Altcoins flourish as BTC remains rangebound
- Bitcoin price hovers around the $28,000 region with no discernable signs of directional bias.
- Ethereum price follows BTC’s lead and remains rangebound between $1,800 and $1,700.
- Ripple price shot up 57% after being unresponsive in January and February 2023.
Bitcoin price shows no signs of moving in either direction. The non-volatile characteristic is seen affecting Ethereum, which also hovers in a tight range. Ripple price, however, is a rebel, since it has exploded in the last few days.
Bitcoin price continues to show mixed signs
Bitcoin price revealed a bearish divergence setup on the three-day chart, as noted in a previous article. This development often results in a bearish move for the underlying asset, but due to the lack of any high-impact news, BTC seems to be lulled.
A retracement to $25,000 will help the bears in the short-term but bulls or sidelined buyers will be given an opportunity to accumulate before Bitcoin price attempts a retest of $34.485
BTC/USD 3-day chart
While the short-term retracement is exciting for bulls, a daily candlestick close below $19,089 will create a lower low and invalidate the bullish thesis for Bitcoin price. Such a move could prompt a correction to $18,784 or lower levels.
Ethereum price follows BTC
Ethereum price is stuck inside a range, extending from roughly $1,700 to $1,800. The news of US regulators targeting Binance caused ETH to slip below the range low on March 27. A quick recovery helped Ethereum price rally 8% in an attempt to tag the range high again at $1,843.
A flip of the range high will allow Ethereum price to target the next major high timeframe hurdle at $2,369 – sidelined investors are waiting for a pullback. A retracement to the $1,550 support level will be an ideal place for accumulation.
ETH/USD 4-hour chart
A breakdown of the $1,548 support level will indicate a weakness among buyers and could trigger a further sell-off in Ethereum price to tag the March 10 swing low at $1,367.
Ripple price explodes as bulls return in strength
Ripple price has sliced through the declining trendline and kick-started a 57% upswing as noted in a previous article. This move has pushed XRP to retest the $0.548 hurdle. Just above this level is the $0.596 hurdle, which will likely be tagged if BTC comes alive and triggers an uptrend.
Failure to do so could result in Ripple price consolidating after a pullback to the $0.447 support level. As detailed in an earlier article, if alt season does kick-start, XRP price could tag the $0.600 and $0.650 hurdles next.
XRP/USD 1-day chart
On the other hand, if Ripple price slides below the $0.447 support floor, it would create a lower low and invalidate the bullish thesis. This move could knock XRP price down to $0.332 support floor.
