Price Analysis

Look Out for These Levels for Bitcoin(BTC), Ethereum(ETH) & Ripple(XRP) Price!

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Feb 7, 2022

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Highlights

    As Bitcoin price made a high jump, more altcoins like Ethereum and XRP tend to follow the star crypto

    Despite most of the crypto assets are following a notable uptrend, yet some of the crucial levels need to be kept closely watched

With a huge trend reversal, the crypto space appears to have nullified the current downtrend. The recent surge was expected to be a short-lived one, but despite getting exhausted, the BTC price is moving ahead with very tiny steps.

On the other hand, Ethereum(ETH) price after numerous dips, is successfully recording constant green candles. And the XRP price is approaching the high-demand area with strong momentum.

Bitcoin(BTC)

The Bitcoin price is currently testing one of the crucial resistance levels just above $42,000. These levels are considered as one of the most important price zones that could decide the next plan of action for the asset.

Currently, BTC price is attempting very hard to smash the $43,000 price zone to maintain a bullish trend. However, the bears are also trying very hard to prevent this event as once the asset ranges above this level, bulls may outperform them. 

The BTC price after slicing through the crucial resistance zone at $41,100 has broken out of the bull flag and rising high to hit the next resistance levels. The current uptrend may be completely secured once the asset smashes the $43,400 zone.

However, this zone may be very critical as it is also a high liquidation zone where bears may become active yet again. Therefore fear of plunging back below $40,000 is quite possible if Bitcoin fails to sustain above $43,400 levels. 

Ethereum(ETH) 

Ethereum price after almost a fortnight is yet again above $3000 amid the speculations of plummeting hard to $1700. The asset unlike Bitcoin followed constant higher highs and lows since the beginning of this month.

And hence one can expect the uptrend to continue until it reaches the safe zone above $3200. Yet it may reduce its pace and enter an extended consolidation for yet another specified time period. 

The ETH price is testing the upper resistance of the rising channel and hence may be self-assured of clinching $3,200 levels at the earliest. No doubt, Ethereum not being impacted by the Bitcoin price rally may continue to surge beyond $3200 but later may again fall into the same consolidation well but would remain strong above $3100. Hence validating with the uptrend, until and unless any drastic sell-off does not hinder the price rally. 

Ripple(XRP)

Ripple(XRP) price is fast approaching its crucial resistance which is pretty important to certify with an uptrend further. If the asset ranges high beyond this level, then a huge influx of liquidity may be expected as the buyers may jump in.

And therefore, rising the price zone above $0.8 and eventually head towards $1 testing the mandatory resistance close to $0.9. Currently, the XRP price appears to be extremely determined to go high, however, the upcoming crucial phases may decide the upcoming trend. 

XRP price broke through the consolidation a couple of days before and since then maintained a notable uptrend. Currently, the asset is on the verge of hitting the immediate resistance zone around $0.76 to 0.78.

Once the asset pierces through this area, the possibility of smashing the next resistance at $0.85 appears to be high. However, the bears can be active anytime above $0.8 levels but currently, bulls appear to be in a pretty strong position to prevent the asset to drown drastically. 

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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