Bitcoin, Ethereum, XRP Price Analysis – Markets Avoid Turning Bearish As The Bulls Look For A Rebound Higher In March

  • Bitcoin has now seen a 5.2% price increase over the past 7-days as it trades above $9,145 
  • Ethereum has seen a 6% price increase this past week as it breaks above $235.
  • Ripple saw a 3% price and broke above $0.24.

The entire market capitalization for the industry increased by over $20 billion this week after rebounding from the $240 billion level to reach the current value at $260 billion. Bitcoin still remains the dominant cryptocurrency but it is still helping other cryptocurrencies to rise.

Following is an overview of Bitcoin, Ethereum, and Ripple price analysis.

Bitcoin Price Analysis

BTC/USD – Daily CHART – SHORT TERM

cg-btcusd
BTC/USD – Source: TradingView

Market Overview

Bitcoin saw a 5.23% price increase over the past 7-days after meeting support at $8,461 which is provided by the downside 1.618 Fibonacci Extension level. It went on to rebound from here as it managed to break above $8,750, $8,900, and $9,000 to reach the current trading price of $9,152.

Short term prediction: NEUTRAL

Bitcoin remains neutral and will need to break above $10,000 before we can even consider it to be bullish. If it drops beneath $8,461 it would turn bearish.

Toward the upside, resistance lies at $9,270, $9,506, $9700, $9,741, and $10,000.

On the other hand, if the sellers step in and push lower, support lies at $9,000, $8,798, $8,750, $8,672, $8,500, and $8,461.

The RSI has now returned to the 50 level which shows that the buyers are trying to regain momentum within the market. However, it also shows that there is indecision between the bulls and the bears.

Ethereum Price Analysis

ETH/USD – Daily CHART – SHORT TERM

ETH/USD. Source: TradingView

Market Overview

Ethereum saw a 6.2% price increase over the past 7-days of trading as it rebounds from support at $217 which is provided by the downside 1.414 Fibonacci Extension level. It has since increased to break back above $220 and managed to climb above resistance at $228 which is provided by the short term bearish .236 Fib Retracement.

Short term prediction: NEUTRAL

Etheruem will remain neutral until it can climb back above $250. It would need to drop beneath $217 to be considered as bearish.

Toward the upside, resistance lies at $239.60 (bearish .382 Fib Retracement), $248.78 (bearish .5 Fib Retracement), and $257 (bearish .618 Fib Retracement).

On the other hand, if the sellers push lower, support lies at $228, $220, $217 (downside 1.414 Fib Extension), $210, and $207 (downside 1.618 Fib Extension).

The RSI has managed to break above the 50 level as the buyers start to take control over the market momentum and the bearish pressure fades. If it can continue rising, we can expect ETH to travel further higher.

Ripple Price Analysis

XRP/USD – Daily CHART – SHORT TERM

XRP/USD – Source: TradingView

Market Overview

XRP increased only by a small 3% this past week after finding support at the .886 Fibonacci Retracement level at $0.228. After reaching this support, the market started to trade sideways within a range between $0.228 and $0.24.

Over the last 24 hours of trading, XRP managed to break above this range as it currently trades at $0.243.

Short term prediction: NEUTRAL

XRP also remains neutral and would need to break above $0.27 before being considered as bullish.

The first level of resistance above lies at $0.25. This is followed closely with resistance at $0.251 (bearish .236 Fib Retracement), $0.26, $0.27 (bearish .382 Fib Retracement), $0.28, and $0.2850 (bearish .5 Fib Retracement). 

On the other side, the first level of support lies at $0.24. Beneath this, support lies at $0.228 (.886 Fib Retracement), $0.22, $0.212 (downside 1.272 Fib Extension), and $0.204 (downside 1.414 Fib Extension).

The RSI is still not near the 50 level, however, it is rising which shows that the bearish pressure is starting to fade slowly. Once it reaches 50, we can expect the buyers to take over and push the market higher.

Like what you read? Didn't like what you read? Weigh in!