- Bitcoin price broke through crucial barriers, looking forward to a retest of $52,920.
- Ethereum price is vying to climb as bulls lock in $4,000.
- Ripple price was able to hold above the $1.05 support level with the re-emergence of bulls.
Bitcoin price witnessed an uptrend over the past week as it continued to rise without major corrections. As a result, Ethereum, Ripple, and other altcoins have followed suit. Although the entire market appears bullish at the time of writing, things could go awry if BTC sees a Sept 7-style crash.
Bitcoin price approaches solid resistance
Bitcoin is up 12% over the past three days and is currently trading around $48,380. The resistance levels at $48,895 and $50K are major obstacles in the way of the bulls. Therefore, the bulls need enough momentum to flip these barriers back to the support platforms for a smooth recovery to the September 6 levels.
This move will push BTC into the fair value (FVG) gap and suggest that buyers may race to retest the upper end of this range at $56,361. If completed, this development would represent a 16% increase over the current state.
BTC/USDT 1-Day Chart
On the other hand, if BTC fails to maintain the buying pressure, a rebound to $46,833 is likely. However, a collapse of $44,705 will invalidate the bullish theory.
Ethereum price still going strong
Ethereum price consolidated between $3,015 and $3,338 for about a month before breaking away from it and marking the psychological mark of $4,000. While the move was impressive, it was followed by the September 7 crash, undoing all the gains. However, the congestion seen between $3,015 to $3,338 helped limit the sell-off and kept ETH flat.
Given the recent surge in the price of the large cryptocurrency, it appears that the price of Ethereum is close to FVG, ranging from $3,716 to $4,071. Investors can assume that the smart contract token will retest the $4,000 level if the current upward trend continues.
In a very bullish case, a reversal of the $4,071 supply barrier on the demand floor would signal a move towards an all-time high of $4,372.
ETH/USDT 12-hour chart
No matter what upside Ethereum price exudes, if the big cryptocurrency crashes, investors can expect ETH to follow suit immediately. While a break below $3,345 may trigger a fresh consolidation, it will not invalidate the bullish theory.
However, creating a lower bottom below $3,223 would put an end to the optimism around ETH.
Ripple price is moving
Ripple price established a swing high on September 6 at $1.42 but failed to hold the level as a market-wide crash followed the next day. Due to this sell-off, XRP lost 25% of its value but managed to stay above the $1.05 support level.
After a few days of consolidation, XRP price managed to bounce off this barrier and start an upward trend. A rise of 10% from its current position would force Ripple to face the $1.23 resistance level.
Flipping this hurdle to the support level would open up the transfer symbol’s path to the higher range at $1.42. In the event of an extreme rally, XRP price may extend the rally to retest the $1.66 and $1.83 caps.
XRP/USDT 1-Day Chart
While things seem to be going well for Ripple, a breakdown of the support floor at $1.05 will invalidate the bullish theory and scare investors. This move will create a lower bottom and may lead to a sell-off of the subsequent demand barrier at $0.96.