Ethereum, Bitcoin and Ripple Price Prediction: Extreme RSI Oversold Levels Must Provide Support for ETH

UPDATE: Ethereum price prediction continues to be a high-risk activity as the second largest crypto-currency continues to fall. The price of ETH fell to $1,100 during Tuesday’s Asian trading session and has since rebounded to levels around $1,200 during the European session. The rapid pace at which Ethereum price fell over the weekend and Monday, due to a mix of market-wide risk-taking moves and issues intrinsic to Celsius-related issues and the Ethereum Staked (stETH) deregulation, seems to have faded a bit. In the current crypto market bloodbath, pointing to an alternative scenario is a very risky proposition, but that being said, a bullish retracement on ETH could be due in the short term, as the relative strength index is at low levels. oversold levels that have not been seen since 2019, when the leading altcoin traded at $120. According to Tony Montpeirous, crypto analyst at FXStreet, the price of ETH would need to clear the $1,570 mark for the bulls to pull back with some confidence.

Bitcoin price crashed sharply over the weekend, dragging Ethereum, Ripple and other altcoins down with it. The cause of this brutal market drop seems to be twofold: fears regarding the solvency of the Celsius network and the announcement of the CPI.

Celsius is a cryptocurrency lender and the primary holder of Ethereum Staked (stETH), which is Ethereum staked on the Lido platform, which is a 1:1 backed peg of ETH. Due to sudden redemptions, the peg between stETH and ETH began to decouple significantly.

The imbalance now causes a street on the Celsius network. While this is one of the underlying factors destabilizing the markets, the other is the announcement of CPI (consumer price index) inflation on June 10, which triggers a crash during the week. -end and drives the cascading markets.

Earlier today, Celsius Network announced that it would halt all withdrawals, trades and transfers between accounts. This announcement caused a lot of speculation about what this could mean for Celsius.

I guess now one has to hope that they are not bankrupt but have simply been placed in too much of the client funds in illiquid/locked places – eg on the Beacon chain.

So maybe they can wait and refund users.

But if they lost everything, I guess that’s fine.

Bitcoin Price Manifests the Worst

Bitcoin price has fallen 17% since June 10, after opening at $30,0082. This drop pushed BTC to break through the smaller bearish flag, which predicts a 30% drop to $20,560. Interestingly, the same chart also shows the larger bearish flag predicting a similar target of $20,002. This may interest you: Cryptocurrency prices: Bitcoin, Ethereum and Dogecoin price up today..

Although the crash appears to have paused, investors should be cautious as a continuation could bring BTC down.

While unlikely, if bitcoin price produces a daily close luster above the $52,000 level, it will create a higher top from a macro perspective and invalidate the bearish thesis. In this case, the bitcoin price could shoot up to $60,000.

Ethereum price hits target

Ethereum price established a bearish flag in late April and broke the lower trendline on May 4th. This may interest you: Another reason for the fall in bitcoin price has been discovered, here’s why?. Since then, ETH has fallen 52% to hit the expected target of $1,305. As the altcoin is trading around this level, investors should be patient to buy the dip or open long positions.

This crash broke the weekly support level of $1,401 and turned it into a resistance barrier. A continuation of the downtrend that breaks the $1,305 level could envision a 20% plunge towards the immediate support point present at $1,050.

However, if buyers step in and buy ETH at a discount, there is a chance of a recovery. A rapid return of the $1,401 hurdle to a support level indicates a resurgence of bullish momentum. This development could see Ethereum price attempt a rally towards $1,730.

Ripple price still has some way to go

Ripple price broke through a bearish pennant, another bearish continuation pattern on June 10th. This development caused a 16% drop in the price of XRP over the next three daily ages. See also: Are sanctions a good thing? Why are bitcoin, ethereum and dogecoin recovering well today?. As the remittance token is trading at $0.325, the risk of a further drop remains.

This technical formation foresees a crash of 42% to $0.221, and given the current position, the price of Ripple could experience a drop of 32%. However, this move will not be a sudden crash due to the $0.250 and $0.302 support levels.

Although things look relatively less bearish for the price of Ripple, a rally above $0.578 will be needed for the bulls to breathe a sigh of release. A daily luster close above $0.657 will invalidate the bearish thesis by paying a higher high.

Thomas Estimbre
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