Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto Market Bleeds After Bitcoin’s Rejection At $52,000

The cryptocurrency market is still suffering from the impact of Bitcoin’s rejection of $52,000 for the second time in less than two weeks. Declines are likely to gain momentum, with BTC already trading under $50,000.

The majority of cryptoassets in the top 50 are in the red, led by altcoins such as Cardano, Binance Coin, Polkadot, and Solana. Ethereum could not sustain the uptrend above $1,600, leading to losses toward $1,500. Similarly, Ripple is seeking support at $0.44 after hitting a barrier above $0.45.

Bitcoin retreat seems unstoppable

Bitcoin’s recent upswing above $50,000 turned out to be another bull trap. This tricked investors into believing that the ultimate rally of $58,000 (record high) had commenced. However, the momentum lost steam on breaking slightly above $52,000, allowing a double-top pattern.

A correction ensued due to the massive selling orders triggered at this level. Bitcoin bulls are struggling to secure higher support. Meanwhile, the pioneer cryptocurrency is doddering at $49,400. Support is anticipated at the 100 Simple Moving Average on the 4-hour chart, but if push comes to shove, Bitcoin may freefall toward $43,000.

(Click on image to enlarge)

BTC/USD 4-hour chart

BTC/USD 4-hour chart

On the upside, regaining ground above $50,000 will be a huge bullish signal. Moreover, a daily close past the 50 SMA could bring stability as bulls focus on pushing the price higher toward $58,000.

Ethereum rebounds for a 23% move

Ethereum has been rejected at $1,650, leading to a correction. Intriguingly, the retreat has tested the neckline of an inverted head-and-shoulders (H&S) pattern on the 4-hour chart. The pattern is bullish and usually foresees a rapid price increase. Testing the neckline support is particularly bullish for ETH, and if support is defended, a rebound could set out for a move toward $1,895.

(Click on image to enlarge)

ETH/USD 4-hour chart

ETH/USD 4-hour chart

It is worth noting that the breakout may fail to materialize if Ethereum slices through the neckline support. On the downside, the 100 SMA is in line to provide additional support. However, selling orders could surge considerably, forcing Ether downhill to $1,400 and $1,300 anchor levels.

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Disclaimer: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only ...

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