Ethereum

Cryptocurrency

Bitcoin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin, Ethereum, and Ripple have successfully defended crucial short-term support levels.</li>
 <li>The US Federal Reserve’s recent 0.25% interest rate cut and 2025 hawkish projection triggered a decline in Bitcoin’s value.</li>
</ul>
<p>Bitcoin, Ethereum, and Ripple, three major digital assets, have managed to defend their short-term support levels against a backdrop of declining values. This comes in the wake of the US Federal Reserve’s recent 0.25% interest rate cut and its hawkish projection for 2025, which led to a drop in <a href="https://coineagle.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a>‘s price to $100K.</p>
<h2 id="bitcoin-s-defense-and-potential-rebound">Bitcoin’s Defense and Potential Rebound</h2>
<p>Since the 12th of December, Bitcoin bulls have been defending the $100K mark, with the sell-off following the recent Federal Open Market Committee (FOMC) meeting easing at this psychological level, thereby confirming it as a support. The 100-day EMA (exponential moving average), which has halted past Bitcoin dumps since October, aligned with the channel lows, making the $98K-$100K range a strong short-term support for Bitcoin.</p>
<p>If this support holds, the mid-range of $104K and upper level of $108K-$109K could be achievable. However, a breach below the support could lead to further decline, making $90K and $85K reachable for bears. The recent decline was also driven by a liquidity hunt, which was currently concentrated at $102.5K, $105K, and $108K levels.</p>
<h2 id="ethereum-and-ripple-s-price-predictions">Ethereum and Ripple’s Price Predictions</h2>
<p>Ethereum, the leading altcoin, has been consolidating between $3.5K and $4K since the start of December. Similar to Bitcoin, it dropped from $4.1K but bounced at the $3.5K range-lows. If the range-low holds, a move higher to $3.7K and $4K could be possible. However, if the channel’s support cracks, Ethereum bears could pull the altcoin down to $3.3K or $3.1K.</p>
<p>Despite a 10% drop, Ripple held above its Q4 trendline support and could be the key level to watch for the rest of 2024. Bulls could aim for a $2.8 level or push higher to the 2021 cycle high of $3.3 using the support as a springboard. However, a crack below it could empower short sellers to push Ripple lower to $2 or $1.6.</p>
<p>Despite defending key levels, the potential market trend reversal to the upside for these top cryptocurrencies could be affected by likely low trading volume during the Christmas period.</p>

Bitcoin, Ethereum, Ripple: Imminent Correction and Potential Trend Shakeup in Cryptocurrency Markets

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CoinEagle.com

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