Bitcoin price continues to move sideways after the 16% sell-off last week. Ethereum price is approaching a significant level of interest, according to crypto analyst Tony M. Therefore, further uptrend should not be overlooked. Furthermore, the analyst notes that the XRP price is likely to liquidate the bulls that entered the market at the beginning of summer. We have prepared Tony M’s analysis of BTC, ETH and XRP for our readers.
“Bitcoin price needs to work”
Bitcoin is currently auctioning at $21,561 as a flat range after the 16% sell-off that occurred on Friday, August 19. The current trading range is likely to be individual traders looking to take the next directional move. Bitcoin is hovering above the 50% Fibonacci levels surrounding the entire bull run this summer. Seeing this, traders have good reason to engage in early buying. But based on the lack of volume and lackluster price action, being an early bull is not recommended.
Traders in last week’s downtrend are still profitable. Because the first target of $ 18,900 has not been exceeded yet. A fractal wave of Bitcoin’s previous performance could result in a high liquidity hunt up to the $23,000 price level. Therefore, it would be quite risky to take the risk to profit. $27,000 needs to be surpassed for the bearish trend to invalidate.
“Ethereum price worrying”
Ethereum is currently up for auction at $1,671. Traders were predicting a decent rebound after the sharp 25% drop since $2,030. That’s why they’re watching the smart contract giant closely. Since the August 20 low of $1,523 was established, the ETH price has already risen 10%.
cryptocoin.comGlassnode’s Number of Transfers to Exchanges indicator has witnessed the largest flow of deposits in the last four years. At 174,549,000, the transfer flow is almost double the amount invested compared to the previous deposit flow, when Ethereum traded close to an all-time high of $4,000 in May 2021.
Due to the huge flow of transfers, Ethereum is a pretty risky knife to catch. A breach of the $1,250 level is required for the bullish impulse wave to invalidate. A breach of this level is likely to create an event with a low targeting $970 in the short term.
“XRP price disappointing”
Ripple price is currently auctioning at $0.34. Sideways consolidation continues below the 8- and 21-day simple moving averages. In this environment, the bears seem to have complete control over XRP.
XRP price will likely head south as the Volume Profile determines bearish strength. Additionally, the Relative Strength Index has pierced well-bought zones on the intra-hour timeframes. A retest and rejection signal from the 21-day moving average currently positioned at $0.354 is likely to act as a catalyst for a 15% drop to $0.29 in the short term.
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