Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) Price Analysis: Can the Giants Sustain the Rally?
The crypto money market has carried its value over $ 2 trillion as the leading cryptocurrency Bitcoin gained upward momentum. Following the leader, the largest altcoin Ethereum climbed to the $3,200 band, while one of the most popular cryptocurrencies, XRP , increased by over 55% in a week, touching $1.30. The giants of the market are trading at critical levels to continue the rally. Will the rally continue or are cryptocurrencies on the verge of a major correction?
The leading cryptocurrency Bitcoin has been on the rise with a spectacular performance since August 5th. The BTC price, which broke the $ 43,000 barrier, moved to the $ 45,000 band. Bitcoin price, which saw a sudden rise to $ 48,000 in the continuation of the upward trend, is currently trading at the price levels of $ 46,000. While BTC has been moving between $ 47,000 and $ 45,000 for about 3 days, experts are waiting for important initiatives and exits in the continuation of this horizontal movement.
A resistance point of $49,024 appears in front of the leading cryptocurrency. Then, $50,958 is considered as the key zone in the continued upward movement. Capturing these levels can trigger FOMO and contribute to the uptrend.
The largest altcoin Ethereum continues its struggle and rise. A possible pullback should be considered as ETH tests the $3,200-$3,559 price band. A retest of the psychological level of $3,000 could trigger new buying pressure, which triggers the rise. The resistance levels that ETH traders should watch out for can be noted at $3,559, $3,756 and finally $4,071.
Things could change if ETH price dips below the $3,200 to $3,559 band. In this case, the route could reverse and the $3,000 level could be lost. On behalf of ETH, the critical area for the downside move is the psychological level of $3,000. Losing this place can cause large losses.
Ripple has achieved a significant performance, increasing by 55% since last week. XRP stood out with a remarkable rally , surpassing $1.30. XRP price is trading at $1.20 as of the writing of this article. On the downside price action of XRP, there is immediate support at $1.09. Investors can re-attack at the $1.09 levels and set the route as the $1.70 target.
On the other hand, there is the critical support level of $0.96 in the downtrend. Losing these levels could bring the price down to $0.77.