The price of Bitcoin (BTC) has been on a steady rise over the past few days, which is fueling investors’ bullish expectations. The same goes for the prices of Ethereum (ETH) and XRP.
BeInCrypto analyzes the movements of the three major cryptocurrencies over the past week and provides an outlook for the future.
Bitcoin Weekly Summary: Strong Price Action
Bitcoin’s current price is $633.79 million, well above the important support level of $607.00 million. The next major resistance level for BTC is $650 million, which is crucial for the cryptocurrency to maintain its uptrend.
If Bitcoin continues its uptrend over the weekend and into next week, it could turn $650 million into support. This would pave the way for BTC to target $700 million. It would first need to successfully close above $683 million to head towards new highs.
Read more: Bitcoin Halving History: Everything You Need to Know
However, if Bitcoin fails to break above $650 million, it could fall below the $631.74 million support level, similar to its performance in August. A further decline could invalidate the current bullish outlook as BTC tests the $600 million support level.
Ethereum, Future Challenges
The price of Ethereum has risen by 7% in the past week and is currently trading at $25.42 million. The altcoin is just below the major resistance level of $25.46 million. A break above this barrier could lead to a rally to $26.81 million, which could indicate a short-term bullish breakout.
Despite several attempts during August, Ethereum failed to turn $26.81 million into a support level. It seems unlikely to surpass this price in the near future due to the lack of strong upside momentum.
Read more: How to invest in Ethereum ETFs?
However, if Ethereum were to turn $26.81 million into support, a potential rally could begin. This could push the price of ETH to $29.3 million, invalidating the current bearish outlook.
XRP Price Aims for Breakout
The price of XRP has not seen the upside momentum that other crypto assets have experienced, but it is approaching a breakout from the symmetrical triangle it is currently in. This consolidation phase is crucial in determining the next major move.
The symmetrical triangle pattern suggests that a breakout of XRP could see a 29% rally to $0.76. However, for this rally to be confirmed, XRP would need to turn the $0.64 resistance into support and show a strong uptrend.
Read more: Ripple (XRP) Price Prediction 2024/2025/2030
However, XRP has failed to break the $0.64 resistance level before and may be rejected again. If the pattern fails, XRP may stall between $0.64 and $0.56, which would invalidate the bullish argument.
