As Bitcoin struggles to defend the $100,000 level, expectations of a short-term correction for Ether (ETH) and XRP have increased.
The interest rate policy announced by the US Federal Reserve (Fed) has caused a decline in the crypto market. Bitcoin fell to $98,500 after the statements of Fed Chairman Jerome Powell. Although the BTC price has regained $100,000, it still faces a risk of decline. Analysts predict that selling pressure will increase in Bitcoin.
AMBCrypto notes that the weak outlook in Bitcoin has negatively affected Ether (ETH) and XRP (XRP), and both altcoins are in a downtrend. The analysis discusses possible price corrections for both cryptocurrencies.
Short-Term Prospects for Ether (ETH)$ETH
Having difficulty holding on above $4,000, Ether (ETH) fell to $3,670 due to increasing selling pressure. AMBCrypto stated that ETH is currently in the consolidation phase and that the rise may continue if it can permanently hold above the $4,000 level. ETH may first rise to $3,700 and then $4,000. If ETH makes a solid move above the trend line support, it may revive the uptrend it started in November.
However, if ETH loses the support of the current consolidation zone, there are chances of a drop to the $3,300-$3,100 level.
Will XRP Continue to Rise?$XRP
AMBCrypto notes that despite the 10% drop in XRP’s price, it is holding on to the support of the fourth quarter trend. The analysis emphasizes that this support point is the most critical level to watch until the end of 2024. If the bulls maintain the support at $2,309, it seems possible that XRP will rise towards the $2.8 resistance. If XRP can hold on to this support, a rally to the $3.3 peak in 2021 could occur.
Ripple’s new stablecoin RLUSD has helped keep XRP strong. However, if XRP can’t hold onto $2,309, it could face selling pressure in the short term. AMBCrypto notes that in the event of a possible drop, the levels between $2 and $1.6 will be important support zones.