Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP crash after major consolidation

Bitcoin price hovers around $88,500 on Wednesday after reaching a low of $86,050 the previous day. 

Ethereum price retested its daily support level of $2,359; a firm close below would continue its downward trend.

XRP is trading around $2.28 on Wednesday after correcting 11% so far this week.

Bitcoin (BTC) price hovers around $88,500 on Wednesday after breaking out of its prolonged consolidation phase and reaching a low of $86,050 earlier this week. Ethereum (ETH) and Ripple (XRP) followed BTC’s footsteps and declined by nearly 11% and 12%, respectively.

Bitcoin bears aiming for $85,000 level

Bitcoin price broke out of its prolonged consolidation phase on Monday, slipping below the $94,000 support level and closing at $91,552 after a 4.89% decline. BTC continued its correction by 3.14% on Tuesday, reaching a low of $86,050. At the time of writing on Wednesday, it hovers around $88,500 level.

If BTC continues its pullback, it could extend the decline to test its next support level at $85,000.

The daily chart’s Relative Strength Index (RSI) reads 29, pointing downwards and below its oversold levels, indicating significant selling pressure and may be due for a potential reversal or bounce. However, traders should be cautious as the RSI may remain below its oversold levels and continue its correction.

BTC/USDT daily chart

However, if BTC recovers, it could extend the recovery to retest its $100,000 psychological level.

Ethereum is poised for a downleg if it closes below the $2,359 level

Ethereum price declined almost 11% on Monday. It continued its downtrend the next day and retested its daily support level at $2,359. At the time of writing on Wednesday, it hovers around $2,486 level.

If ETH continues its downtrend and closes below $2,359, it could extend the decline to retest its February 3 low of $2,125.

The RSI on the daily chart reads 36, facing rejection from its neutral level of 50 on Sunday and points downwards, indicating a bearish momentum.

ETH/USDT daily chart

On the other hand, if ETH recovers, it could extend the recovery to test its Monday high of $2,839.

Ripple price RSI reflects weakness in momentum

Ripple price declined nearly 12% on Monday and reached a daily low of $2.06 the next day. At the time of writing on Wednesday, it hovers around $2.29 level.

If the daily level of $2.72 holds as resistance, it will extend the decline to test its next support level at $1.96.

The RSI on the daily chart reads 36, rejecting its neutral level of 50 and points downwards, indicating bearish momentum.

XRP/USDT daily chart

Conversely, if XRP closes above $2.72 and finds support, it will extend the rally and retest its January 16 high of $3.40.