Bitcoin, Ethereum, and Ripple are showing signs of potential price movements in the crypto market. Bitcoin’s price action is indicating a bullish divergence on a momentum indicator, suggesting a possible upcoming bullish trend. Ethereum has found support around the $3,362 price low from Friday, while Ripple is facing rejection at its daily resistance level of $0.499.
Bitcoin’s price was recently rejected at the weekly resistance level of $67,147, leading to a 2.2% decline. However, it is currently supported by the 50% retracement level at $64,274. If Bitcoin bounces off this support level, it could rally 4% to reach its previous resistance level of $67,147. The Relative Strength Index (RSI) and the Awesome Oscillator (AO) are supporting this potential bounce, indicating a bullish divergence that could lead to a reversal of the trend or a short-term rally.
Ethereum’s price has found support around the $3,362 level, which is currently trading at $3,533. If this support holds, ETH price could rally 3% to reach its previous high of $3,717. The RSI and AO indicators are also showing positive signs, suggesting a potential recovery rally for Ethereum. However, a daily close below $3,292 could signal a break in the market structure and lead to a 13% decline to the previous support level of $2,864.
Ripple’s price is currently facing resistance at $0.499 and is trading at $0.495. If XRP breaks above the 50-day Exponential Moving Average at $0.515, it could rise 7% to reach $0.532, its previous high from June 5. The RSI and AO indicators for Ripple are below their respective mean levels, but a bullish comeback could see them rise and boost the recovery rally. However, a daily close below $0.450 could invalidate the bullish thesis and lead to a 7% decline to the April 13 low of $0.419.