Top 3 Price Prediction, Bitcoin, Ethereum, Ripple: Bitcoin Launches Attack on $40,000, Ahead of Another Crypto Bull Cycle
- Bitcoin ricochets from $38,000 support as investors wait with bated breath for a confirmed break past $40,000.
- Ethereum technical levels weaken as the uptrend fails to gain traction above $2,400.
- Ripple’s consolidation period continues, but a breakout seems imminent.
Bitcoin price correction from weekly highs around $41,360 slowed down on approaching $38,000. Bulls took control of the price at this point, pushing gains toward $40,000. If the resistance at this crucial level breaks, massive buy orders will be triggered, allowing the much-awaited rally to $50,000.
Despite the ongoing uptick in price, altcoins led by Ethereum seem to lag their recovery. For instance, Ethereum has not made much progress after reclaiming the $2,400 support. Similarly, Ripple still grapples with overhead pressure under $0.9.
What Bitcoin needs to sustain uptrend above $40,000?
The flagship cryptocurrency trades around slightly above $39,000. Bullish price action is underway, coming from the short-term support at $38,000. Note that bulls have eyes on $40,000 in the near term. Trading above this critical level for the second time will likely send Bitcoin significantly upward as investor sentiment improves.
According to the short-term technical outlook, Bitcoin’s slightest resistance path is upward. The Moving Average Convergence Divergence (MACD) has a vivid bullish signal, presented as the indicator crossed into the positive area. Besides, the MACD line sustains the position above the signal line, hinting at its upside remaining intact.
The same positive outlook is reflected by the Relative Strength Index (RSI) after recoiling from the midline. Realize that as the RSI closes in on the overbought region, we expect more investors to come in, perhaps with long-term speculations for gains beyond $40,000.
BTC/USD 12-hour chart
Ethereum technicals lag, but an improving on-chain front may keep the uptrend intact
Ethereum is lethargically trading above $2,400. The 50 SMA limits its upside on the four-hour chart. Besides, the MACD shows that a sideways trend may take precedence in the near term.
On the other hand, the RSI’s recovery approaching the overbought may slip at the midline, causing a further delay in recovery. Perhaps bears will take control, pulling Ethereum down to $2,000.
ETH/USD four-hour chart
On the upside, improving network growth is a bullish signal. According to Santiment, the number of new addresses joining the Ethereum network has started to improve. For example, the newly created addresses on June 16 average around 97,000 from a 30-day low of roughly 82,600. If this metric continues to improve, we expect the price to gain momentum to $3,000 gradually.
Ethereum network growth chart
Don't Miss: What's the Future of Ethereum?
Ripple price sticks to consolidation
The cross-border money transfer token pivots between $0.8 and $0.9. The 50 SMA caps the immediate upside, weakening an already feeble bullish camp. Most short-term technical indicators have bearish impulses, while some favor blatant consolidation.
However, as the Bollinger Bands contract, a breakout draws nigh. Note that this tool does not identify the trend direction. At the same time, the area between the upper band and the lower band is relatively a no-trade zone. Closing the day beneath the middle boundary could push XRP into downward price action.
XRP/USD four-hour chart
On the upside, if bulls managed to bring down the resistance at $0.9, and by extension, the 100 SMA, the uptrend will likely gain traction. Gaining ground toward $1 would call more buyers into the market as investors look forward to the ultimate lift to $2.
Read Also: Will Ripple Reach $10?