Crypto Market Analysis: Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) Prices Head to These Levels Next Week!

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This week, the crypto market saw massive headwinds as investors liquidated huge funds due to the continued uncertainty brought by the SEC’s crackdown on crypto. Additionally, crypto companies are abandoning Silvergate Bank as if it is going out of fashion after the bank issued a warning that it may not be able to continue operating. The warning was triggered by the bank’s losses following the sale of debt securities at a loss, leaving it undercapitalised. This led to a sharp drop in the prices of Bitcoin and major altcoins like Ethereum and XRP.

The Crypto Market Will Extend Its Turmoil Next Week

Bitcoin, Ethereum, and XRP are trading lower today causing the market to be partially red. However, some other major coins are experiencing an increase in value. It is predicted that there will be a sharp price drop for BTC, ETH, and XRP next week.

bitcoin price analysis

The price of Bitcoin is now dropping near the $22,000 price level, as it bottomed near $21.9,000. However, the asset quickly reached the $22,000 level after gaining a slight amount of long positions.

On March 3, Bitcoin experienced a major price drop, dropping from $23,435 to $22,259 in just one hour. However, traders reacted 12 hours later when Bitcoin failed to rebound, according to Santiment experts.

Currently, Bitcoin is trading at $22.3,000, with a slight downtrend over the past 24 hours. Looking at the 4-hour price chart, Bitcoin price may soon test its support below the 0.61 Fib level. After that, Bitcoin may extend its current bearish rally next week to the EMA-100 trendline at $21,000; however, a bullish retracement is expected if it breaches the $23.5,000 barrier.

Ethereum Price Analysis

Investors are currently wondering if the current bearish rally in the ETH price chart is a sign to join the bulls or if it creates potential for a more downside rally in the coming days.

However, Ethereum has yet to show much volatility like Bitcoin as it is consolidating in a limited area. Ethereum recently fell below its monthly support level of $1,600 and took support near the EMA-200 trendline at $1,550.

At the time of writing, the price of ETH is trading at $1,564. Analyzing the daily price chart, Ethereum is bracing for another low as it may trade near the $1,540 level next week if it breaches the $1,540 level.

XRP Price Analysis

XRP price is currently consolidating near the $0.37 level after plunging hard on Friday. As summary judgment is still far away, XRP will likely test the next support levels before committing to a bullish rally.

XRP is currently trading at $0.376, trending 2.5% higher from yesterday’s price.

If XRP fails to trade above $0.39 in the next 24 hours, it will face a potential drop and may trade near the $0.33 monthly support level.

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