- Bitcoin price is losing momentum as it falls back into consolidation along the $36,398-$38,895 demand zone.
- Ethereum price is slipping below a symmetrical triangle, hinting at a move below $2,000.
- Ripple price remains bullish as bulls eye a retest of the psychological $1 level.
Bitcoin price continues to mark the immediate demand zone, weakening it. Despite sudden surges in buying pressure, BTC appears to be in consolidation mode. Ethereum price has triggered a bearish outlook while Ripple price shows signs of bullishness.
The price of Bitcoin moves without a sense of direction
Bitcoin price plunges into the $36,398-$38,895 demand zone for the fourth time without producing higher highs. This price action is indicative of a consolidation and is likely to break lower. A daily candlestick close below $36,398 will invalidate the demand zone and hit BTC to retest the weekly support level at $34,752, which is the last line of defense.
A breach of this barrier will pave the way for the bears to drop the price of Bitcoin to $30,000 or lower. Here, market makers will push BTC below $29,100 to collect liquidity remaining below the equal lows formed in mid-2021.
BTC/USD 1-day chart
While things look inauspicious for Bitcoin price, a strong bounce off said demand zone that retests the weekly supply zone, ranging from $45,550 to $51,860, will provide some relief for the bulls.
Ethereum price favors bears
Ethereum’s price action from January 22 through March 4 created three lower highs and higher lows, which when connected via trendlines resulted in the formation of a symmetrical triangle. This technical formation provides for a 26% movement obtained by measuring the distance between the first swing high and swing low to the breakout point.
On March 6, ETH broke below, signaling a break-down, which puts the theoretical target at $1,962. A breakdown of the weekly support level at $2,541 is vital; a breach of this barrier will accelerate downward movement.
ETH/USD 1-day chart
Regardless of the recent wave of declines, Ethereum price needs to produce a daily candlestick near $3,413 to invalidate the bullish thesis. Such a development will also open up the possibility of reigniting a potential uptrend.
Ripple price maintains bullish momentum
Ripple price is crossing a bullish flag continuation pattern, a breakout from which suggests a continuation of the uptrend. This technical formation contains an upward impulsive move followed by a consolidation in the form of a pennant.
The 55% rally between Feb 3-8 formed a bullish flagpole continuation pattern, and the ensuing consolidation in the form of lower highs and higher lows created the pennant . Together, the bullish setup calls for a 31% rise in XRP price, achieved by adding the height of the flagpole to the pennant breakout point.
On March 11, Ripple price broke from the pennant, signaling the start of the 31% uptrend to $1. So far, the retest seems to be holding up well, so investors can expect the discount token to continue its journey higher at the psychological $1 level.
XRP/USD 1-day chart
A daily candlestick close to the immediate demand zone ranging from $0.689 to $0.705 will create a lower low and invalidate the bullish thesis for Ripple price.
In such a case, XRP has the twelve-hour demand zone, extending from $0.546 to $0.633 to bear any residual selling pressure.