Ethereum
Cryptocurrency Week: Bitcoin, Ethereum, and Ripple Analysis
This week, cryptocurrencies performed better than the previous week as the market was pushed out of the consolidation phase to increase trading activity.
Bitcoin broke the sentimental $65,000 mark, Ethereum saw notable growth, and Ripple surpassed both of them by increasing by more than 40%, until yesterday’s drop.
Memecoins and altcoins contributed equally to the positive sentiment load, moving closer to a bullish approach next week.
Bitcoin (BTC)
Bitcoin Price Today I have taken on global challenges and exceeded $65,000, a very strong psychological support.
The cryptocurrency invalidated negative sentiments amid the global IT outage and rose 14.8% over 7 days from $64,3900 to $66,599 at the time of writing.
This price action today printed validation of BTC’s highly anticipated breakout from an ascending broadening wedge pattern.
The breakout point is at $70,000 and a break above the level would push BTC beyond the all-time high of $73,000.
There is also a strong support level formed near $66,100 and $65,000. The bears will need strong selling pressure to break these levels, but the market sentiment remains bullish.
Ethereum (ETH)
Ethereum Price has seen steady growth this week, rising 11.7% from the $3,100 level to over $3,500 today.
ETH turned the long-term resistance level of $3,500 into support and invalidated speculations following a downward trajectory after the coin faced significant resistance at this level.
However, this could be a test of rest, but buying pressure remains higher than selling pressure. A slight correction and a rebound are expected.
Currently trading at $3,503, ETH will need a push above $3,700 to continue its rally. The RSI at 60 indicates a growing bullish sentiment and not an overbought condition. There is still room for buyers to acquire and monitor the price action.
Ethereum is expected to retest and bounce back to the $3,500 level and continue a sideways move.
XRP
Ripple and XRP outpaced BTC and ETH in weekly gains, rising 18% in 7 days.
It was only on Friday that there was a drop in prices below the upward support line, but the bulls managed to bounce back. XRP Today back on the upward trajectory.
This came after the Securities and Exchange Commission (SEC) announced that it had called off settlement negotiations with Ripple.
Currently trading at $0.610 with an impressive 24-hour growth of 8.59%, the RSI at 61 indicates that bullish sentiments remain strong above the support zone.
However, MACD levels show that traders are about to release the horses if the price falls below $0.60.
XRP’s recovery from yesterday’s drop turns sentiments green, the asset needs to sustain the rally above the $0.62 support to invalidate any bearish attempt and continue the week on an upward trajectory.