The crypto market has seen a lull in activity after making gains earlier in the week. Despite the slowing trend, the outlook remains mildly bullish for Bitcoin, Ethereum, and Ripple.
Bitcoin price has been on a steady upward trajectory since the start of the year, and, despite some short-lived dips, the peer-to-peer digital currency continues to show promise.
Bitcoin price currently trades at $23,165, down 0.5% on the day. The trend remains bullish as the bears have yet to produce a settling price beneath the 8-day exponential moving average (EMA). The Binance exchange API suggests the bulls remain in control, with a strong candle from January 12 and an influx of $454,000 transactions.
The next bullish target remains near the mid-$24,000 zone, which could result in a 6% increase from the current Bitcoin price.
BTC/USDT 1-Day Chart
Traders should be on the lookout for the $23,000 zone, as a breach below this level could result in a sell-off toward previous resistance zones near $21,000. The Bitcoin price would result in an 8% decline under the bearish scenario.
Ethereum price reached a new high for the year at $1,714 earlier in the week, but profit-taking has since occurred. Despite some bearish influence, the overall trend remains intact.
Ethereum is currently trading at $1,666, hovering above the 8-day EMA and 21-day SMA, which signals a healthy uptrend. The lack of momentum calls for caution as bullish traders await more volatility.
The volume indicator is also in the bulls’ favor, but the market remains at a standstill as traders monitor key levels for potential sell-offs. The $1,610 zone remains crucial for Ethereum’s uptrend, and a failure to hold above this level could trigger a deeper decline.
The next bullish target for Ethereum remains near the mid-$1,800 liquidity zone, which could result in a 12% increase from the current Ethereum price.
ETH/USDT 1-Day Chart
Invalidation of the bullish forecast targeting $1,850 could occur from a breach below $1,610, resulting in further sell-offs and a potential decline of 18% from Ethereum’s current market value.
XRP price has seen limited movements this week, with back-and-forth price action taking place within the $0.40 zone. Despite this sluggishness, key indicators suggest a positive outlook for the digital remittance token. The 21-day simple moving average (SMA) continues to provide support. A Fibonacci retracement analysis of the winter rally shows that the current price represents a correction rather than a significant reversal.
XRP price is currently trading at $0.411. The recent pivot point at $0.381 on January 31 landed at the 38.2 retracement level, a common stopping ground for consolidations during strong uptrend rallies. So long as XRP stays above the halfway point near $0.361, the potential for a larger macro upswing lingers.
A conservative approach would be to target the $0.44 liquidity zone as the next pitstop for the uptrend, resulting in a 10% increase from XRP’s current market value.
XRP/USDT 1-Day Chart
Traders looking to join the trend could place an invalidation point below the recent swing low at 0.381. A breach of the barrier would likely Induce the 50% retracement into the 0.361 Zone, resulting in a 12% decrease from Ripple’s price today.