Ethereum

bullish

Movement

Bitcoin

Bitcoin (BTC) price corrected by almost 5% on Wednesday amid botched planes to reclaim support above $60,000. Ethereum (TH) price and XRP price suffered similar setbacks, reflecting intense selling pressure and possible profit booking. 
<h2 class="p1" id="bitcoin-price-prepares-for-significant-move-higher">Bitcoin Price Prepares For Significant Move Higher</h2> 
Bitcoin price cascading fall from last week’s high at $65,000 failed to find support above $60,000 on Tuesday, extending its leg to $58,000 in a candle wick. Some investors, especially whales, capitalized on the correction to buy the dip, hence the green four-hour candle on the chart testing the $60,000 level. 
According to&nbsp;<a rel="nofollow" href="https://app.santiment.net/charts/nicA5EBa__sCl" target="_blank">Santiment data,</a> investors with between 100 and 1,000 BTC in their wallets now hold 20.23% of the total supply, approximately 4 million BTC.&nbsp;Other cohorts of whale addresses accelerated the buying spree to account for 24.27% of the total supply or roughly 4.8 million BTC. If such buying activities continue, <a href="https://coingape.com/price/bitcoin/">BTC price</a> will gain momentum toward the all-time high (ATH). 
<figure id="attachment_214443" aria-describedby="caption-attachment-214443" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-214443 size-full" src="https://coingape.com/wp-content/uploads/2024/08/Bitcoin-BTC-13.24.45-28-Aug-2024.png" alt="supply distribution | Santiment" width="3840" height="1300" srcset="https://coingape.com/wp-content/uploads/2024/08/Bitcoin-BTC-13.24.45-28-Aug-2024.png 3840w, https://coingape.com/wp-content/uploads/2024/08/Bitcoin-BTC-13.24.45-28-Aug-2024-300x102.png 300w, https://coingape.com/wp-content/uploads/2024/08/Bitcoin-BTC-13.24.45-28-Aug-2024-1224x414.png 1224w, https://coingape.com/wp-content/uploads/2024/08/Bitcoin-BTC-13.24.45-28-Aug-2024-768x260.png 768w, https://coingape.com/wp-content/uploads/2024/08/Bitcoin-BTC-13.24.45-28-Aug-2024-1536x520.png 1536w, https://coingape.com/wp-content/uploads/2024/08/Bitcoin-BTC-13.24.45-28-Aug-2024-2048x693.png 2048w, https://coingape.com/wp-content/uploads/2024/08/Bitcoin-BTC-13.24.45-28-Aug-2024-150x51.png 150w" sizes="(max-width: 3840px) 100vw, 3840px">
 <figcaption id="caption-attachment-214443" class="wp-caption-text">
 Bitcoin supply distribution | Santiment
 </figcaption>
</figure> 
According to Bob Loukas, a renowned trader, the ongoing <a href="https://coingape.com/price-predictions/bitcoin-btc-price-prediction/">BTC price forecast</a> and doldrums are expected to continue into September. However, as sellers run dry, a stronger pattern will form to break the range resistance at $70,000 and advance to ATH. He advises investors to be patient with Bitcoin and focus on the bigger picture. 
Technically, Bitcoin must hold $60,000 to dispel all fears of further correction. From here, traders will focus on the 200-day EMA at $61,47 and the 50-day EMA at $61,724. The subsequent break above $62,000 will increase the chances of Bitcoin price <a href="https://coingape.com/markets/bitcoin-price-prediction-as-nasdaq-files-with-sec-for-btc-index-options/">climbing to retest $64,000</a> before September. 
<figure id="attachment_214444" aria-describedby="caption-attachment-214444" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-214444 size-full" src="https://coingape.com/wp-content/uploads/2024/08/BTCUSDT_2024-08-28_13-15-17.png" alt="Bitcoin prediction chart" width="2694" height="1436" srcset="https://coingape.com/wp-content/uploads/2024/08/BTCUSDT_2024-08-28_13-15-17.png 2694w, https://coingape.com/wp-content/uploads/2024/08/BTCUSDT_2024-08-28_13-15-17-300x160.png 300w, https://coingape.com/wp-content/uploads/2024/08/BTCUSDT_2024-08-28_13-15-17-1224x652.png 1224w, https://coingape.com/wp-content/uploads/2024/08/BTCUSDT_2024-08-28_13-15-17-768x409.png 768w, https://coingape.com/wp-content/uploads/2024/08/BTCUSDT_2024-08-28_13-15-17-1536x819.png 1536w, https://coingape.com/wp-content/uploads/2024/08/BTCUSDT_2024-08-28_13-15-17-2048x1092.png 2048w, https://coingape.com/wp-content/uploads/2024/08/BTCUSDT_2024-08-28_13-15-17-150x80.png 150w" sizes="(max-width: 2694px) 100vw, 2694px">
 <figcaption id="caption-attachment-214444" class="wp-caption-text">
 Bitcoin price chart
 </figcaption>
</figure> 
<h2 class="p1" id="ethereum-price-reacts-to-bear-flag-breakout">Ethereum Price Reacts To Bear Flag Breakout</h2> 
Ethereum price extended Tuesday’s correction to $2,400 support, validating a bear flag pattern with a 17% target to $2,100. However, a reflex reversal to $2,522 suggests that more traders are buying the dip and may invalidate the potential downswing. 
The Relative Strength Index (RSI) reversal from 36 to 42 affirms the forming of a bullish trend. Movement above $2,600 would imply that <a href="https://coingape.com/price/ethereum/">ETH price</a> is stronger and could reach $2,800 or even $3,000 before the weekend. 
<figure id="attachment_214445" aria-describedby="caption-attachment-214445" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-214445" src="https://coingape.com/wp-content/uploads/2024/08/ETHUSDT_2024-08-28_13-14-28.png" alt="Ethereum price chart | Tradingview" width="2710" height="1434" srcset="https://coingape.com/wp-content/uploads/2024/08/ETHUSDT_2024-08-28_13-14-28.png 2710w, https://coingape.com/wp-content/uploads/2024/08/ETHUSDT_2024-08-28_13-14-28-300x159.png 300w, https://coingape.com/wp-content/uploads/2024/08/ETHUSDT_2024-08-28_13-14-28-1224x648.png 1224w, https://coingape.com/wp-content/uploads/2024/08/ETHUSDT_2024-08-28_13-14-28-768x406.png 768w, https://coingape.com/wp-content/uploads/2024/08/ETHUSDT_2024-08-28_13-14-28-1536x813.png 1536w, https://coingape.com/wp-content/uploads/2024/08/ETHUSDT_2024-08-28_13-14-28-2048x1084.png 2048w, https://coingape.com/wp-content/uploads/2024/08/ETHUSDT_2024-08-28_13-14-28-150x79.png 150w" sizes="(max-width: 2710px) 100vw, 2710px">
 <figcaption id="caption-attachment-214445" class="wp-caption-text">
 Ethereum price chart | Tradingview
 </figcaption>
</figure> 
The bullish <a href="https://coingape.com/price-predictions/ethereum-eth-price-prediction/">ETH price prediction</a> may fail to materialize if Ethereum ETFs continue with the outflow streak. Based on <a rel="nofollow" href="https://sosovalue.xyz/assets/etf/us-eth-spot">SoSoValue data</a>, only two of the nine ETFs experienced inflows. Cumulative net outflows reached $3.45 million on August 27. 
<figure id="attachment_214442" aria-describedby="caption-attachment-214442" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-214442" src="https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-28-at-13.19.06.png" alt="Ethereum ETF stats | SoSoValue" width="2396" height="1088" srcset="https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-28-at-13.19.06.png 2396w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-28-at-13.19.06-300x136.png 300w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-28-at-13.19.06-1224x556.png 1224w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-28-at-13.19.06-768x349.png 768w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-28-at-13.19.06-1536x697.png 1536w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-28-at-13.19.06-2048x930.png 2048w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-28-at-13.19.06-150x68.png 150w" sizes="(max-width: 2396px) 100vw, 2396px">
 <figcaption id="caption-attachment-214442" class="wp-caption-text">
 Ethereum ETF stats | SoSoValue
 </figcaption>
</figure> 
Traders should focus on two key levels ahead of September: support at $2,400 and resistance at $2,800. A break on either side of this range may <a href="https://coingape.com/markets/ethereum-foundation-dumps-35k-eth-eth-price-plunges-12-recovery-ahead/">determine ETH direction</a>. 
<h2 class="p1" id="xrp-price-reinstates-uptrend">XRP Price Reinstates Uptrend</h2> 
XRP price came close to testing the 200-day EMA support at $0.5487 but has reversed the uptrend to exchange at $0.5811. The 20-day EMA at $0.5833 caps the upside, but Ripple could reach a breakout above $0.6 if broken. 
An impending inverse head and shoulders (H&amp;S) pattern breakout could propel <a href="https://coingape.com/price/xrp/">XRP price</a> 21.6% higher to $0.74 in the coming weeks. The RSI reversal above the trend line resistance will also add credence to the bullish outlook. 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" class="size-full" src="https://www.tradingview.com/x/Rf6e3qee/" alt="XRP price chart | Tradingview " width="2694" height="1436">
 <figcaption class="wp-caption-text">
 XRP price chart | Tradingview
 </figcaption>
</figure> 
Traders must prepare for all eventualities, including a potential correction to $0.4 should the SEC decide to appeal the final ruling in the lawsuit against Ripple. 
The post <a href="https://coingape.com/markets/top-3-bitcoin-ethereum-xrp-price-prediction-btc-could-hit-ath-as-sellers-run-dry/">Top 3 Bitcoin, Ethereum, XRP Price Prediction: Why Is BTC Price Crashing?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Top 3 Bitcoin, Ethereum, XRP Price Prediction: Why Is BTC Price Crashing?

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