Crypto Market Analysis: Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) Prices Heading to These Levels Next Week!
This week, the crypto market experienced massive headwinds as investors liquidated huge funds due to the ongoing uncertainty caused by the SEC’s crypto crackdown. Also, crypto companies are dropping Silvergate Bank as if it is going out of style after the bank issued a warning that it may not be able to continue operating. The warning was prompted by the bank’s losses by selling debt securities at a loss, which left it undercapitalised. This resulted in a sharp price drop for Bitcoin and major altcoins such as Ethereum and XRP.
The crypto market extends its turmoil next week
Bitcoin, Ethereum, and XRP are trading lower today, leaving the market partially red. However, some other major coins are experiencing an increase in value. It is expected that there will be a serious price drop for BTC, ETH and XRP during the next week.
Bitcoin price analysis
Bitcoin’s price is now falling near the $22K price level as it has formed a low near $21.9K. However, the asset quickly claimed the $22K level after gaining a small amount of long positions.
On March 3, Bitcoin experienced a significant price drop, going from $23,435 to $22,259 in just one hour. However, traders reacted 12 hours later when Bitcoin failed to recover, according to experts at Santiment.
As of now, Bitcoin is trading at $22.3,000, with a minor downward trend in the last 24 hours. Looking at the 4-hour price chart, Bitcoin price may soon test the support below the 0.61 Fib level. After that, Bitcoin may extend its current bearish rally next week to the EMA-100 trend line at $21K; However, a bullish comeback is expected if it breaks the $23.5K barrier.
Ethereum Price Analysis
Investors are currently questioning whether the current bearish rally in the ETH price chart is a sign to join the bulls, or whether it is building the potential for a more bearish rally in the coming days.
However, Ethereum has yet to show much volatility like Bitcoin as it consolidates in a range-bound zone. Ethereum has recently fallen below its monthly support level of $1,600 and took support near the EMA-200 trend line at $1,550.
At the time of writing, the ETH price is trading at $1564. Analyzing the daily price chart, Ethereum is preparing for a new low as it could trade near the $1.5K level next week if it breaks the $1540 level.
XRP Price Analysis
The XRP price is currently consolidating near the $0.37 level after plunging sharply on Friday. Since the summary judgment is still far away, XRP is likely to test the next support levels before validating a bullish rally.
XRP is currently trading at $0.376, with an uptrend of 2.5% from yesterday’s price.
If XRP fails to trade above $0.39 in the next 24 hours, it will face a potential drop and could trade near the monthly support level of $0.33.
