- Bitcoin price action experiences a small pullback to start April.
- Ethereum price stopped at $3,500, may retrace further before extending higher.
- XRP price was hammered lower on Thursday by nearly 10% but recovered.
Bitcoin price fell from the $48,000 to the $44,000 value area, ending the month’s final day on a lower note but still positive for the month. Ethereum price continues to charge ahead, leading the crypto market out of the recent selling pressure. XRP price continues to recover from a major sell-off on Thursday.
Bitcoin price to continue moving higher despite Thursday selling pressure
Bitcoin price is expected to continue its rally higher despite the drop on Thursday. Historically, April is one of the best-performing months for Bitcoin. Years when the month of April did not yield a positive gain, losses didn’t exceed the 2% level.
The $47,000 price level remains the strongest area of resistance for Bitcoin to close above. $47,000 contains the top of the weekly Ichimoku Cloud and the 61.8% Fibonacci retracement level. And above that is the weekly Kijun-Sen at $51,250.
BTC/USD Daily Ichimoku Kinko Hyo Chart
Upside potential going into the weekend is likely limited to the $48,000 value area, while downside risks are more substantial. Because Bitcoin price remains inside the Ichimoku Cloud, its primary support level now exists at the bottom of the Cloud (Senkou Span B) at $37,800.
Ethereum price awaits another retest to break the $3,500 resistance
Ethereum price action was halted this week against the critical $3,500 value area. However, it remains above the weekly Ichimoku Cloud, signaling overall positive momentum and a continued bullish outlook.
Currently, Ethereum price is attempting to hold support against the 61.8% Fibonacci expansion and February 2022 high at $3,200. The second-largest high volume node in the 2022 Volume Profile also exists at $3,200. Success at holding this level as support could hint that another push towards the $3,500 level will soon be attempted.
ETH/USD Daily Ichimoku Kinko Hyo Chart
If bulls want to maintain a strong positive outlook for Ethereum price, they’ll need to keep the weekly close above the Ichimoku Cloud – at or above $3,100. Failure to do so could result in a swift drop to test the bottom of the weekly Ichimoku Cloud at $2,300.
XRP price drops over 10% intraday on Thursday but recovers half of its losses
XRP price suffered its single largest daily loss since February 21, 2022, dropping 10% during the session to close lower by 5%, recovering most of the losses. A strong sign of support for bulls was the close occurring above the Kijun-Sen, signaling to all participants that bulls are still in control.
If XRP price returns to a close above the Tenkan-Sen at or above $0.85, that would be a clear rejection of any further downside pressure and the confirmation that many sidelined bulls would need to re-enter or add to existing positions. The biggest test, and likely upside potential until next week, is the weekly Kijun-Sen at $0.95.
XRP/USDT Daily Ichimoku Kinko Hyo Chart
Downside risks over the weekend should be limited to the $0.80 value area.
