Ethereum
A new bullish rally on the horizon?
With the increased price volatility in the cryptocurrency market, major tokens continue to see significant price fluctuations in their respective portfolios. However, with a positive inflow into BitcoinETFs for the eighth consecutive day, Bitcoin price has shown bullish action over the past few days.
On the other hand, major altcoins such as Ethereum and Ripple tokens have shown similar price action by adding significant valuation to their portfolios in a short period. With the increased bullish sentiment, is the cryptocurrency market on the verge of a bull run?
Dive into this article as we have covered detailed market sentiments, price analysis, and short-term price targets for Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP).
BTC price records increased bullish action:
Following the completion of the sale of seized Bitcoins (BTC) held by the German government, market leader, Bitcoin Price has regained the $62,500 mark. Notably, the price of BTC has jumped by 4.53% in its portfolio over the past day with a trading volume of $25.317 billion.
TradingView: BTC/USDT
The Moving Average Convergence Divergence (MACD) chart is showing an ascending green histogram, indicating an increase in buying pressure over selling. Additionally, the averages have registered a bullish convergence on the 1D time frame, suggesting a positive outlook for the BTC Price this week.
Additionally, the SMA indicator recorded a positive crossover in the Bitcoin price chart, highlighting an increase in bullish influence within the crypto space.
If the bulls sustain BTC price above its important support level of $61,000, the star cryptocurrency will head towards its upper resistance level of $67,775 this month. Conversely, if the bears have gained the upper hand over the bulls, the BTC token will retest its low of $60,819 in the coming time.
Ethereum Price Is About To Experience A Major Breakout:
After moving under a descending channel pattern for about two months, the ETH Price has recorded 8/10 positive trading days. This has allowed the altcoin leader to successfully test its crucial support trendline. Moreover, it has posted a strong uptrend and is about to break out from its resistance trendline.
TradingView: ETH/USDT
With a jump of 4.73% in the last 24 hours and a variation of 23.63% in its trading volume to 12.051 billion dollars, the Ethereum Price has successfully surpassed the $3,300 mark. On the positive side, ETH price has added 14.81% in valuation over the past week, totaling its YTD return to +46.61%.
The RSI technical indicator has successfully retested its oversold zone, which has allowed it to register a strong rise on its price chart and break above the mid-bar. Moreover, the 200-day EMA is about to register a bullish convergence, suggesting a growing bullish sentiment.
With the potential listing of the Ethereum ETF this month, the ETH coin price could see significant price action and test its upper resistance level of $3,730. On the downside, a delay could see the altcoin leader hovering near its $3,000 level over the next few days.
Ripple price shows massive price increase for the first time since March:
Amid increased price volatility in the crypto space, the XRP Price The Ripple token has increased by 1.66% over the past day, with a trading volume of $1.469 billion. Furthermore, it has increased by 26.19% over the past seven days and by over 11.39% over the past month, suggesting increased bullish influence for the Ripple token.
TradingView: XRP/USDT
The MACD indicator has shown a sharp rise in the green histogram, highlighting increased buying pressure in the crypto space. Moreover, the averages are registering a bullish convergence, suggesting that the XRP coin price will continue to gain value this week.
The Relative Strength Index (RSI) is showing a massive bullish trend towards its overbought zone from the oversold level. Moreover, the average trendline has registered a strong bullish curve, suggesting a positive outlook for the Ripple Price.
If the market sustains the XRP token value above its important level of $0.50, the bulls will continue to gain momentum and prepare to test its upper resistance level of $0.630. However, a trend reversal could pull the Ripple token towards its low of $0.4880.
Conclusion:
With the rising bullish sentiment in the cryptocurrency market, major tokens have seen increased buying pressure, highlighting an increase in bullish price action. Moreover, with Bitcoin price regaining the $62,000 mark, the crypto space is poised for a new phase of the bull market.