The crypto market continue to waver this week as fears of a downturn in the United States remain. Ethereum has stalled below $1,500, while Bitcoin and Ripple have remained in a narrow range. In contrast, gold and the Swiss franc have continued to attract the attention of investors because of their safe-haven roles. This article provides a BTC, XRP, and ETH price prediction and what to expect.
Swiss Franc and Gold are Doing Well as Safe Haven Demand Rises
The Swiss franc (CHF) and gold (XAU) have maintained their role as good assets as concerns about a recession remain. Gold price has surged to $3,330, bringing the year-to-date gains to 25%. It has moved to its all-time high and is one of the best-performing assets this year.
The CHF has also soared in the past few months. The USD/CHF exchange rate rose for five consecutive weeks and is trading at its highest level since 2021.
These two assets have surged because investors see them as safe-haven assets. Gold has a long heritage as a safe asset, and is seeing more demand from central banks and institutional investors.
On the other hand, the CHF is seen as a safe haven because of the strength of the Swiss economy and the fact that the country is neutral on geopolitical issues.
Bitcoin is also gaining its strong credentials as its price has remained at $84,000 this week. It has dropped by 8% while the Nasdaq 100 and S&P 500 indices have fallen by 13% and 12%, respectively.
ETH Price Prediction
Ethereum price has crashed this year. On the 1D chart, it has slumped below the crucial support level at $2,140, the neckline of the triple-top pattern. On the positive side, the coin has formed a giant falling wedge pattern, which happens when there are two falling and converging trendlines.
These two lines are about to converge, meaning that a breakout is possible. If it does, the most likely ETH price forecast is bullish, with the initial target being at $2,140, the neckline of the triple-top pattern. The bullish outlook will be cancelled if the coin drops below $1,385, the lowest point this year.
BTC Price Technical Analysis
Bitcoin price has remained in a tight range above $84,000, after it formed a double-bottom pattern at $76,650 in March and April. It is attempting to move above the 50-day moving average.
A move above that level would confirm the bullish outlook of the double-bottom and point to more gains to the neckline at $88,745. A surge above that level means that the BTC price may surge above $90,000.
The alternative scenario is where it pulls back and retests the double-bottom at $76,650.
XRP Price Forecast
Like BTC, the XRP price has remained in a tight range in the past few days. It has stalled at a key resistance level where the descending trendline connects the highest swings since January. Also, the coin has found a strong resistance at the 50-day moving average.
Therefore, a strong XRP price rally will be confirmed if it rises above the descending trendline and the 50-day moving average. If this happens, the coin will then soar to $2.90, which coincides with the neckline of the head and shoulders pattern.
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