BTC, ETH, XRP Price Prediction — Market Looks Bearish as Long as Bitcoin Remains Below $8,000

  • Denys Serhiichuk
    📈 Price Predictions

    All top 10 coins are in the red zone. Our price prediction analyzes when is the most appropriate time to enter the market


BTC, ETH, XRP Price Prediction — Market Looks Bearish as Long as Bitcoin Remains Below $8,000

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

As a result of the past week, Bitcoin and other major altcoins suffered significant losses. A week ago, the rate of the first cryptocurrency was at around $8,700, but during the reporting period, it sank by almost $1,000, dropping to around $7,400. Thus, over the last seven days, Bitcoin has lost more than 11% in price, and capitalization has fallen to $135 bln.

Top coins by CoinMarketCap

Most of the other leading altcoins are also in the red zone, among which Tron and EOS fell the most, by almost 20%. The total capitalization of the cryptocurrency market is now $244.5 bln as opposed to $275 bln a week earlier.

BTC/USD

Bitcoin is trying to find the bottom in June; its rate has decreased by more than 10% over the last 7 days. However, the price may go even deeper due to the delisting of Bitcoin futures from CBOE on June 19.

BTC/USD chart by TradingView

According to our earlier prediction, the fall did not stop at $7,800, and quotes went below $7,700, where they are located now. If a few days ago, Bitcoin showed some signs of a potential rollback; today, the quotes are looking down. Mainly, the MACD indicator has been bearish since June 7, and it is not going to change the trend in the short-term. In this regard, the correction may continue until $7,500 is attained.  

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The price of BTC is trading at $7,705 at the time of writing.

ETH/USD

The price of the leading altcoin is falling even faster than BTC; currently, its rate has dropped by around 3% over the last day.

ETH/USD chart by TradingView

Ethereum did not follow our scenario, and the price plummeted below the $240 mark. As ETH has lost more positions than BTC, its rate might recover faster. On the hourly chart, the line on the RSI indicator is looking up, confirming the increasing influence of bulls. However, sellers still prevail over buyers, and the $243 level is a potential trend change breakout. Such a scenario is relevant as a short-term idea.  

The price of ETH is trading at $236.07 at the time of writing.

XRP/USD

Ripple remains the biggest loser out of the top 3 coins; its rate has declined by almost 5% over the last 24 hours. Besides the technical factors, the price drop might have been caused by the hacker attack, when 23.2 mln XRP tokens (about $9.6 mln) were stolen from the GateHub service.

XRP/USD chart by TradingView

On the hourly chart, Ripple has found the bottom in June; the rate went below $0.38, which is the lowest index in the first month of summer. In the short-term scenario, the price is likely to bounce back to the nearest resistance at $0.4150. Thus, such a statement is backed by the MACD indicator, whose lines have switched upwards.

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The price of XRP is trading at $0.3904 at the time of writing.

Cover image via freepik.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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