Price Analysis

BTC, ETH, XRP Price Prediction as S&P 500 Index Flashes Sell Signal

Explore the BTC, ETH, and XRP price predictions as the S&P 500 index flashes a bearish sign in the form of a rising wedge chart pattern.
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BTC, ETH, XRP Price Prediction as S&P 500 Index Flashes Sell Signal

Highlights

  • The crypto market may be at risk as the S&P 500 index flashes a bearish sign.
  • It has formed a rising wedge chart pattern that may push it lower soon.
  • A breakdown may affect crypto coins like BTC, ETH, and XRP.

The S&P 500 index crashed on Friday, and technicals point to further downtrend this week. It dropped by 104 points on Friday, its worst daily performance this year. This article explores how the S&P 500 crash may impact popular coins like Bitcoin, Ethereum, and XRP. Historically, a strong drop in American stocks leads to more downside in the crypto market.

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S&P 500 Index Crash and Impact on Crypto Market

The S&P 500 index has flagged a sell signal after forming a rising wedge pattern. This pattern has two ascending and converging trendlines, and a crash typically happens when the two near their confluence, which is happening. A breakdown will point to more sell-off to $5,777, followed by $5,131, the January 13 and August 2024 low, respectively.

An SP500 crash may lead to more sell off in the crypto market that may affect coins like BTC, ETH, and XRP. Historically, these coins have a close correlation with each other.

S&P 500 Index

The S&P 500 index has also formed a slanted double-triple top pattern whose neckline is at $5,800. This pattern often points to a bearish reversal over time.

S&P 500 index

The last time a similar pattern happened was in 2022 and the S&P 500 index retreated from $4,800 to $3,470.

SP500 index chart
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BTC, ETH, XRP Price Prediction

So, how wlll the stock market crash affect crypto coins like BTC, XRP and ETH? This technical analysis will identify potential targets.

BTC Technical Analysis

Bitcoin’s daily chart is sending mixed signals. On the negative side, it has formed a double-top pattern at $108,386 and the neckline at $89,215. A double-top is a popular bearish reversal sign in the market.

On the positive side, the coin has formed a falling wedge pattern, while the two lines of the MACD are about to form a bullish crossover. Additionally, Bitcoin already completed a cup and handle pattern on the weekly chart and is now forming a bullish flag. 

These are signs that the Bitcoin price may rebound soon. More gains will be confirmed if it rises above the double-top point at $108,380. A bearish Bitcoin price forecast will become invalid if it drops below $89,215.

Bitcoin Price Chart

ETH Price Technical Analysis

Ethereum price has moved sideways in the past few days. It has formed a death cross pattern as the 200-day and 50-day weighted moving averages have crossed each other. ETH price has also formed a rising wedge and a bearish pennant, a sign that it may crash in the coming days as the S&P 500 index dives. A bearish breakdown may push it to this month’s low of $2,154. A move above the 200 WMA will invalidate the bearish view.

Ethereum Price

XRP Price Technical Analysis

XRP price may be at a risk of a strong breakdown as it slowly forms a head and shoulders pattern. This pattern has a head, shoulders, and a neckline, which it is approaching now. Ripple has also dropped below the 50-day WMA. Therefore, the coin may have a strong bearish breakdown, with the next point to watch being at $1.7907, its lowest point in February.

XRP Price Chart
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Summary

The S&P 500 index has flashed a bearish signal, which may lead to more downside in the coming days ahead of NVIDIA earnings. A potential crash may have an impact on the crypto market, affecting coins like BTC, ETH, and XRP.

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Frequently Asked Questions

What is the outlook of the BTC, ETH, and XRP price after S&P 500 flashed a sell signal?

The S&P 500 index has formed a rising wedge pattern, pointing to more downside, a move that may affect the crypto market. Top coins like Bitcoin, Ethereum, and XRP may be affected by this price action.

What is the BTC price forecast?

Bitcoin has formed a double-top pattern pointing to a retreat. It has also formed a falling wedge pattern, a signal that it may rebound. As such, the short-term outlook is neutral for now.

What is the outlook of the XRP and ETH prices?

Technicals point to a dive of the two coins. XRP has formed a head and shoulders, while ETH has formed a bearish pennant pattern.
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crispus

Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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