$ETH Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Facing correction after ETFs led rally
CRYPTOS | 05/30/2024 07:55:23 GMT
Bitcoin price is unable to overcome the $69,712 to $71,907 area of resistance.
Ethereum price will likely pullback into the major support level of $3,360.
Ripple price could end the consolidation between $0.463 and $0.572 range.
Bitcoin (BTC) price continues to consolidate in a range that offers a buying opportunity, while other major cryptocurrencies, such as Ethereum (ETH) and Ripple (XRP), look set for a potential price correction. ETH and XRP rallied 10% and 5%, respectively, right after the US Securities and Exchange Commission (SEC) approved Ethereum’s spot Exchange Traded fund (ETF).
Bitcoin price eyes for a rally
Bitcoin price rallied 8% on May 20, but such an impulsive move could lead to a retracement. As seen in the chart below, BTC is currently being rejected by the order block between $69,712 and $71,240, which also harbors the weekly close at $71,280.
Sideline investors looking for buying opportunities could do so at the following levels:
The volume profile high node range that extends from $67,090 to $66,035.
The 100-day Exponential Moving Average (EMA) is currently at $62,533, coinciding with the bullish order block range between $62,985 and $61,427.
If BTC bounces off the $62,533 level, it could rally 10% to the local top formed at $69,712.
The Relative Strength Index (RSI) and Awesome Oscillator (AO) indicators support the aforementioned bounce, which are firmly present above their respective mean values of 50 and 0, suggesting that the bulls are in control.
BTC/USDT 1-day chart
On the other hand, if Bitcoin's price closes below $58,271, it would invalidate this bullish thesis by producing a lower low in the higher timeframe, leading BTC to crash an extra 10% and hitting the previous support level of $52,400.
