Cryptocurrencies Price Analysis: Will Bitcoin Halving Save Ethereum and Ripple? What to Expect

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  • Bitcoin halving is around the corner but the Fear & Greed Index signals continued bearish momentum that could dwarf a pre-halving pump.

Bitcoin halving is among the most anticipated events of 2020 in the cryptocurrency space. Besides, the block reward halving is just a few weeks away. Halving will see the reward given to miners for a block mined reduced by half from 12.5 BTC to 6.25 BTC. Following halving there will be a significant drop in Bitcoin supply and inflation rate. Consequently, forces od demand and supply post-halving are expected to culminate in an increase in Bitcoin price in form of a rally. Google Trends data has already show searches of “Bitcoin halving” shooting to all-time highs and even surpassing those of Bitcoin.

Will Bitcoin Halving Impact The Altcoins?

Altcoins have always been correlated with Bitcoin price action. Therefore, a bullish Bitcoin market could be significantly impact the altcoin market starting with Ethereum (the largest altcoin in the market). However, as discussed earlier in Bitcoin price analysis, the Crypto Fear & Greed Index suggests that investors are bearish even though halving is around the corner. A Bitcoin pre-halving rally looks bleak especially after the crypto retreat from highs above $7,500 to test support at $6,575.

Ethereum and Ripple Technical Picture

Ethereum is trading at $159.92 at the time of writing. It has stepped above $160 but failed to sustain gains towards $170. Its upside is limited by the 100 SMA in the 4-hour range. More resistance is expected at $170 and at $176 respectively. On the downside, ETH/USD is supported by the ascending trendline and the 50 SMA. Also in line to offer support $152 and $150 levels.

ETH/USD 4-hour chart

ETH/USD price chart
ETH/USD price chart by Tradingview

Ripple price is stuck below the immediate resistance at $0.19. It is exchanging hands at $0.187 while embracing channel support and the 50 SMA support in the 4-hour range. In spite of the stalling, the RSI shows that the price is in the hands of the bulls. Therefore, a break above $0.19 is key for the breakout above the critical $0.20.

XRP/USD 4-hour chart

XRP/USD price chart
XRP/USD price chart by Tradingview



John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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