While Bitcoin (BTC) price could rise as high as $85,500, there were significant price fluctuations following the launch of Ethereum (ETH) ETFs. Ripple (XRP) is having difficulty exceeding the $0.62 level.
Although Bitcoin (BTC) generally declines following the launch of spot Ethereum (ETH) ETFs, it has been observed throughout history that it has reached many ATH (all-time high) levels after this period. However, there is no similar certainty for spot ETH ETFs. Ripple (XRP) generally exhibits a calm performance amid these market uncertainties.
Bitcoin's price is stuck in a descending and expanding wedge formation. This formation predicts that a possible upward breakout could increase the BTC price by 21% to $85,500. However, it is stated that time is needed to reach this level. Currently, BTC is trading at $68,900 and it remains above the important support at $67,100. It was also observed that BTC exceeded $ 69,000 during the day. However, since there have been failures in breaking this formation in the past, it is thought that a similar situation may occur this time. If the breakout does not occur, it is predicted that BTC may test $ 63,000 again.
Ethereum (ETH) Status:$ETH
Ethereum was on the agenda as one of the most notable topics this month, with spot ETH ETFs starting to be traded. Instead of the expected price rally, there was a huge decline. Ethereum, which was at $3,500 before ETFs, dropped to $3,100 and is currently trading at $3,313. It is stated that ETH fell to the 23.6% Fibonacci retracement level and may rebound from this level and rise again to $ 3,500. However, ETH faces a resistance level at $3,455, which could prevent the price from rising to $3,500. The price of Ethereum in TRY parity is reflected as 109,528 TL.
Ripple (XRP) Status:$XRP
Ripple (XRP) price did not experience a major decline after the rejection at $0.62 and price fluctuations stopped. This level is seen as one of the biggest obstacles to the rise of XRP. If this level is exceeded, it is predicted that the XRP price could rise to $0.65, which could mark the highest level seen in a four-month period. However, if this level is not exceeded, XRP is expected to continue to consolidate between $0.57 and $0.62.
There may be a potential rise in Bitcoin price, it is important to analyze carefully.
The resistance level at $3,455 is critical for Ethereum.
The $0.62 level was an important breaking point for Ripple (XRP) investors
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