BTC, ETH and XRP Price Analysis for August 2: Bitcoin Fights to Reclaim Higher Support While Ethereum and Ripple Price Outlook Remains Bullish

Bitcoin (BTC) price commenced the week with a minor dip below $58,000, raising concerns about its future performance. On the other hand, Ethereum (ETH) price climbed higher, ready to tackle the next key resistance alongside Ripple (XRP) price bullish outlook.

Bitcoin (BTC) price opened the week with a minor dip below $58,000, raising concerns about its future performance. On the other hand, Ethereum (ETH) price climbed higher, ready to tackle the next key resistance.

Meanwhile, Ripple (XRP) price bullish outlook remained intact as it eyed a breakout above the 61.8% Fibonacci retracement level.

Bitcoin Price Fights to Reclaim Higher Support

Bitcoin price corrected over the weekend amid fears of an upcoming death cross crash. However, the death cross formation might be invalidated if BTC price manages to close above the 200-day Moving Average (MA) by the end of the week.

The down leg extension from $62,500 hurdle tested support at $57,500 before rebounding, ready to tackle $60,000 support/resistance.

Despite the upswing on Monday, BTC price stares at a potential drop toward the $52,000 level given the Moving Average Convergence Divergence (MACD) indicator upholds a sell signal confirmed on July 31.

Traders must move with caution ahead of a data-packed week with the release of the US Producer Price Index (PPI) and Consumer Price Index (CPI) on ⅜ and 13 August, respectively.

Based on this Bitcoin price prediction, reclaiming support at $60,000 would confirm the bullish outlook for the rest of August. If the MACD cancels the sell signal for a buy signal, the dreaded death cross will be invalidated, encouraging investors to bet on Bitcoin price edging closer to $70,000.

Ethereum Price on the Verge a Buy Signal

Ethereum price defended $2,500 support during the weekend, gassing up traders to take on more long positions expecting a return above $3,000 this week.

The second-largest cryptocurrency doddered at $2,673 ahead of the US session as bulls seemed composed to take on resistance at $2,800.

According to CoinShares ETH price “benefited the most from the recent market correction, attracting US$155m in inflows last week.” At least $176 million joined the industry’s assets under management (AUM), with Bitcoin accounting for $13 million and Solana $4.5 million.

The MACD is on the verge of triggering a buy which could fuel the uptrend above $3,000. Traders will look for a breach of $2,700 hurdle coinciding with the 78.6% Fibonacci resistance level to validate the uptick in ETH price and place buy orders.

A previous ETH price forecast directs traders to be watchful of the impact of a currently confirming death cross in the daily timeframe. Failing to restore support at $2,700 will accentuate the decline to $2,500 and increase downside risk to $2,200.

Ripple Price Uptrend Holds Steady

Ripple price continued its uptrend on Monday, eyeing a breakout above the 61.8% Fibonacci retracement level at $0.423. The uptrend remained intact despite a minor retracement from highs of $0.43 on Sunday.

XRP price now faced resistance at the 50-day MA, currently at $0.427, which could hinder further gains in the short term. However, a breakout above this level would open the doors for a rally toward the 78.6% Fibonacci retracement level at $0.45.

The Relative Strength Index (RSI) indicator also remained bullish, suggesting that the uptrend could continue in the coming sessions. On the downside, support was seen at the 23.6% Fibonacci retracement level at $0.395, followed by the 38.2% Fibonacci retracement level at $0.382.

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