Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto Whales on a Buying Spree Despite Bitcoin Ranging Price
- Bitcoin whales kept accumulating as the prices crashed in the crypto market last week.
- Ethereum touches $2,200 after bouncing from the support at $1,800.
- Ripple settles above $0.7, while the bullish outlook shows that gains may close the gap to $1.
The cryptocurrency market is slowly crawling back into the green after almost a week of dealing with losses and ranging prices. Bitcoin led its peers into consolidation with resistance at $35,500, remaining unshaken and supported at $34,000.
Ethereum has reclaimed the ground above $2,000 after recoiling from $1,800. If the technical picture holds, Ether may renew the bullish outlook for gains above $2,400. As reported earlier, Ripple eyes uplift to $0.85 after defending support at $0.6.
Bitcoin whales accumulating
A report by Santiment, a leading behavioural analytics platform, recently reported that large volume holders of BTC are currently on a buying spree despite the retreat in price. Holders of coins between 100 and 10,000 started to increase during the selloff.”
“… the whale trend is continuing to accumulate. Over the past couple of days, it hasn’t been, but since the start of the crash, they’ve been moving up.
They could afford to be early and that seems what they are doing.”
Santiment added that:
“Those who have stayed strong in Bitcoin on the crypto downswing have been relatively rewarded compared to high-risk altcoin traders.
BTC has fallen just -4.5% the past three days through the volatility, while $DOGE (-26.1%) & other alts have dropped hard.”
Meanwhile, Bitcoin has made above $35,000 at the time of writing and is battling the 50 Simple Moving Average (SMA) resistance based on the 12-hour chart. Trading above this crucial hurdle will likely push BTC above $36,000 and perhaps stretch the bullish leg to $40,000.
On the downside, support must be established above $35,000 to ensure the risks of another slip toward $30,000 are eliminated.
BTC/USD 12-hour chart
Check Out: Bitcoin Trends
Ethereum price forms a V-shaped recovery
Ether has lifted from the primary support around $1,800 to settle above $2,000. On the upside, the pioneer cryptocurrency token has brushed shoulders with $2,200 resistance. At the time of writing, Ether teeters at $2,165 amid rising overhead pressure.
The four-hour chart shows that Ethereum is recovering in a V-shaped pattern. This chart pattern forms after a massive downfall in the price and leads to a sharp upswing. Note that the upswing requires a high volume for its sustenance; otherwise, it may fail midway.
For instance, a delay is expected at the 50 SMA ahead of the ultimate uplift to $2,800. Meanwhile, holding above $2,100 and settling above $2,400 is crucial for nurturing the uptrend in the short term.
ETH/USD 12-hour chart
It is essential to keep in mind that Ether is not out of the woods yet, especially if the price fails to hold above $2,000 and $2,100. Exploring levels under $2,000 may lead to losses to $1,700.
Read Also: Ethereum Price Predictions
Ripple recovery mission gains traction
Ripple price has stayed under $0.7 since the breakdown to $0.52 last week. The immediate upswing that lifted the price above $0.6 failed to close the gap to $0.7, allowing overhead pressure to soar.
Meanwhile, support at $0.6 played a crucial role in ensuring that losses did not extend to $0.52. On the upside, breaking the resistance at $0.64 on Tuesday has catapulted Ripple above $0.7. At the time of writing, the international money transfer token exchanges hands at $0.72 amid a renewed bullish outlook to $0.1.
XRP/USD 12-hour chart
The resistance at $0.8 must come down to ensure that Ripple’s path to $1 is cleared. However, overhead pressure may rise, forcing XRP to explore the rabbit hole back to $0.52 or delay the uptrend.
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