Ethereum
Ethereum (ETH) Makes Fundamental Breakthrough of $3,500, Bitcoin (BTC) Will Easily Reach $65,000, Will XRP Finally Break This Major Resistance?
Arman Shirinyan
The market has entered recovery mode, which could be beneficial for the market in general
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Ethereum Gold price has broken through the $3,500 resistance level and could finally gain enough momentum to break above $4,000 in the future. Unfortunately, the second-largest asset in the market will have to face a fierce resistance level at the 50 EMA ahead.
Ethereum has demonstrated significant bullish momentum, breaking through important resistance levels and is currently trading at $3,358. The way the price is moving indicates that ETH has found strong support, and the uptrend is further strengthened by the convergence of important moving averages.
With the recent increase, ETH has broken above the 50 EMA at $3,312.70, paving the way for a possible move towards the next major resistance level at $3,467. Ethereum price has been steadily increasing since hitting a low of $3,091, as seen on the daily chart. With the RSI currently at 55, there is still room for the price to rise before the asset becomes overbought.
The bullish outlook is also supported by the increase in trading volume, indicating that investors are increasingly interested and involved compared to last week.
Bitcoin Aiming for $65,000?
Bitcoin could be on its way to $65,000 as the asset broke above $60,000 as soon as the sell-off ended in the market, with big players like the German government running out of BTC to sell and pushing the market lower.
Currently, Bitcoin is trading at $62,894, a significant gain of about 3%. A reduction in selling pressure and a change in market sentiment have propelled this momentum higher.
The bullish view was reinforced by Bitcoin ability to break through several important resistance levels due to the recent price surge. As it approaches the 50 EMA at $64,027, the daily chart shows Bitcoin comfortably above the 100 EMA at $62,580. The psychological mark of $65,000 represents the next major hurdle that must be overcome in order to open the door to further gains.
The positive price action was also aided by a decrease in selling pressure from major Bitcoin holders, such as the German government. This bullish narrative is also supported by on-chain data. Large transactions and overall transaction volume have increased significantly, suggesting increased interest and activity in Bitcoin.
As more people participate in the market and make purchases and sales, this increase in activity often occurs before significant price movements. But caution should be exercised at all times. Despite the current bullish trend, Bitcoin must continue to advance and convincingly break the $65,000 barrier. The upward trajectory could be halted by significant losses or increased selling pressure.
XRP Hits 200 Exponential Moving Average
XRP XRP has reached the 200 EMA resistance level after its impressive 18% price surge. The probability of this breakout is more than real, however, only time will tell how long it will take us to witness a move above $0.52 on XRP.
XRP has increased by 18% over the past day to trade at $0.5297. With the recent spike, XRP is getting closer to breaking the crucial 200 EMA resistance level, which currently sits at $0.5294. As XRP has historically shown strength when it breaks through this resistance level, this may indicate a major bullish trend.
The daily chart indicates that XRP XRP has broken out above other important moving averages, such as the 100-point moving average at $0.4870 and the 50-point moving average at $0.5073. XRP’s positive outlook is driven by a number of factors. First, there has been a general uptrend in market sentiment, with several cryptocurrencies posting gains.
Additionally, investor confidence has increased due to recent partnerships and developments involving Ripple, the company that created XRP. But caution is still warranted. The 200 EMA resistance level has always been difficult to overcome, and if XRP is unable to maintain its current momentum, there is always a chance that prices will turn lower again.
To determine the strength of the current uptrend, traders and investors should keep a close eye on volume and price action. The bullish argument for XRP is also supported by on-chain data, which demonstrates a significant increase in trading volume and activity. Further gains and possibly higher price targets could result from a breakout above the $0.52 level, if buying pressure persists and XRP can maintain its momentum.
About the Author
Arman Shirinyan
Arman Shirinyan is a trader, crypto enthusiast and SMM expert with over four years of experience.
Arman strongly believes that cryptocurrencies and blockchain will be of constant use in the future. Currently, he focuses on news, articles with in-depth analysis of crypto projects, and technical analysis of cryptocurrency trading pairs.