Ethereum XRP and Bitcoin Price Prediction: The bottom is in place
Bitcoin (BTC) and Ethereum price trade in descending parallel channels, while XRP price follows a rising support line.
Can ETH price break out of the channel?
ETH, the original token of the Ethereum network, was created by Vitalik Buterin. The Ethereum blockchain is also home to various other cryptocurrencies.
The ETH price has been falling in a descending parallel channel since August 14th. It was rejected by the resistance line on November 4 and reached a low of $1,073 five days later. The Ethereum price has since increased and is trying to regain the horizontal area of $1,260.
The recovery of the $1,260 area would be an extremely bullish development since the area also coincides with the center of the channel. Also, it is likely to lead to an RSI move above 50. Conversely, a rejection from it is likely to lead the price back to the channel support near $900.
XRP creates bullish pattern
On November 9, XRP broke down from the horizontal support area of $0.44. It hit a low of $0.31 the next day.
Afterwards, it bounced twice at an ascending support line, on November 9 and 14 (green icons). The second bounce created a bullish engulfing candlestick. There was no positive XRP news prior to this increase. The XRP price resumed its upward movement in the next 24 hours.
As a result, the most likely scenario is a rise towards the nearest resistance at $0.44. A break from the rising support line will invalidate this bullish XRP price prediction.
Bitcoin Price Prediction: Will BTC Regain $19,000 Area?
The technical analysis from the daily timeframe shows that the price of Bitcoin is also trading in a descending parallel channel. It has bounced on the channel’s support line twice (green icons), most recently on November 9.
The day before, it broke down from the long-term support area with an average price of $19,000. The decline was also present in the rest of the crypto market. The $19,000 area is now expected to provide resistance.
Bitcoin price rose afterwards but has remained above the middle of the channel. Also, the daily RSI is still below 50.
So the future BTC price prediction is undetermined. A decline below the channel’s support line would support the bearish scenario, while a retake of the $19,000 area would likely lead to a high near the next resistance at $24,500.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
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