Crypto Price Prediction: Bitcoin, Ethereum, Ripple Face $560M in Liquidations

January 08, 2025 03:16 PM AEDT | By Team Kalkine Media

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Crypto Price Prediction: Bitcoin, Ethereum, Ripple Face $560M in Liquidations — Image source: Shutterstock

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Highlights

Bitcoin (BTC) faces critical support levels after pulling back below $100K.

Ethereum (ETH) shows signs of bearish momentum, with $3,000 in sight.

Ripple (XRP) eyeing bullish breakout, but risks a price pullback below $1.96.

The cryptocurrency market is currently experiencing significant volatility, with over $560 million worth of liquidations occurring in the space as major players like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) face sizable price pullbacks. Here's an updated look at the current price trends and future predictions for these digital assets.

Bitcoin (BTC): Testing Critical Levels

Bitcoin (BTC) saw a sharp pullback this past week, closing below the $100,000 mark after a decline of more than 5% in one day. At the time of writing, Bitcoin’s price remains near $97,000. If this downward momentum continues, Bitcoin may test the 38.2% Fibonacci retracement level at $92,493. Investors are closely monitoring this as the Relative Strength Index (RSI) sits at 49, signaling a period of indecisiveness. Should the RSI dip further below 50, there could be increased bearish sentiment, possibly leading to a sharper decline.

However, if Bitcoin experiences a rebound and manages to reclaim the $100,000 support, the path to the December 2024 high of $108,353 could be within reach.

Ethereum (ETH): Bearish Signs Emerging

Ethereum (ETH) follows Bitcoin’s bearish trend with a significant 8.3% decline, breaking below its 50-day exponential moving average (EMA) at $3,446. The price is currently hovering around $3,395. If Ethereum drops below the key support at $3,236, the next psychological level of $3,000 could be tested. The daily RSI is sitting at 44, indicating bearish momentum, signaling further downward movement might be on the horizon.

Conversely, should Ethereum rise above $3,236 and break through the $3,522 resistance, the next target could be its psychological mark of $4,000.

Ripple (XRP): Bullish Potential Hinges on Symmetrical Triangle Breakout

Ripple (XRP) is currently in a crucial technical position, trading within a symmetrical triangle formation. This pattern suggests a potential for a bullish breakout, and if the price manages to break above the upper trendline resistance at $2.56, Ripple’s price could aim for the $3.63 mark. The RSI sits at 53, suggesting that bullish momentum could continue if the price breaches this barrier.

However, caution is advised. Ripple may face resistance before achieving that target, especially with a 17% rally, potentially seeing a pullback toward the $3.00 psychological level as traders look to lock in profits.

Should Ripple break below its support level at $1.96, the next key support sits at $1.40, indicating a possible deeper decline in price.

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