Bitcoin, Ethereum, XRP Forecast: Key Trading Levels To Watch

Bitcoin, Ethereum, XRP Forecast: Key Trading Levels To Watch

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Bitcoin, Ethereum and XRP Forecast Video for 07.09.23 by Tim Smith

Leading cryptocurrencies, Bitcoin (BTC), Ethereum (ETH) and Ripple’s XRP (XRP) tracked mostly sideways in Thursday’s Asian session as investors digested the latest raft of economic indicators and crypto-specific news. Risk assets, including digital currencies, initially sold-off after a better-than-expected ISM Services Index reading on speculation that an expanding U.S. economy could slow the Federal Reserve’s decision to ease its aggressive monetary policy stance to curb inflation.

Meanwhile, the asset class received a boost after Cathie Wood’s Ark Invest moved to launch the first spot Ethereum ETF in the United States. While attention had largely gravitated towards applications for a spot bitcoin ETF, ether gained some momentum as ARK Invest and 21Shares jointly filed paperwork with the U.S. Securities and Exchange Commission (SEC) to introduce an ether fund.

In other industry developments, the Financial Accounting Standards Board (FASB) passed new rules that mandate public and private companies to adopt fair-value accounting when reporting their crypto holdings on balance sheets. Previously, companies were compelled to mark their crypto assets at the lowest value reached during a quarter, a practice seen by some, including MicroStrategy’s Michael Saylor, as a hindrance to corporate crypto adoption.

Below, we turn to the charts to identify important trading levels to watch in Bitcoin, Ethereum, and Ripple’s XRP.

Technical Analysis: Bitcoin, Ethereum and XRP


Since Tuesday’s failed breakout attempt, the King’s price has failed to gain traction, trading toward the lower trendline of a 20-day sideways range. However, the bull’s ability to reject a breakdown in Wednesday’s trading session may act as an upside catalyst. A breakout above the range’s top trendline could see a test of the 200 SMA, followed by possible move to overhead resistance at $28,800. Alternatively, a failure to hold current support could result in a retest of a longer-term trendline at around $25,000.


Ethereum’s price charts a similar path to Bitcoin. A failure to hold above the current trading range earlier this week has given way to uninspiring price action. Wednesday’s breakdown rejection occurred on above-average volume, raising hopes that a bottom has formed. However, a breakdown from here may trigger falls to key support around $1,500. Conversely, a rally above the 50 SMA could lead a move up to the 200 SMA, followed by a test of crucial resistance at $1,820.


XRP’s price has remained entrenched within a five-cent trading range since mid-to-late August. More recently, it has struggled to climb above the 50 SMA but finds support from the range’s lower trendline. Moreover, the RSI sits in neutral territory, indicating a sideways market. A breakdown from here could see bears claw a move down to the green horizontal trendline at $0.46. Alternatively, a breakout above the trading range could see a move back to key resistance around $0.61.


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