The crypto market is in flux, and it remains to be seen which way it will go next. However, the overall sentiment remains positive as the market has shown considerable resilience in the face of bearish pressure.
Bitcoin price
The first bearish element is the 20 EMA on the 4-hour chart. The 20 EMA has been acting as stiff resistance for the past few days, and the price has repeatedly failed to close above it. The second bearish element is the descending triangle pattern formed on the 4-hour chart.
The descending triangle pattern is bearish, and it usually results in a breakdown. However, there is a chance that the BTC price might not break down from the descending triangle pattern, and we might see a breakout to the upside.
On the other hand, if the BTC price breaks down from the descending triangle pattern, it might find support at $18,500. Expect more sideways price action in the next few days as traders must decide which direction they want the BTC price to go.
Ethereum price
The value of Ethereum (ETH) has seen a slight decline of 1.29% over the last day, and it is currently trading at $1,324. Ethereum price reached a new all-time high on January 13 as it surged to $1,417 but failed to maintain the bullish momentum and started a correction. The price declined below $1,400 and found support near the $1,350 level.
Ethereum price started another increase above the $1,375 level and tested the $1,400 resistance zone. ETH failed to continue higher and started a fresh decline. The price spiked below the $1,325 level and tested the 50% Fib retracement level of the upward move from the $1,295 swing low to the $1,417 high.
The price is currently trading near the $1,310 level, and it seems like it could continue to move lower. A key bearish trend line is forming with resistance near $1,330 on the hourly chart of ETH/USD. If there is an upside correction, the price could struggle to clear the $1,330 and $1,335 resistances. The main support is near the $1,300 level, and further losses might call for a test of the last swing low at $1,295.
Ripple price
Ripple prices have been steadily declining over the past few days, which has continued today. The price is trading at $0.4696, just above the support level of $0.4696. The closest resistance is $0.496, just below the current market price. There is still some downside potential in the market, but the price has been struggling to break below $0.4696.
It is also worth noting that the Relative Strength Index (RSI) is currently signaling that the market is oversold, suggesting that prices may rebound soon. However, the MACD indicator is still bearish and indicates that the downtrend could continue.
Overall, Ripple price analysis today shows that the downtrend could extend to $0.4696 in the short term. However, if prices rebound from here, there is a chance that the market could see some consolidation around current levels before making another attempt at breaking below $0.4696.
Conclusion
The global crypto market has slightly declined over the last 24 hours, losing around 0.50%. The value of Ethereum (ETH) has also declined by 1.29% over the same period, and it is currently trading at $1,324. XRP/USD price is currently down by 1%, trading at $0.4773.
