In a noteworthy turn of events, Bitcoin faced a significant downward spiral on November 13 and 14, experiencing profit-booking that pushed its value below the $35,000 mark. Bitcoin (BTC) displays signs of resilience after a harsh correction that impacted the market. Ethereum (ETH) aligns its trajectory with Bitcoin’s patterns. However, Ripple (XRP) paints a contrasting picture, showing indications of weakness in its price movement.
It’s worth noting that Glassnode data has revealed a decrease in “whale wallets” holding over $1,000 worth of Bitcoin. This decline has reached a month-long low, indicating that some significant holders may have taken advantage of the recent price surge. As a result, buyers interested in taking advantage of the current market downturn should be aware of this development.
Investors are keen on Bitcoin’s ability to breach and maintain closure above the $37,972 threshold to validate an upward trend. This breakthrough could set the stage for Bitcoin to surge towards the psychological milestone of $38,000 and reach $40,000, marking a significant 10% increase from current levels. BTC is trading at $37,360, showcasing a rise of 4.46% over the last 24 hours and a 1.56% increase over the past week.
Conversely, failure to overcome the $37,972 resistance level may prompt a decline in Bitcoin’s value, possibly finding support around the 25-day and 50-day EMAs at $34,572 and $32,456, respectively. Further downside movement could lead to testing the 100-day EMA support at $30,528 within the bullish breaker zone.
Following a recent correction, Ethereum experienced a supportive bounce around the $1,920 range. Similar to Bitcoin, ETH surged past resistance levels at $1,950 and $1,975 to settle above the crucial $2,000 mark after rallying from as low as $1,933.
Ethereum is currently trading at $2,048, supported by the 100-hourly Simple Moving Average. A noticeable bullish trend line forms around the $2,046 mark on the ETH hourly chart. Resistance levels at $2,075 and $2,120 could lead to further gains towards $2,150. Meanwhile, support levels are at $2,000 and $1,920.
In contrast, Ripple’s (XRP) price trajectory indicates weakness, breaking downwards from a triangle pattern amid reduced volatility. A continued sell-off might drive XRP below the 25-day EMA at $0.6181, with a decisive close under $0.5981 denting optimism for an upward movement.
However, should buyer momentum strengthen, XRP could retrace upwards, breaching the lower trendline of the triangle above $0.6584, potentially aiming for $0.7000. In an optimistic scenario, a push toward the Fair Value Gap (FVG) between $0.7519 and $0.7623 might restore balance, filling the inefficiency in Ripple’s price movement. XRP is valued at $0.6447, marking a 1.19% rise in the last 24 hours but reflecting an 8.04% decrease over the past week.
