Bitcoin (BTC) Price Analysis
Bitcoin price is currently hovering within an uncharted area where-in both the possibilities of a rebound and a drastic plunge is making their way out. On the other hand, the volume also appears to have been equally distributed among the bulls and the bears. Therefore in case, anyone gets exhausted, the other is expected to dominate the rally ahead.
The BTC price broke down from the multi-trend line amid the market crash in May 2022 and since then inculcated a heavy descending trend. Further another couple of rounds of liquidity crisis dragged the prices much lower than the chances of recovery currently appear to be fewer. Now when Coinbase is presumed to undergo a similar situation, yet another drop appears to be fast approaching.
Therefore, the BTC price may experience another pullback that may drag the price below $15,000 by mid-Q3, if it fails to rebound at the present levels. However, after a huge drop, the price may undergo a significant rebound and maintain a 5-digit figure by the end of 2022.
Ethereum (ETH) Price Analysis
Ethereum price appears to have been completing a mountain and hence could revisit the foothill very soon. The ETH price’s consecutive attempts to maintain a strong uptrend went in vain as the bears stood firm, poised to squash the price below $700. However, strong support is currently hovering around $732, therefore, the bears could get a little weaker here.
While the bears are weak, bulls are expected to enter and uplift the price beyond $1000 without consuming time. Else these support levels may get weakened where just a minor selling pressure could drop the prices below these levels. Moreover, the weekly ETH chart displays the formation of a ‘Head & Shoulder’ pattern and woefully, the price has broken down from the neckline.
The ETH price is attempting very hard to prevent visiting the lower point of defence just below $500. No doubt the buying volume has been accumulated but an equal pressure is been generated by the bears too. Therefore, the asset may consolidate within range-bound for another couple of days until either bulls or bears dominate the rally.
Ripple (XRP) Price Analysis
Ripple price currently seems to have already made up its mind to hit the lower support. Therefore, the asset is slowly heading towards the level around $0.2 which is also the last point of defence. Unlike Bitcoin & Ethereum, the volume has drastically depleted and hence it may impact the volatility of price in the coming days.
The XRP price is displaying fewer attempts of a rebound and hence could drop down to the support and ignite a rebound further. However, even if the price rebounds to $0.21, the lag of market makers’ participation, the asset could face a lowered pace of recovery which may be restricted below $0.5 until the end of 2022.
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