Ethereum
Will the bulls make a comeback this week?
The crypto market has shown a strong downward price trend over the past few days, indicating increased bearish price sentiment in the crypto space. Additionally, top altcoins are showing a similar trend by recording a negative trend in their valuations.
Additionally, major tokens saw a significant correction in their respective portfolios, with market-leading Bitcoin and Ethereum tokens dipping below their important support levels, highlighting the negative outlook for these tokens in the coming period.
With increasing price volatility in the cryptocurrency market, will Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) tokens see a strong bullish rebound in their respective portfolios in the coming week?
BTC price registers a bearish reversal:
Despite increased price volatility in the crypto market, Bitcoin Price continues to trade within a closed range between $67,775 and $73,750, indicating weak price action. However, BTC has surged 10.34% over the past 30 days and has a cumulative return of 64.20%, indicating a long-term positive influence.
Trading view: BTC/USDT
The simple moving average (SMA) displays a strong possibility of a bearish crossover on the 1D timeframe, suggesting increased negative influence of the BTC token in the crypto space.
The technical indicator, MACD, shows a constant flat line in the chart, indicating weak price action for the BTC Price on the market. Furthermore, the averages show a neutral trend, highlighting mixed sentiment.
If the market sustains Bitcoin price above the $67,775 support level, the bulls will regain momentum and prepare to retest its ATH in the coming times. However, bearish price action could pull the BTC coin price towards its lower support level of $60,000 this month.
Ethereum Price Fails to Maintain Its Value Above $3.7K!
After holding its price above its important support level of $3,730 for about three weeks, the ETH Price lost momentum due to increasing bearish sentiment in the crypto space and recorded a correction of 3.5% in the last day and 2.26% in the last seven days.
TradingView: ETH/USDT
The Relative Strength Index (RSI) fails to cross the overbought range, allowing it to record a sharp fall towards the midpoint. Additionally, the average exhibits a bearish curve, suggesting a negative outlook for the market. Ethereum Price in the time to come.
If the market pushes the ETH coin price above the $3,370 resistance level, the bulls will regain momentum and prepare to test its higher resistance level of $4,100 in the coming weeks. Conversely, if the bears continue to dominate the market, it will test its low of $3,400 this month.
Is Ripple Price on the Verge of a Major Breakdown?
The Ripple token continues to show weak price action as it trades under bearish influence. THE XRP Price recorded a correction of 4.28% over the past day and 3.71% over the past week. Additionally, Ripple price has lost 4.12% over the past month and has a cumulative return of -20.64%.
Trading view: XRP/USDT
The RSI is showing a sharp decline towards its oversold range after failing to hold above the neutral point, highlighting increased selling pressure in the crypto space. On the other hand, the average shows a bearish convergence, suggesting a negative outlook for the XRP token in the coming times.
If the bulls regain power, the Ripple Price will prepare to retest its resistance level of $0.5340 over the coming weeks. Negatively, if the bears continue to dominate the market, the price of XRP coin will plunge towards its crucial support level of $0.480.
Conclusion:
With increasing price fluctuations in the cryptocurrency space, major altcoins continue to record mixed sentiments. However, the market is expected to show a strong bullish reversal over the coming weeks.
Additionally, Bitcoin price is expected to make a strong comeback with a strong potential to record a new all-time high (ATH) in the coming times. This could further lead to Ethereum and XRP tokens following in their footsteps by experiencing similar price action and adding significant value to their respective portfolios.