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Highlights
- Ethereum's price surged 4.15%, ending its 10-day rangebound streak.
- A breakout could lead to significant volatility, with $6B in positions at risk.
- Uncertain market conditions and macroeconomic factors will influence Ethereum's price direction.
Bitcoin (BTC) rallied 2.76% in the early Asian session, ending its 8-day consolidation. This move caused the crypto market capitalization to increase by 2.89%, leading to more than $100M in short liquidations. Despite this recent rally in Bitcoin price, $82M in BTC positions were wiped out. Ethereum price rose just 4.15%, leading to a forced closing of $40M positions. Likewise, XRP price increased by 2.63%, but only $3M in liquidations were noted.
Will Ethereum Price Sustain Borader Crypto Market Bullish Momentum?
Ethereum price is known for its lack of performance, but today, it shot up 4.15%, attempting to end its 10-day rangebound streak. Currently price is oscillating between the current month’s VWAP and previous month’s VWAP, leading to a lack of volatility.
A breakout, in either direction, will be a volatility event. With nearly $6B in positions in jeopardy, which way will ETH’s value go? It is still unsure if Ethereum price prediction leans bullish or bearish due to the uncertain macroeconomic and geopolitical conditions.
Bitcoin Price Ends its 8-day Consolidation Streak
After a sideways movement for eight days, Bitcoin price ended its streak by rallying 4.53% from Sunday’s low of $83,900 to a current daily high of $87,702. If the bullish momentum fails to follow through during today’s New York Open, it could lead to a revisit of the 8-day consolidation range’s support at $84K or the $80K psychological level.
XRP Price Ready to Move Higher?
XRP price is grappling with the weekly moving average and is attempting to overcome it. A successful flip will allow the bulls to propel Ripple (XRP) to $2.40, the next key hurdle. Beyond this, the token will revisit the yearly VWAP at $2.51, which is where the uptrend might pause and momentum might fade.
Crypto Market Price Predictions
Trump’s tariffs have caused a major impact on the markets and economic policies acorss the globe. With a 90-day pause, other countries are retaliation against President Trump’s bold move.
Fed Chairman Jeorome Powell’s statements about not backing down has also caused stress on the stock and crypto markets alike. With so many uncertainties, it is highly unlikely that risk-on assets appreciate from here.
If investors start to look at Bitcoin as a hedge against inflation, then it could climb higher just like Gold has in the past few weeks.
Frequently Asked Questions (FAQs)
1. Can Ethereum sustain its bullish momentum?
2. What triggered the recent price surge?
3. What are the key factors influencing cryptocurrency prices?
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