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Home»Bitcoin»A short-term correction is indicated for Bitcoin, Ethereum and Ripple: could a major trend shift follow?
Bitcoin

A short-term correction is indicated for Bitcoin, Ethereum and Ripple: could a major trend shift follow?

2024-12-19No Comments3 Mins Read
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  • BTC, ETH, and XRP defended crucial near-term support levels.
  • Will they return to their new highs before Christmas?

On Wednesday, December 18, the US Fed made another 0.25% interest rate cut, but its aggressive projection for 2025 led to Bitcoins [BTC] drop to $100,000.

During the same trading session Ethereum [ETH] decreased while 6.8% Ripple [XRP] Dumped 10%. All major digital assets fell near short-term support levels analysts remained bullish on risky assets.

So will the big three bounce back or slide down the stretch? Let’s explore charts for insights.

Bitcoin Defends $100,000: Will ETH and XRP Recover?

Bitcoin ETH XRPBitcoin ETH XRP

Source: BTC/USDT, TradingView

Since December 12, the BTC bulls have defended $100,000. The recent sell-off at the FOMC meeting has subsided on a psychological level. This confirmed it as a support.

Interestingly, the 100-day EMA (exponential moving average), which stopped past the BTC dumps since October, was in line with the channel lows. This made the $98K-$100K strong short-term support for BTC.

The mid-range of $104,000 and highs of $108,000-$109,000 could be attainable if support holds.

On the other hand, a break under the support could further escalate the carnage and embolden the bears. In such a case, $90,000 and $85,000 could become reachable for bears.

That said, the recent decline was also driven by a liquidity chase, which was currently concentrated at $102.5K, $105K, and $108K levels (bright yellow lines).

Bitcoin vs ETH XRPBitcoin vs ETH XRP

Source: Coinglass

The upside liquidity made a BTC recovery most likely unless low trading volume over the Christmas holidays led to more sell-offs.

How will ETH and XRP react to the above BTC price scenarios?

See also  Cardano: Are NFTs the catalyst ADA needs now?

ETH, XRP price prediction

For ETH, the king altcoin has consolidated between $3.5K and $4K since early December. Like BTC, it fell from $4.1K but bounced off a low of $3.5K at the time of writing.

Bitcoin vs Ehereum XRPBitcoin vs Ehereum XRP

Source: ETH/USDT, TradingView

A rise to $3.7K and $4K could be feasible if the lower range holds. A decisive move above the trendline support (white) could confirm a recovery from the uptrend that started in November.

That said, if channel support were to break, ETH bears could drag the altcoin to $3.3K or $3.1K.

Interestingly, XRP’s chart looked solid among the big 3. Despite the 10% decline, XRP remained above the Q4 trendline support and could be the key level to watch for the remainder of 2024.

BTC ETH XRPBTC ETH XRP

Source: XRP/USDT, TradingView

Bulls could reach the $2.8 level or move higher to the 2021 cycle high of $3.3, using support as a springboard. This bullish bias was supported by the recent launch of the stablecoin RLUSD and ETF expectations in 2025.


Read Bitcoin [BTC] Price forecast 2024-2025


However, a crack below that could allow short sellers to push XRP down to $2 or $1.6.

In conclusion, the major cryptocurrencies, BTC, ETH and XRP, defended significant levels, indicating a potential reversal of the market trend to the upside. But will a likely low trading volume over the Christmas period impact the recovery?

Next: Bitcoin struggles to stay above $100,000 as Powell’s comments roil the market

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Bitcoin Correction Ethereum follow Major Ripple shift shortterm Trend
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