- Bitcoin price can increase by at least 8% due to the existing market value gap of up to $ 56,361.
- Ethereum price is slowing as it nears a critical resistance level at $ 4,071.
- Ripple price to face a confluence of resistance at $ 1.70 or before.
Bitcoin price has broken with its recent surge. However, this does not apply to Ethereum, Ripple or other altcoins that show signs of a sell-off.
Bitcoin price shows strength
Bitcoin price recently broke the $ 50,000 mark in hopes of pushing higher. The Fair Value Gap (FVG) formed during the May 12 crash suggests that BTC should have a resistance-free path up to $ 56,361, an increase of around 8%.
However, this bullish scenario depends entirely on the ability of buyers to keep BTC above the $ 51,483 level, which is the lower bound of the FVG. If BTC sticks to its limits, investors can expect a spike to $ 56,361, and if the upward momentum continues, the reserve currency, crypto, could take a hit at the psychological level of $ 60,000.
BTC / USDT 1-day chart
However, if BTC drops below the FVG floor at $ 51,483, it indicates weakness among buyers. Such a development will lead to further downturns. Breaking the psychological level of $ 50,000 will invalidate the bullish thesis.
This collapse could trigger the Bitcoin price into a consolidation phase or a downward movement.
The Ethereum price looks great
Ethereum price entered the FVG on September 1 when it rose by around 11%. However, that surge fell short halfway, which led to a consolidation. However, given the extremely cautious nature of Bitcoin price action, things could quickly go south for ETH if BTC crashes.
As such, investors should expect a slight dip to $ 3,524 and a fall of 13% to the support level of $ 3,345 on a bearish fall.
Due to the massive consolidation between the 8th
ETH / USDT 1-day chart
On the flip side, if ETH shows strength and breaks the cap on FVG at $ 4,071, it will signal the resurgence of buyers. Such a move will invalidate the bearish thesis and open the way for a retest of $ 4,372.
Ripple price is approaching the confluence of resistance
Ripple price rose about 30% between August 31 and September 6 when it pierced the FVG formed on May 19. That surge indicated strength, but current market conditions suggest that the trend may reverse, putting XRP price in a tough spot.
Optimistically, if the remittance token continues in its direction, investors can expect an 18% rebound by the time it hits the $ 1.60 mark, which is the upper limit of the FVG. While a move up is possible, it is unlikely given that the centerline of the parallel channel acts as a resistance and coincides with $ 1.60.
In a bullish case, XRP price could break this confluence and mark $ 1.70.
XRP / USDT 1-day chart
If the BTC price shows weakness, the XRP price could reflect that and continue to decline. If the correction results in a critical closing price below $ 1.27, it suggests that many investors are making gains.
However, a collapse of the $ 1.09 support level will invalidate the bullish thesis and could push the XRP price down to $ 1.01 or $ 0.84.