Bitcoin price bounces off the $45,678 support level, suggesting a higher high is likely.
Ethereum price looks primed for a sweep of the $4,133 resistance level to collect the liquidity resting above it.
Ripple price might head lower to retest the 3-day demand zone, ranging from $0.704 to $0.778 before it triggers a run-up.
Bitcoin price has been stuck, ranging between two crucial levels since the December 3 flash crash. This consolidation is setting up the base for a long-term volatile move, but for now, BTC is likely to retest the range high of this sideways move. Ethereum and Ripple will promptly follow the big crypto and see short-term gains.
Bitcoin price eyes higher high
Bitcoin price bounced off the $45,678 support floor for the fourth time and is currently hovering at $46,921, just below the 200-day Simple Moving Average (SMA). A surge in bullish momentum that overcomes this hurdle is likely to propel the pioneer crypto to tag the $51,993 resistance barrier, coinciding with the 50-day SMA. A sweep of this level will collect the buy-stop liquidity resting above it.
This 13% upswing is likely to face profit-taking at this level, leading to a reversal. However, in some cases, the buyers could flip this level to a support floor, suggesting that Bitcoin price might head higher and retest the $57,030.
BTC/USD 4-hour chart
While things are looking up for Bitcoin price, a breakdown of the $45,678 support floor will reveal a weakness among buyers. This move will crash BTC by 9% to retest the December 3, 2021 swing low at $41,672.
Here, Bitcoin price has another chance to make a comeback and will likely restart the upswing.
Ethereum price to revisit crucial barriers
Ethereum price revisited the $3,640 support floor for the third time on December 31, 2021, triggering a 5% ascent to where it currently trades – $3,800. Unlike the big crypto, ETH is comfortably trading above the 200-day SMA.
A potential spike in buying pressure is likely to propel Ethereum price to retest the $4,113 resistance barrier, coinciding with the 50-day SMA. This run-up would constitute an 8.4% ascent and is likely to see the short-term upswing capped.
If the buyers continue to pile on the bid orders, ETH might slice through the said hurdles and make a run for the $4,435 ceiling, representing a 16% gain.
ETH/USD 6-hour chart
In some cases, Ethereum price might revisit the $3,640 barrier before heading to the immediate resistance barrier. A breakdown of this level, however, will lead to a retest of the December 3, 2021 swing low at $3,456, where buyers have another chance to restart the uptrend.
Ripple price could head lower
Ripple price is hovering above the 3-day demand zone, ranging from $0.704 to $0.778 and is likely to retest it before it decides to head higher.
A dip into this area will replenish the bullish momentum, allowing the XRP price to climb higher. The $0.892 resistance barrier will be the first hurdle the remittance token will tag, beyond which it is likely to collect the liquidity resting above the $0.939 ceiling.
In some cases, Ripple price could extend its run-up to $1, where it will face immense selling pressure.
XRP/USD 4-hour chart
Regardless of the recent run-up, if Ripple price slices through the 3-day demand zone, extending from $0.704 to $0.778, and produces a decisive close below it, the bullish thesis will face invalidation. In which case, the XRP price could slide lower to revisit the $0.656 support floor.