Ethereum
Bitcoin, Ethereum, Ripple: Weekly Summary for July 12, 2024
Bitcoin (BTC) price has witnessed the impact of macro-financial developments, which have not necessarily been in favor of the cryptocurrency market. Ethereum (ETH) price has also ended up following BTC’s cues, but Ripple (XRP) price has charted its own relatively bullish trajectory this week.
Is Bitcoin escaping its end?
Bitcoin’s price rose by 2.5% over the week, after dropping by 11% the previous week. The surge BTC has witnessed in recent days has even pushed the crypto asset to $54,400. Nevertheless, the world’s largest crypto asset is back at $57,106 at the time of writing.
Over the weekend, BTC is expected to regain the resistance at $58,847, which would allow a rally to $60,000. As a result, Bitcoin would successfully escape the drop to $50,900 expected from the double top formation.
Learn more: Bitcoin Halving History: Everything You Need to Know
Bitcoin Price Analysis. Source: TradingView
However, the better-than-expected consumer price index (CPI) report hampers this possibility. inflation The June interest rate fell to 3% year-on-year, below the 3.1% expected and lower than May’s 3.3%.
This is bound to have a negative impact on the cryptocurrency market as capital could flow out of digital assets and back into fiat currency.
This could dampen any potential rally, leaving Bitcoin price vulnerable to either sideways momentum or a drop to $54,000.
Ethereum Balances Recovery
Typically, the notion of recovery is associated with the price of cryptoassets, noting a sharp increase in price. However, recovery is not just about simple rallies, as all cryptocurrencies would need to secure crucial support floors in order to secure the gains made.
ETH is doing this by securing the $3,000 level as a support floor. The altcoin’s goal is to reclaim $3,346 as support to recover the losses it has suffered over the past few days.
Ethereum price is unlikely to hit $3,300 over the weekend, but turning $3,200 into support could help the altcoin.
Learn more: How to invest in Ethereum ETFs?
The chances of losing $3,000 as support are slim, as this level marks the 23.6% Fibonacci retracement line. This level is also known as the bear market support floor, and losing it would invalidate the bullish thesis.
XRP Shows Good Signs
XRP price is not following the path set by BTC and ETH as the altcoin has been forming green candlesticks on the daily chart regularly. Over the past few days, Ripple’s native token has been moving higher to reach $0.46 as a support level.
Once XRP does the same with $0.47, it will have recovered the profits lost during the recent decline. At the same time, a recovery to $0.50 and consolidation below $0.51 are the likely outcomes.
Learn more: Ripple (XRP) Price Prediction 2024/2025/2030
However, if the attempt to secure these resistances as support fails, a pullback towards $0.42 cannot be considered impossible. This could completely invalidate the bullish thesis and extend losses.
Disclaimer
In accordance with the Trust Project This price analysis article is provided for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our Terms and conditions, Privacy PolicyAnd Disclaimer have been updated.