Crypto markets eye bullish move as power struggle continues

  • Bitcoin price contemplates a quick run-up to $42,748 despite facing multiple hurdles.
  • Ethereum price is likely to follow BTC, but its upside is capped at $3,188.
  • Ripple price to provide sidelined buyers an opportunity to accumulate before a 35% upswing

Bitcoin price is trading inside a massive demand zone, which is the only thing preventing it from a catastrophic crash. Despite its uber bearishness, BTC bulls are likely to trigger a quick rally to immediate hurdles. Ethereum, Ripple and other altcoins are likely to follow suit.

Bitcoin price to gather momentum

Bitcoin price pierced through the $36,398 to $38,895 demand zone on February 24 but managed to recover and prevent invalidating the said barrier. This quick pullback helped BTC bulls retain their bullishness. 

A quick run-up from here seems likely, therefore, especially if Bitcoin can slice through the 50-day Simple Moving Average (SMA) at $40,221. In such a case, BTC price could make a run to the immediate resistance barrier at $42,748, bringing the total gain to 13%.

BTC/USD 4-hour chart

On the other hand, if Bitcoin price produces a four-hour candlestick close below $36,398, it will create a lower low and invalidate the bullish thesis. This development could pave the path for BTC to revisit the $34,752 support barrier.

Ethereum price readies a move higher

Ethereum price is retesting the $2,160 to $2,567 demand zone after tagging it twice over the last week. A bounce here is necessary for ETH to retest the 50-day SMA at $2,863, which is the first major hurdle.

Clearing this blockade will open the path for Ethereum price to retest the daily supply zone, extending from $3,188 to $3,393. This barrier is where the upside for ETH will be capped. Any move beyond this area seems unlikely, considering the consolidative nature of BTC and Ethereum’s correlation with it.

ETH/USD 4-hour chart

ETH/USD 4-hour chart

Regardless of the bullishness, a sell-off in Bitcoin price could also translate into a crash for ETH. If Ethereum price produces a four-hour candlestick close below $2,160, it will create a lower low and invalidate the bullish thesis.

In this scenario, ETH will revisit the $1,730 barrier, where buyers can make a comeback if they band together.

Ripple price hints at comeback

Ripple price is stuck trading under a declining trend line that has prevented it from moving higher. There is a good chance that this price action will knock XRP lower to a stable support level. The twelve-hour demand zone, extending from $0.55 to $0.63 is the foothold that will absorb the incoming selling pressure and allow the remittance token to form a base.

A reverse from here will likely propel Ripple price 35% higher and tag the immediate resistance barrier at $0.85. The liquidity resting above $0.85 is the reason why market makers will push XRP price to sweep above it.

XRP/USD 6-hour chart

XRP/USD 6-hour chart

While things are looking up for Ripple price, a breakdown of the demand zone will create a bearish lower low. Therefore, a six-hour candlestick close below $0.55 will invalidate the bullish thesis and open the path for a steep correction.


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