The most recent cryptocurrency market sell-off wasn’t as bad as most enthusiasts thought and has already recovered more than $100 billion in market capitalization. One of the most significant factors of this pullback is the loss of dominance for Bitcoin which stands at only 63.6% while many altcoins are thriving. This seems to be a significant indicator of the upcoming alt season.
Ethereum has been outperforming Bitcoin significantly in the past two days and it’s about to see another breakout on the ETH/BTC chart. XRP price on the other hand remains flat.
Bitcoin price recovers from a massive dip and targets $37,000
On the 4-hour chart, bulls have managed to push BTC price up to 33,826 and now are looking to establish a higher low compared to the local bottom of $28,850. Using the Fibonacci Retracement indicator we can find out several key targets on the way up.
So far, Bitcoin price already got rejected at $34,000 which is the 38.2% Fib level. The next potential price target if the other resistance level is broken would be $37,000 which is the 61.8% Fib level.
Ethereum price signals start of alt season
The long-awaited alt season could be coming soon as Bitcoin’s dominance fades away and Ethereum takes the lead. ETH price is currently trading at $1,247 and outperforming BTC. On the ETH/BTC chart, we can see a clear ascending triangle pattern which is on the verge of a breakout in favor of Ethereum.
ETH/BTC 4-hour chart – TradingView
Additionally, on the daily chart, and unlike Bitcoin, Ethereum price did defend the 26-EMA and has climbed above the 12-EMA again. This, once again, suggests that ETH is far stronger than Bitcoin at the moment.
ETH/USD daily chart – TradingView
The Eth2 deposit contract address holds 2.8 million ETH, worth around $3.5 billion at current prices. It seems that the recent sell-off hasn’t stopped more investors from locking their coins inside.
XRP price can’t seem to revive
We will not extend much talking about XRP price because it’s extremely flat and remains trading sideways. Trading volume has fallen to a low not seen since December 14, 2020. The most important levels for XRP holders are $0.30 to the upside and $0.20 to the downside. A breakout or breakdown of these two levels would suggest a clear shift in momentum.
.
Follow CryptoTicker on Twitter and Telegram for daily crypto news and price analysis
Recommended posts
-
PEPE Coin Price to Reach $5 in the Next Seven Days? -
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: ETH hits new all-time high and aims for $2,000 -
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Market crashes as BTC plummets to $34,000
-
Shiba Inu Price Prediction: How High can SHIB Price reach by 2030? - Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC bulls buy the dip pushing it back above $32,000
- Top 3 Price Prediction Bitcoin, Ethereum, Ripple: ETH hits new all-time high, signaling alt season is near
- Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC slides towards $33,000 but bulls buy the dip
- Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Market briefly corrects, but bulls buy the dip
- Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC aims for $53,000 if this level breaks
- Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC Hits $40,000 Again as Bull Market Returns
- XRP Price Breaks Out Climbing Above $0.60 Again
- Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto market consolidates as BTC hits $30,000
-
Top 3 Price Prediction: Bitcoin, Ethereum and Ripple on the verge of a massive breakout -
Ethereum Price Could Be The First to Rebound, Aiming For $400
- DeFi Crosses $21B, Ethereum Hovers At $1200 As Alt-Season Looms On The Horizon
- Top 3 Price Prediction Bitcoin, Ethereum, Ripple: XRP explodes by 100% but plummets down to $0.39
- Can the Bitcoin Price Explode Now?: Bitcoin Price Analysis
You might also like
More from Bitcoin
Bitcoin Price Prediction Before 2023 Ends
Approaching the end of 2023, Bitcoin has experienced a remarkable recovery, surging by 120% from its starting price and reaching …
Bitcoin Mining: A Surge in Activity and Investment
Bitcoin mining involves millions of computers worldwide, known as 'miners', that track and verify transactions. Unlike centralized systems like the …
Tether Plans to Invest $500M in Bitcoin Mining
Embark on Tether's $500 million journey into Bitcoin mining! Uncover the strategy behind this groundbreaking move led by CEO Paolo …
