Cryptocurrency Market Update: Ethereum and Ripple’s rallies in jeopardy, Bitcoin paralyzed under $10,000

• Bitcoin price settles for sideways price action as the resistance at $10,000 becomes hard to crack.
• Ethereum could rally independently due to the upcoming launch of ETH 2.0 network upgrade.
• Ripple and Ethereum correlation with Bitcoin price unlikely to end any time soon.

Before Bitcoin pre-halving dump from levels close to $10,000 to $8,100, Ethereum and Ripple had embarked on a journey of breaking barriers. Ethereum mainly settled above $200 after rejection at $228 while XRP/USD was starting to call $0.22 home following a rejection at $0.2350. The major altcoins including Ethereum and Ripple are heavily correlated with Bitcoin price action. Hence, the pre-halving drop in Bitcoin price sent them both spiraling to lows at $175 for Ether and $0.1750 for XRP.

BTC/USD is trading at $9,769 at the time of press. Just like the Asian session, the European session is dealing with an increase in sellers, particularly in the zones at $9,800 and $10,000. An intraday has been traded at $9,839 (marking the end of the bullish action on Wednesday). Intriguingly, intraday metrics on the cryptocurrencies rates table show that the prevailing trend is bullish and volatility high.

For now, the daily chart shows Bitcoin’s likelihood of settling for sideways trading action. The consolidation is in line with the horizontally moving RSI as well as the MACD. Both of the indicators clearly display a technical picture unlikely to have rapid price movements in the short term.

Read more: Bitcoin Price Analysis: BTC/USD chance of hitting $20,000 skyrocketing – Confluence Detector

BTC/USD price chart

ETH/USD is also settling for consolidation above $210. Ether failed to break the resistance at $216 on Monday and Tuesday. Instead, the price retreated for the support at $210. Meanwhile, ETH/USD has a market value of $214 while the upside is capped at $215.

XRP/USD, on the other hand, is not different from Ethereum. It’s stuck in consolidation above $0.20 support after $0.21 resistance became impenetrable. At the moment, XRP/USD is teetering at $0.2054, marginally below the intraday high of $0.2061. The European session is likely to experience some volatility, therefore, a breakout towards $0.21 and $0.22 resistances is still on the table.

Apart from a possible rally for Ethereum due to the upcoming launch of ETH 2.0, altcoins correlation with Bitcoin price is unlikely to end soon. For this reason, Bitcoin’s failure to break the $10,000 resistance will continue to derail Ethereum and Ripple rallies.

Also read Ethereum Price Analysis: ETH/BTC trendline breakout looms as Bitcoin loses ground