Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH, and XRP dips as US involvement in Israel-Iran conflict looms

FXStreet
Updated
Mitrade
coverImg
Source: DepositPhotos

  • Bitcoin trades around $104,000 on Wednesday, down 2% from Tuesday, as geopolitical tensions continue to weigh on the market.

  • Ethereum is nearing its lower consolidation boundary of $2,461; a close below this level would indicate a correction ahead.

  • XRP faces rejection from its 50-day EMA at $2.24, increasing the likelihood of a short-term correction.

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) prices hovered around key levels on Wednesday after falling the previous day. The crypto market turned risk-averse amid growing concerns that the United States could intervene in the escalating conflict between Israel and Iran.  These rising geopolitical conflicts could trigger a risk-off sentiment in the market, signaling the potential for further downside across major digital assets.

Bitcoin could dip further if it closes below its 50-day EMA 

Bitcoin price declined sharply, falling from the June 10 open of $110,274 to the June 11 close of $105,671, creating a Fair Value Gap (FVG) at approximately $108,064. This bearish FVG marks a key resistance zone, meaning that once Bitcoin collects liquidity, it is likely to continue its correction.

On Monday, BTC retested and faced a slight pullback from this FGV zone, closing the day up by 1.14%. However, it declined by 2.10% the next day and retested its 50-day Exponential Moving Average (EMA) around $103,070. At the time of writing on Wednesday, it hovers at around $105,000.

If BTC continues its correction and closes below the 50-day EMA at $103,070 on a daily basis, it could extend the decline to retest its key psychologically important level at $100,000.

The Relative Strength Index (RSI) momentum indicator on the daily chart has slipped below its neutral level of 50, indicating bearish momentum. The Moving Average Convergence Divergence (MACD) indicator on the daily chart displayed a bearish crossover last week. It also shows a rising red histogram bar below its neutral level, indicating bearish momentum and giving credence to the downward trend.

BTC/USDT daily chart

BTC/USDT daily chart

On the contrary, if BTC recovers and closes above its FVG level at $108,064, it could extend the recovery toward retesting its May 22 all-time high of $111,980.

Ethereum could face a downleg if it closes below key support 

Ethereum price failed to find support around the upper consolidation level of $2,724 on June 12 and declined by 8.69% until Saturday. However, ETH hovered above its lower consolidation boundary of $2,461 the next day. On Monday, it attempted to retest but was rejected around its upper consolidation level and declined toward its 50-day EMA at $2,434 the next day. At the time of writing on Wednesday, it hovers at around $2,500.

If ETH continues its pullback and closes below its 50-day EMA at $2,434, it could extend the decline to retest its next support level at $2,000.

The RSI on the daily chart has slipped below its neutral level of 50, indicating bearish momentum. The MACD indicator on the daily chart displayed a bearish crossover last week. It also shows a rising red histogram bar below its neutral level, indicating bearish momentum and suggesting a downward trend.

ETH/USDT daily chart

ETH/USDT daily chart

On the other hand, if ETH finds support around its lower consolidation boundary at $2,461, it could extend the recovery to retest its upper consolidation boundary at $2,724.

XRP is poised for a downleg below its 50-day EMA

XRP price attempted to close above the 50-day EMA at $2.24 on Monday but failed, subsequently declining by 3.53% the following day. At the time of writing on Wednesday, it trades at around $2.16.

If XRP continues its correction, it could extend the decline to retest its next daily support level at $1.96.

The RSI on the daily chart reads 44, below its neutral level and points downward, indicating strong bearish momentum. Moreover, the MACD indicator on the daily chart displayed a bearish crossover, signaling a sell and indicating a downward trend.

XRP/USDT daily chart

XRP/USDT daily chart

However, if XRP recovers, it could extend to retest its 50-day EMA at $2.25.

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

goTop
quote
Do you find this article useful?
Related Articles
placeholder
Ethereum Price Forecast: ETH risks selloff as supply in profit tops 90% ahead of Powell's speechEthereum's (ETH) large percentage of supply in profit could stir selling activity as hawkish signs continue to grow on Thursday, ahead of Federal Reserve (Fed) Chair Jerome Powell's speech at Jackson Hole.
Author  FXStreet
6 hours ago
Ethereum's (ETH) large percentage of supply in profit could stir selling activity as hawkish signs continue to grow on Thursday, ahead of Federal Reserve (Fed) Chair Jerome Powell's speech at Jackson Hole.
placeholder
Ripple Price Forecast: XRP slips as investors lock in $300M profit ahead of Fed Chair Powell's speechXRP fell 3% to $2.85 on Thursday as investors booked over $300 million in profits following hawkish Federal Open Market Committee (FOMC) minutes from its July meeting.
Author  FXStreet
6 hours ago
XRP fell 3% to $2.85 on Thursday as investors booked over $300 million in profits following hawkish Federal Open Market Committee (FOMC) minutes from its July meeting.
placeholder
Bitcoin Price Forecast: BTC steadies at $113,500 as traders await Powell’s Jackson Hole speechBitcoin (BTC) steadies around $113,500 at the time of writing on Thursday after falling 3% so far this week.
Author  FXStreet
21 hours ago
Bitcoin (BTC) steadies around $113,500 at the time of writing on Thursday after falling 3% so far this week.
placeholder
Bitcoin, crypto market set for key September test as FOMC's July minutes dim hopes for rate cutsBitcoin and the crypto market held steady following the release of the FOMC's July meeting minutes.
Author  FXStreet
Yesterday 06: 13
Bitcoin and the crypto market held steady following the release of the FOMC's July meeting minutes.
placeholder
Ethereum Price Forecast: ETH bounces off $4,100 as whales show resilienceEthereum (ETH) saw a 5% gain on Wednesday as large-scale holders continued accumulating the altcoin despite increased profit-taking from retailers.
Author  FXStreet
Yesterday 01: 40
Ethereum (ETH) saw a 5% gain on Wednesday as large-scale holders continued accumulating the altcoin despite increased profit-taking from retailers.