Crypto Prices Soar But Face Risk of Reversal
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Bitcoin, Ethereum, and XRP have seen significant price increases in 2023, but are showing signs of being at high risk of a price reversal based on indicator readings.
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Over 80% of the Bitcoin supply is currently in profit, which historically has been followed by a significant correction. The BTC price has broken down from an ascending pattern.
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The Ethereum price broke out above key resistance at $2,350, which is a very bullish sign. The next target is $3,500.
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XRP has been rejected at descending resistance and trades just above support at $0.54. A breakdown or breakout from this level will determine the next major price move.
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Bitcoin and XRP look bearish currently and at risk of a sell-off, while Ethereum remains in a firmly bullish uptrend in the near-term.