- The price of Bitcoin is struggling to reach the psychological level of $ 60,000 as it continues to consolidate.
- The price of Ethereum continues to compress between the barriers of $ 3,387 and $ 3,623, without directional bias.
- Ripple price is also stuck below a crucial resistance level at $ 1.135.
The price of Bitcoin continues its slow upward trend as it lacks volatility. Ethereum and Ripple are quickly following the big crypto as they continue to consolidate. As these major cryptocurrencies continue to consolidate, altcoins are breaking out without any hesitation.
Bitcoin price rivals to tackle another important level
The price of Bitcoin has risen 9.8% over the past week despite the lack of volatility. The psychological barrier of $ 60,000 is within reach of BTC, but it must see a bullish breakout of this consolidation. A decisive close above $ 60,000 will put almost all holders “in the money”, easing any selling pressure.
Such a development will prompt sidelined investors to re-test the all-time high at $ 64,895, and perhaps if buying pressure continues to intensify, a new all-time high at 77,525. $.
1 day BTC / USD chart
While things are going too slowly for the price of Bitcoin, breaking the ongoing consolidation is crucial. If BTC falls lower, it is likely that a retracement to $ 55,000 will ensue. In some cases, the decrease could extend to $ 53,000. This move would not invalidate the bullish thesis, but it would allow buyers to buy BTC at a discount, giving them another chance to compete.
Ethereum price crashes between two barriers
The price of Ethereum has been consolidating between $ 3,387 and $ 3,623 for about 11 days and shows no signs of breaking out. This lack of directional bias is due to the short-term migration of capital from altcoins to BTC in anticipation of the approval of a BTC ETF by the United States Securities & Exchange Commission.
Therefore, investors can expect this consolidation to continue for some time. A decisive close above $ 3,630 will initiate a new uptrend, but confirmation of this will come if BTC’s dominance continues to decline. This reduction will not only help ETH, but the altcoin ecosystem as a whole.
In such a case, ETH will first rise to $ 3,938 or the September 5th swing high. Following this, the Ethereum price will race to the psychological level of $ 4,000. Crossing this barrier will open the doors to retest and even set a new all-time high at $ 4,957.
In a way, Ethereum and Bitcoin are in the same boat when it comes to re-testing their respective all-time highs.
ETH / USD 1 Day Chart
Regardless of the pressure from the big crypto easing, if ETH holders decide to turn a profit, pushing the price of Ethereum to produce a decisive close below $ 3,387, it will produce a lower low. , threatening the bullish outlook.
However, ETH will likely be able to make a comeback as long as it stays above $ 3,200, but a breakdown of $ 3,000 will likely invalidate the bullish scenario.
Ripple prices struggle as headwinds increase
Ripple price broke above the resistance level of $ 1.05 and tipped it towards a support floor. However, this rally faced headwinds, wiping out most of its gains at where it currently stands. XRP price is currently facing the resistance level of $ 1.13 and is overwhelmed by selling pressure.
While this short-term outlook may look bearish, a decisive close above $ 1.13 and $ 1.24 will confirm an uptrend. In this case, the Ripple price will likely continue its ascent towards the top of the range at $ 1.42.
However, investors should keep a close eye on the $ 1.67 and $ 1.88 barriers and buy stop liquidity above these levels. Assuming XRP price tests these hurdles, that would constitute a 62% ascent.
XRP / USD 1 Day Chart
While the Ripple price has a medium term bullish outlook, a break out of the support floor of $ 1.05 will put a damper on it. A decisive close below the 62% Fibonacci retracement level at $ 0.86 will create a lower low, invalidating the bullish thesis.