- Ethereum almost erases all the losses incurred in the last few days in a bid to close the week in the green.
- Ripple rebound above $1.2 runs out of steams as technical levels remain drab.
Investors seem to have renewed interest in the larger cryptocurrency market after concentrating on selected altcoins such as Cardano, Solana, and Terra. Bitcoin tumbled, where it tested support at $44,000 before recoiling above $47,000. As discussed, a daily close above $48,000 would clear the path to $50,000.
The pioneer smart contract token rallied above $3,000 in the wake of the London hard fork earlier this month. Buyers took control of the price, aided by a generally bullish crypto market, and pulled the price to $3,350.
However, their bid for $4,000 failed to materialize, resulting in a downswing to $2,950 mid this week. An uptick in prices across the board seems to have bolstered Ether above $3,200.
Meanwhile, bulls are looking forward to lifting to $3,600, a move that will set the precedence for the journey to $4,000. Nonetheless, the 61.8% Fibonacci retracement level must be surmounted for the bullish leg to stretch to $3,600.
On the downside, higher support is needed to keep the uptrend intact in case Ethereum encounters sudden resistance. Meanwhile, the MACD has just flashed a sell signal, implying that the bears’ presence in the market cannot be ignored.
ETH/USD Daily Chart
Ripple managed to hold support at $1.1, allowing bulls to sweep in and pull the price above $1.2. However, the momentum appears short-lived as the price falters on the way to $1.3.
A correction is expected in the European session, which could see Ripple retest support at $1.1. Keep in mind that the 100 SMA is about to cross below the 200 SMA. This bearish pattern, although not a death cross, could reinforce the downtrend in the near term.
Moreover, the MACD’s rise above the mean line seems to have exhausted mojo, and a sell signal could follow. Traders have several levels to watch, most of them pointing toward a correction.
XRP/USD Daily Chart
The support at$1.1 is crucial and must remain intact to keep Ripple’s uptrend on course. Otherwise, the risk will increase if $1 is tested because massive sell orders may be triggered, pushing XRP to $0.9.
- Ethereum’s Futures Open Interest hit a 3-month low, what does this mean for the market?
- Professional Mining from Digital Mining Experts Is Now Available via GMT
- Just-In: Georgia Binds Its Residents in Holy Oath Against Bitcoin Mining
- Wager Based 3D PVE/PVP Arena Battler Engines of Fury Storms GameFi With Incredible Content
- Shiba Inu (SHIB) Devs Begin to Fix Recent Issue of ‘Wormhole’ Addresses’; Here’s All You Need to Know
- BNY Mellon Sees Meaningful Revenue In Crypto by 2023 Post Clear Regulations
- Moody’s Confirms El Salvador’s Ratings Unchanged After President Bukele’s Reactive Tweet
- Luxury Car brand Lamborghini joins the NFT Bandwagon
- Mercedes Taps NFT Creators In Celebration of G-Class Series
- Why Ethereum (ETH) Price May Explode Coming July?
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?