- Bitcoin price holds above $6,800 but battling resistance at $6,9000 in a bid to regain control after the recent dip to $6,575.
- Ethereum price lags breakout as seller congestion at $160 intensifies.
The cryptocurrency market is slightly in the green after the buyers managed to defend against a possible massacre over the Easter weekend. Following the bloodbath on March 12, the crypto market has focused on correcting upwards in a bid to return to levels seen in February. There has been a substantial improvement in the market cap from lows under $150 billion in March to the current at $197 billion.
Bitcoin Price Prediction
At the time of writing, Bitcoin is trading at $6,887. The recovery from a recent low at $6,575 lost steam short of $6,900. BTC/USD bulls are now working tooth and nail to contain losses above $6,800 support. Moreover, the 50-SMA in the 4-hour range is positioned to offer initial support. Bitcoin is trading is also trading within an ascending channel. If this channel support gives in to the selling pressure, Bitcoin price could plunge to test the support at $6,000.
On the upside, the 100 SMA will hinder movement at $7,063. A post-halving rally could eventually pull Bitcoin above $8,000 but growth past $9,000 is unlikely with the COVID-19 pandemic ongoing.
ETH/USD price chart
Ethereum Price Prediction
Ethereum is trading at $157 after bouncing off support between $150 – $152. Seller congestion at $160 is delaying a possible breakout targeting $170 and $ 180 resistance levels. Marginally above $160 the price will have to clear the 100-SMA resistance in the 4-hour range. The RSI shows that the trend is in favor of the bulls and more bullish action is anticipated in the near term.
ETH/USD 4-hour chart
Ripple Price Prediction
On the other hand, XRP facing a drab action and possible consolidation between $0.18 support and the immediate resistance at $0.19. The recent fall from high above $0.20 embraced support at a rising channel added by the 50 SMA in the 4-hour range. XRP/USD is trading at $0.1882 while fighting to overcome the resistance at the 100 SMA. Technical indicators such as the RSI are in support of the bulls but missing is a catalyst to sustain gains above $0.20.