Investors seem to have renewed interest in the larger cryptocurrency market after concentrating on selected altcoins such as Cardano, Solana, and Terra. Bitcoin tumbled, where it tested support at $44,000 before recoiling above $47,000. As discussed, a daily close above $48,000 would clear the path to $50,000.
Ethereum:-
The pioneer smart contract token rallied above $3,000 in the wake of the London hard fork earlier this month. Buyers took control of the price, aided by a generally bullish crypto market, and pulled the price to $3,350.
However, their bid for $4,000 failed to materialize, resulting in a downswing to $2,950 mid this week. An uptick in prices across the board seems to have bolstered Ether above $3,200.
Meanwhile, bulls are looking forward to lifting to $3,600, a move that will set the precedence for the journey to $4,000. Nonetheless, the 61.8% Fibonacci retracement level must be surmounted for the bullish leg to stretch to $3,600.
On the downside, higher support is needed to keep the uptrend intact in case Ethereum encounters sudden resistance. Meanwhile, the MACD has just flashed a sell signal, implying that the bears’ presence in the market cannot be ignored.
ETH/USD Daily Chart
Ripple:-
Ripple managed to hold support at $1.1, allowing bulls to sweep in and pull the price above $1.2. However, the momentum appears short-lived as the price falters on the way to $1.3.
A correction is expected in the European session, which could see Ripple retest support at $1.1. Keep in mind that the 100 SMA is about to cross below the 200 SMA. This bearish pattern, although not a death cross, could reinforce the downtrend in the near term.
Moreover, the MACD’s rise above the mean line seems to have exhausted mojo, and a sell signal could follow. Traders have several levels to watch, most of them pointing toward a correction.
XRP/USD Daily Chart
The support at$1.1 is crucial and must remain intact to keep Ripple’s uptrend on course. Otherwise, the risk will increase if $1 is tested because massive sell orders may be triggered, pushing XRP to $0.9.