Bitcoin (BTC) price’s bullish breakout appears to be losing steam, with the sentiment spreading across the market and leaving Ethereum (ETH) and altcoins in general susceptible to a crash. Meanwhile, Ripple (XRP) price is an outlier, pushing north on the heels of developments in the legal front.
Ethereum price likely to revisit $2,800
Ethereum (ETH) price has outperformed BTC. However, it appears to be delaying the inevitable as altcoins await the Bitcoin cue. The RSI shows ETH is already overbought, worsened by the SOPR above 1, hinting at possible correction.
A move south could see Ethereum price lose the immediate support at $2,874, potentially extending the fall to the $2,800 base, 5% below current levels. In a dire case, ETH could roll over to the confluence between the midline of the channel and the horizontal line at $2,689. A break and close below this level would invalidate the bullish thesis.
Ripple price eyes $0.6000
Ripple (XRP) price remains bullish despite the broader market showing weakness, an optimism inspired by hopes of a conclusion in the legal saga against the US Securities & Exchange Commission (SEC).
Enhanced activity among the bulls could see XRP price shatter the resistance due to the upper boundary of the descending parallel channel bringing the $0.6000 psychological level into focus. A tag of this milestone would constitute a 7% climb above current levels.
