Markets
Crypto Week: Bitcoin, Ethereum, Ripple Analysis
The cryptocurrency market has performed better this week than the previous week as the market has emerged from the consolidation phase to increase trading activity.
Bitcoin has surpassed the sentimental threshold of $65,000, Ethereum has seen significant growth and Ripple has surpassed both of them, growing by more than 40%, until yesterday’s drop.
Memecoins and altcoins contributed equally to generate positive sentiment, following the bullish trend of the following week.
Bitcoin (BTC)
Bitcoin Price Today it responded to global challenges and exceeded $65,000, a very strong psychological support.
The cryptocurrency has bucked the negative sentiments surrounding the global computer disruption and has surged from $64.3900 to a 14.8% increase in 7 days, reaching $66,599 at the time of writing.
This price movement today confirmed BTC’s long-awaited breakout from an ascending broadening wedge pattern.
The breakout point is at $70,000 and a breakout above this level will push BTC above the all-time high of $73,000.
Additionally, a strong support level has formed near $66,100 and $65,000. Bears will need a lot of selling pressure to break these levels, but market sentiment remains bullish.
Ethereum (ETH)
Ethereum Price has seen steady growth this week, rising 11.7% from the $3,100 level to above $3,500 today.
ETH flipped the long-term resistance level of $3500 into support and invalidated speculations of a downward trajectory after the coin faced significant resistance at this level.
However, this could also be a restest, but the buying pressure is still higher than the selling pressure. A slight correction and a rebound are expected.
Currently trading at $3503, ETH will need a push above $3700 to continue the rally. The RSI at 60 indicates rising bullish sentiment and not overbought. There is still room for buyers to acquire and watch the price action.
Ethereum is expected to retest and bounce at the $3500 level and continue its sideways movement thereafter.
Exchange rate risk
Ripple and XRP have outpaced both BTC and ETH in weekly gains, rising 18% in 7 days.
Only on Friday did the price drop below the upside support line, but the bulls managed to bounce back Exchange rate risk today again on an upward trajectory.
This came after news broke that the Securities and Exchange Commission (SEC) had canceled settlement talks with Ripple.
Currently trading at $0.610 with an impressive 24-hour growth of 8.59%. The RSI at 61 indicates that the bullish sentiment remains strong above the support zone.
However, MACD levels show that traders are on the verge of releasing the horses if the price drops below $0.60.
XRP’s recovery after yesterday’s decline has tipped sentiment towards green; the asset needs to maintain its rally above the $0.62 support to nullify any bearish attempts and continue the week on an upward trajectory.