BTC, ETH, XRP Price Prediction — Daily Trading Short-Term Signals. A Dump on the Market

  • Denys Serhiichuk
    📈 Price Predictions

    After a few days of stagnation, bears are back again. Our price prediction analyzes how to act on the bearish market


BTC, ETH, XRP Price Prediction — Daily Trading Short-Term Signals. A Dump on the Market

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

June 4 has started with the general dump on the cryptocurrency market; the total market capitalization has been reduced by $30 bln just overnight.

Cryptocurrency market capitalization by CoinMarketCap

Over the past day, the price of the first cryptocurrency fell by more than 10%, for the first time in the last week, dropping below $8,000.

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The overall negative trend, which could be observed throughout Monday, was continued on Tuesday night when the price of Bitcoin fell from $8,500 to $7,750. Earlier, the cryptocurrency was trading at around $8,700.

Together with Bitcoin, the rest of the cryptocurrency market went into the deep red zone, while among the leading altcoins, EOS suffered the greatest losses in the last 24 hours, the price of which fell by 12% to $6.70.

BTC/USD

Nobody expected that Bitcoin would lose around 10% of its value overnight; however, it happened. On the other hand, the amount of trading volume has not been reduced, meaning that traders are neither leaving the market, nor switching to altcoins.

BTC/USD chart by TradingView

At the moment, our price prediction made yesterday is not coming true, as the quotes moved in the opposite direction. However, nothing critical occurred, and Bitcoin came back to the positions it was located in on May 30. Analyzing the historical background, one can notice that BTC recovered fast after previous declines. Applying the current correction to the recent scenarios, the rate might reach $8,400 in a few days. RSI confirms such course of events, as it is located on the verge of the oversold area.

The price of BTC is trading at $7,975 at the time of writing.

ETH/USD

The leading altcoin also underwent a correction; however, its rate dropped by almost the same percentage as the Bitcoin index. At the time of the writing, Ethereum is losing 7.64%, while BTC is declining by 7.46%.

ETH/USD chart by TradingView

On the 4-hour chart, Ethereum has been trading sideways since May 16, but the technical picture is worse than that of Bitcoin. The trading volume has slightly decreased since mid-May, and the MACD indicator is looking bearish. Taking into account these factors, the price may go down to the support at $230 shortly.

The price of ETH is trading at $245.92 at the time of writing.

XRP/USD

If yesterday Ripple was the only growing coin out of the top 5, today, it is the biggest loser compared to Bitcoin and Ethereum. Currently, its price has dropped by more than 8%.

XRP/USD chart by TradingView

Ripple already suffered a similar dump at the end of May; after that, the quotes came back to the previous level at $0.44 within 4 days. Applying that decline to the current market dump, traders might expect Ripple at $0.44 on June 7. Thus, the RSI indicator is near the oversold area, suggesting that sellers are running out of steam.

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The price of XRP is trading at $0.4040 at the time of writing.

Cover image via 123rf.com
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About the author

Being a passionate blockchain enthusiast Denys has a vast experience in сryptocurrency market analysis, as well as blockchain related projects. All this is backed up by his working at W12 platform, Platinum Listing & ICO Advisory company, Export.Online and many others.

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ETH Price Is Heading to $400 Mid-Term Level: Why Are Most Traders Bullish?


ETH Price Is Heading to $400 Mid-Term Level: Why Are Most Traders Bullish?

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

Resisting the bears’ attempts to beat it down, Ethereum price retains its positions around $250. Moreover, it’s said to be approaching the $400 goal. When should it happen, and why are most traders optimistic about ETH’s future? Let’s analyze Ethereum price predictions from tradingview users and compare their price charts – you will be surprised to discover most of them share similar opinions.

Target – wave III

Ethereum moving on waves

Look at the pattern from Crypto_Boer: the wave pattern is playing out perfectly, and now Ethereum keeps moving to the wave III somewhere at the $377 level. The finish target here is $440, which can be achieved in mid-September or October.

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$360 by the end of June

 $400 mark can be hit in August

Here’s another price chart showing us Ethereum’s way to the heights. Bulls may show up soon. Our target is $360 for 50% upside potential. If ETH reaches such a level, crawling to the $400 mark in July-August will be more than possible.

Beware of a double bottom

ETH should go through a correction

Of course, before Ethereum is able to reach the desired heights, it should go through a correction. User JRghost predicts that ETH should touch $287 before starting the retracement. Price may look to hit PRZ and retrace, then extend to double bottom measured move.

Here are the technical indicators to prove that:

  • Coinciding bearish patterns - Cypher/Butterfly.

  • PRZ is highlighted in red

  • .382 and .618 zone for each pattern highlighted in Green

  • 382 is confluent for a back-test of double bottom confirmation line.

  • Higher Levels of Relative Strength

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Closest targets for ETH

Major targets for ETH

User bread911 has noticed a major momentum divergence on the ETH/USD 4 hr chart. The average is $236.50, while our major resistance targets now are $265, $280, and $340. The first two targets can be easily overcome during June, but what about the third one? It’s possible to reach, too!

Final words

ETH looks really good on the weekly and daily charts – we have broken the trend-line resistance, and begun fresh up-trend. The 5th Elliot wave count is looking primed.

If we manage to break up in the coming days, there’s a big chance Ethereum will reach $290-300 and then simply turn down again. It could potentially even become high for the coming months. If we drop and break down from the current patterns, ETH will stay inside the $220-260 range during June, but it will be more likely to break resistance later, and we’ll see a much bigger rally in the coming months.

Some traders also claim they see a triangle on the price chart, which is a sign of bulls being eager to get in and bears giving up. They simply can't break the flag support because there are just too many bulls wanting to get in.

Ethereum has already managed to break the major $230 resistance, but there’s a possibility of an H&S pattern, which we can consider to be some kind of neckline. If it breaks, outcomes might be sad. $250 is a clear short term resistance now, and the trend is still up, so candles are likely to pop up.

It should be noticed that a lot here depends on Bitcoin. For instance, ETH can repeat its current head & shoulders pattern and take a short nosedive. But in case of growth, we’ll see kicking off the push to $400 for the ETH/USD pair.

Ethereum charts by TradingView

Cover image via 123rf.com
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About the author

Vera Yurina (aka Vera Thornpike) writes on web tech and works as a translator, copywriter & crypto geek with a strong passion for creative writing and wordplay. Creates marketing and SEO content for IT & hosting companies, ICOs and finance media since 2013.

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