- Bitcoin price might drop another 8% to tag the daily demand area, stretching between $36,398 and $38,895.
- Ethereum appears to secure support t $2,824, confirming the downtrends slowdown.
- Ripple trades beyond the 50% retracement area at 40.731, potentially sliding low.
Bitcoin (BTC) printed a higher peak on its daily chart, and ongoing retracement may confirm whether buyers are prepared for uptrends or now. Ripple and Ethereum display varying patterns but will eventually mimic BTC’s footsteps.
BTC to Test Bulls’ Commitment
BTC price overcame the 50-day SMA on 9 February, forming a higher peak near $45,956. The move saw bullish strength exhausting, translating to the ongoing retracement. If these downswings form a higher low, BTC will form a base for bullish actions.
That way, Bitcoin will likely create a higher low around the demand territory extending between $36,398 and $38,895. That would confirm a bullish picture, and market players may expect the leading crypto asset to launch reversal from this level.
Meanwhile, a daily candle close under $36,398 will mean Bitcoin violating the mentioned demand area. With that, the coin can plunge to the weekly support barrier at $34,752. A decisive close beneath this mark will annul BTC’s bullish outlook and catalyze a potential drop to $29,100.
Ethereum Discovers Support Level
Ethereum had its price rallying 41% within fourteen days, creating a lower high of around $3,284 after meeting the 50-day Simple Moving Average. A 10% downward emerged after the rejection at this SMA, taking ETH to its current value zone beyond the support of $2,823.
Market players may expect Ethereum to plunge beneath this zone before establishing a directional trend. Meanwhile, bulls will only flourish if the ‘smart’ contract coin maintains beyond the weekly footing at $2,324.
A 24hr candlestick close under $2,324 will see Ether creating a lower low, continuing the downswings since 10 November 2021. That way, Ethereum might revisit $1,730, gathering liquidity beneath the mark.
Ripple Price Keeps its Momentum
Ripple exploded to levels of $0.911 after the token overpowered its 2-week consolidation. However, this 55% upward move has fallen by nearly half since taking XRP back to a 50% retracement level to $0.731. Further retracements will have the $0.595 – $0.632 demand area absorbing arriving selling pressure.
That would probably translate to reversals, forming a higher low, suggesting an upward move start. Nevertheless, persisting buying strength will see XRP revisiting the psychological zone of $1, gathering buy-stop liquidity beyond the level.