0

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Ethereum EIP-1559 Fast-approaching, as BTC Dips under $34,000

Last Updated July 23rd 2021
3 Min Read
  • The Ethereum community looks forward to lower gas fees with the Ethereum EIP-1559 implementation.
    • Bitcoin price seeks support at $33,000 after losing ground above $34,000.
    • Ripple may revisit support at $0.55 before another recovery attempt comes into play.

    Cryptocurrencies are sending mixed signals this week, especially with most recoveries sabotaged. Bitcoin price stepped above $36,000 but has since lost key levels to trade below $34,000. Similarly, Ethereum failed to sustain the uptrend above $2,200, leading to a retest of the support at $2,100.

    Intriguingly, the real party is happening in the decentralized finance (Defi) sector, where tokens like Aave, Maker, and Compound are posting remarkable gains.

    Ethereum price seems to be struggling with sustaining the uptrend despite the fast-approaching Ethereum Improvement Proposal (EIP) upgrade. The community is particularly excited about this upgrade which will execute in a hard fork dubbed London. With the EIP-1559, the gas fee used to process transactions is expected to come down tremendously while improving network security.

    Ethereum price lags recovery amid hunt for formidable support

    Ethereum price recently regained ground above $2,000 and extended the bullish leg above $2,200. A weekly high was reached near $2,300, but the 50 Simple Moving Averaged hindered the uptrend.

    As the week’s trading nears the tail-end, Ether appears to be losing ground. Immediate support at $2,100 is anticipated to prevent losses from stretching perhaps to $2,000 or $1,800.

    The Moving Average Convergence Divergence (MACD) suggests that investors do not need to panic. A bullish signal recently came into the picture, as the 12-day EMA crossed above the 26-day EMA. Moreover, buyers can watch out for the MACD crossing above the mean line (0.00) to validate the resumption of the uptrend toward $2,800.

    ETH/USD 12-hour chart

     ETH/USD 12-hour chart 070121

    Don't Miss: Ethereum Price Prediction 

    Bitcoin price bleeds with a wide range

    Bitcoin price seems to have formed a rectangle pattern on the 12-hour chart. The upper limit at $40,000 has for almost two months limited upward price action. On the other hand, the lower limit at $30,000 seems to be coming up as formidable support.

    At the time of writing, the flagship cryptocurrency teeters around $33,500. Losing support at $34,000 screams emphasizes the intensifying selling pressure, especially after the recent reject from areas marginally above $36,000.

    The Relative Strength Index (RSI) currently adds weight to the ongoing selling pressure as it drops from the midline toward the oversold territory. If the bearish leg cracks through $33,000, we expect Bitcoin to test the following support at $32,000.

    BTC/USD 12-hour chart

     BTC/USD 12-hour chart 070121

    It is worth mentioning that the rectangle pattern has no defined bullish or bearish bias. However, a break above the resistance may lead to a significant upswing. On the other hand, piercing the support may trigger more sell orders, sending Bitcoin into another downward spiral.

    Check Out: 15 Reasons Why You Should Invest in Bitcoin Today

    Ripple price may dip to $0.55 before resuming uptrend

    The cross-border money transfer token failed to break out this week amid intense resistance at $0.74. Another correction came into the picture, with losses extending to $0.65. At the time of writing, Ripple price teeters at $0.66 but lacks the power to sustain the uptrend.

    On the downside, the Relative Strength Index (RSI) shows that bears may have the upper hand. Therefore, a daily close beneath $0.65 may push XRP lower and perhaps test the support at $0.55 before another recovery attempt is made.

    XRP/USD four-hour chart

     XRP/USD 12-hour chart 070121

    Despite the hovering overhead pressure, the MACD has a small bullish signal brought into play after the MACD line (blue) crossed above the signal line. If the divergence between these moving averages sustains, we expect Ripple to maintain market stability and eventually resume the uptrend.

    Read Also: Will Ripple Make Me Rich in 10 Years?

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