Bitcoin (BTC) price remains broadly bullish, though not to its full potential, as it could spring higher on chatter about regulator approval of spot exchange-traded funds (ETFs). Altcoins, starting with Ethereum (ETH) price and Ripple (XRP) price, are also poised for a positive move, with all hopes pegged to the decision expected this week from the Securities & Exchange Commission (SEC).
Bitcoin eyes $50,000 amid spot ETF-related optimism
Bitcoin (BTC) price continues to intertwine itself with the midline of the weekly supply zone at $43,860 but could break out soon as spot ETF developments approach a deadline. The king of cryptocurrency’s price has strong support provided by the 25-day and 50-day Exponential Moving Averages (EMAs) at $43,130 and $41,391, respectively. The inclination of these moving averages to the north show it is the path with the least resistance.
The Relative Strength Index (RSI) is also tipping north, showing rising momentum. Increased buying pressure above current levels could see Bitcoin price make a decisive move above the critical threshold of $43,860, before an extension to the next critical range at $48,000.
Once Bitcoin price overcomes the $48,000 steeple, it could make a quick run to the $50,000 psychological level before potential profit booking. However, traders keeping their profit appetite in check could set the pace for BTC to reach the highly ambitious target of $60,000.
On the flipside, if early profit booking commences, instigated either by a rejection from the SEC or a delay in the decision, Bitcoin price could descend. Such a move could see it break below the 25 and 50-day EMAs before testing the confluence between the 100-day EMA and the horizontal line near the $37,800 level.
However, for the prevailing bullish outlook to be invalidated, Bitcoin price must close below the $30,000 psychological level.
Ethereum price coils up for a 10% climb
Ethereum (ETH) price remains within the confines of an ascending parallel channel, with the final retest of the lower boundary of the channel possibly precipitating a 10% climb to $2,500. The RSI is moving north, evidence of rising momentum, accentuated by the falling Average Directional Index (ADX), showing that the slump that saw ETH value drop is losing strength.
Increased buying pressure could see Ethereum price shatter the $2,388 resistance, before clearing the $2,445 range high as it heads to the forecasted $2,500 target. A strong jolt past this level could see ETH market value reach $3,000.
On the other hand, if profit takers pull the trigger, Ethereum price could roll over, potentially losing the support at $2,135. Below this level, the cliff could send Ether to the depths of $2,000, or in a dire case, invalidate the bullish outlook by breaking and closing below $1,935.
Ripple price could scale a recovery with $0.5442 support holding
Ripple (XRP) price may have bottomed out after the $0.5442 support came into play. The RSI edging north points to rising momentum, whereas the ADX indicator rising suggests a strengthening trend.
Enhanced buyer momentum could see Ripple price overcome the critical support at $0.5784, potentially going as high as to breach the resistance due to the descending trendline and collecting sell-side liquidity around the $0.7000 psychological level.
Conversely, if traders who got wrecked during the January 2 crash choose to exit the market after breaking even, XRP price could drop, with a break below the $0.5442 support exposing Ripple price to a cliff. This would expose further downside as low as the midline of the Fair Value Gap (FVG) at $0.5002. A break and close below this level would confirm the continuation of the downtrend.
