by the end of the year. Mashinsky explained to Yahoo Finance:

“So earlier this year, I talked about that resisting going below $29,000. And we’ve seen that big jump since, and I think we are hitting some resistance here in the $40,000 to $45,000 levels. And there is no a lot of resistance above that. So I think we’re going to consolidate here and then break to new highs. I still stand by my prediction that we will see anywhere between $140,000 and $160,000 per Bitcoin this year.”

 Don't Miss: Buy Bitcoin At $35k; Buy Some More If It Falls Further

Ethereum Price Retreats Ahead Of Key Network Upgrade

Ether recently touched $2,700, but the momentum faded before closing the gap to $3,000. The pioneer smart contract token bowed to the overhead pressure and is trading at $2,500 at writing.

Losing the 100-day SMA support could prove detrimental to Ethereum, as bears swing into action to push for lower levels at $2,200 and $2,000, respectively. Realize that a death cross pattern appearing on the daily chart may validate the downswing. This is a highly bearish indicator that forms when the 50-day SMA crosses below the 200 SMA.

ETH/USD four-hour chart

 ETH/USD daily chart

The least resistance path is downward based on the RSI’s rejection from the overhead region. Sellers seem unbothered by the upcoming Ethereum London hard fork upgrade, aiming to cut gas fees by a large margin. This upgrade is said to be revolutionary for Ether and may eventually bolster the price above $3,000.

Check Out: Ethereum Price Prediction

Ripple Struggles With Nurturing The Uptrend To $0.8

The international money remittance token rallied to $0.78 last week but could not extend the bullish leg to $0.8. Initially, bulls had hoped to break above this level and sail through to $1.

However, the 200-day SMA reinforced the barrier while a recent death cross pattern ascertained that a lower consolidation was probable. At the time of writing, Ripple teeters at $0.71 amid a growing bearish outlook.

XRP/USD four-hour chart

 XRP/USD daily chart

As the RSI reversed from the area near the overbought, the odds for an extended downtrend surged. Moreover, the support at $0.7, and by extension, the 50 SMA keep bears at bay. However, if broken, XRP will start exploring levels toward $0.62.

Read Also: Ripple Trading Predictions

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