Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Consolidation Prevails As Bitcoin Pulldown To $30,000 Calls

Last Updated July 23rd 2021
3 Min Read
  • Bitcoin appears to have assumed consolidation after dropping from $35,000.
    • The IMF and World Bank push for central bank digital currencies at the G20.
    • Ethereum price is on the verge of breaking down to $1,800 if support at $1,800 fails to hold.
    • Ripple downtrend reaches an elastic limit at $0.6 as more buyers return to the market for gains above $0.7.

    Cryptocurrencies are trying to come up for air after the mid-week correction. Bitcoin explored the levels under $33,000 but held support slightly above $32,000. However, recovery seems hard to crack, especially with investors retreating from the market.

    Meanwhile, some altcoins are trading in the green, suggesting that some investors move away from major assets. For example, Cosmos is up 4.8%, Terra is up 8.3%, and LEO Token 4.1% over the last 24 hours.

    The IMF and World Bank push for CBDC’s At G20

    According to a new report by a triumvirate of global finance, global central banks are bound to benefit from sovereign digital currencies. The report was prepared by the International Monetary Fund (IMF) and the World Bank and proposed to the G20 to support a cross-border network of central bank digital currencies (CBDCs).

    The report details that the network should be backed by efficient technological integration as well as proactive international cooperation. Unlike past reports on the matter, this latest report emphasizes broadening the scope of central banks’ local needs and elevating them globally.

    Bitcoin price downslide to $30,000 intensifies

    Bitcoin price lethargic price action follows a breakdown from highs around $35,000. Meanwhile, support at $32,000 seems robust enough to hold in the near term, but only if the technical outlook remains unchanged.

    The four-hour Bollinger Band adds credence to the ongoing consolidation. However, as the bands squeeze, a breakout draws nigh. Therefore, Bitcoin price is expected to stretch the bearish leg to $30,000 if support at $32,000 shatters.

    Moreover, the Moving Average Convergence Divergence (MACD) indicator still has a bearish outlook accentuated by its position beneath the mean line.

    BTC/USD four-hour chart

     BTC/USD 4-hour chart 070921

    Check Out: Bitcoin Trends

    Ethereum price could explore levels under $2,000

    Ether has lost a crucial anchor at the 100 Simple Moving Average (SMA) on the four-hour chart, paving the way for a potential downswing beneath $2,000. Realize that the MACD has a vivid bearish outlook, reinforced by the 12-day EMA crossing under the 26-day EMA. In addition, the MACD continues to sink in the negative region, a move that calls more sellers into the market.

    ETH/USD four-hour chart

     ETH/USD 4-hour chart 070921

    It is worth noting that, Ethereum will invalidate the downtrend if buyers firmly hold above $2,000. With formidable support in place, market stability will return, thus allowing investors ample time to make new entry positions while speculating gains toward $2,400.

    Don't Miss: Ethereum Price Prediction

    Ripple price downtrend at the tail end

    Ripple has stretched the bearish leg significantly from $0.7 to $0.6. However, strong support at $0.6 could see the cross-border transfer token rebound. At the time of writing, XRP trades at $0.61 amid a persistent push from the bulls to gain the lost ground.

    XRP/USD four-hour chart

     XRP/USD 4-hour chart 070921

    On the upside, Ripple must close the day above $0.62 to ascertain the uptrend. Trading above the 50 SM and the 100 SMA will bring XRP closer to $0.7. On the other hand, confirming price action beyond this level could see bulls take on the hurdles at $0.8 and $1.

    Read Also: Will Ripple Reach $10?

Top Brokers in
    All Regulated Brokers
    67% of retail clients lose money when trading CFDs with this provider.