Rancakmedia.com – View projections of the top three values i.e. BTC, ETH, Ripple, the price of Ethereum is leading the rise of the crypto market by hitting an all-time high. The price of Bitcoin at the beginning of the week increased again after a huge spike during the previous 48 hours.
Ethereum price is headed towards US$ 5,000 or around Rp. 70 million after rebounding and touching the support level at US$4.380 or around Rp. 61.32 million. Ripple's price increased by 11 percent with the aim of improving from US$1.31 to US$1.41 or around Rp. 19,740.
The price of Bitcoin has been increasing quite consistently over the previous two days, this trend also shows indications of continuing.
Meanwhile Ethereum and Ripple slowly but surely continue to overtake BTC and reach their peak values. Bitcoin price has stabilized below the resistance at US$63,757 or around IDR 892,598,000 and the support level at US$60,000 or around IDR 840 million for about 16 days.
However, the sharp spike on November 8 has pushed BTC up 4 percent so far. If the bull run continues, it is conceivable that the Bitcoin price will reach a daily close above US$65,000, this event signaling the start of the bull run.
Under such circumstances, BTC will reach the level of US$70,000 or around IDR 980 million and will create a new high here. If the Bitcoin price fails to penetrate the specified level, which is at the level of US$65,000 or around Rp. 910 million, there is a possibility that the price will lead to consolidation.
A daily close below the level of US$60,000 or around IDR 840 million certainly allows to negate the bullishness and drop BTC into the liquidity area starting from the level of US$52,956 to US$56,004 or around IDR 784,056,000.
Since October 1, the price of Ethereum has been steadily increasing. The current lull due to price action in Bitcoin has not stopped ETH from setting a new record high of US$4,460 or around 62,440,000.
BTC's bullish momentum seems to be guiding ETH's advance, as the price recently hit an all-time high of US$4.768 or around Rp 66,752,000. There is a high probability that the positive trend will continue and ETH will reach the level of $5000 (approximately IDR 70 million) before surging to the level of $6384 (approximately IDR 89376000).
Despite the bullish outlook, if the Bitcoin price falls to the level of US$51,000 or around IDR 714,000,000, investors can expect the price of Ethereum to respond immediately by returning to the support level at US$4,000 or US$3,600 or around IDR 50,400,000.
The ripple price seems ready to overcome the resistance, from August 9th the swing points are connected and if you look at the trendline you can see the construction of a symmetrical triangle.