Ethereum
Is the correction phase over?
The crypto market has shown significant price fluctuations over the past week due to increased volatility in the crypto sector. Additionally, major crypto tokens continue to struggle to maintain their respective value above their crucial support levels.
Additionally, Bitcoin price recorded a correction of 3.61% over the last seven days. Following in its footsteps, ETH price plunged 6.61%, while XRP price lost 4.96% during the same period, highlighting strong bearish sentiment in the sector.
Will the crypto industry register a bullish rebound in the coming week amid increased price volatility?
Bitcoin Price Shows Bearish Price Action:
Despite increased price volatility in the crypto sector, the market leader, BTC Price, lost 3.47% over the past day and recorded a 1.93% drop in its 24-hour trading volume. Moreover, it recorded a correction of 14.18% in the last 30 days.
Trading view: BTC/USDT
Additionally, it has formed a symmetrical triangle and continues to trade inside it, indicating uncertainty about future price action. Additionally, the 50-day EMA acts as resistance to the price chart, highlighting strong bearish sentiment in the cryptocurrency sector.
On the other hand, the MACD technical indicator shows a consistent stable line on its 1D timeframe, highlighting weak price action for the market leader in the crypto space. However, the averages show bearish convergence, suggesting mixed sentiment in the crypto sector.
If the bulls regain their momentum, the Bitcoin Price will retest its symmetrical triangle resistance trendline over the coming week. Conversely, bearish price action could cause the BTC token to fall towards its crucial support level of $60,000.
Ethereum fails to break out of its falling channel pattern:
The leader of altcoins, Ethereum Price, has continued to trade in a descending channel pattern since mid-March, indicating increasing investor disinterest in it. Additionally, the delayed approval of the EthereumETF Spot by the Securities and Exchange Commission (SEC) was one of the main reasons for this downward price trend.
TradingView: ETH/USDT
The simple moving average (SMA) has consistently acted as resistance to the ETH Price chart, indicating weak bullish influence in the crypto industry.
Additionally, the Relative Strength Index (RSI) is consistently trading below the midpoint, indicating increasing investor disinterest in this altcoin. Additionally, the averages display a bearish curve, hinting at negative price developments in the coming times.
If the market pushes the price above the important resistance level of $3,017, the bulls will regain momentum and attempt to break out of their descending channel pattern. However, if the bears continue to dominate the market, it will plunge towards its all-time low of $2,650 this month.
Ripple token on the verge of a breakdown:
THE XRP Price repeatedly fails to regain momentum, causing the Ripple token to record a correction of 2.35% over the past day and around 5% over the past week. Additionally, the cumulative yield of XRP tokens (YTD) stands at -17.95%, highlighting long-term bearish sentiment.
Trading view: XRP/USDT
The Moving Average Convergence Divergence (MACD) shows a steady decline in the histogram, highlighting increased selling pressure within the crypto space. On the other hand, the averages show a bearish convergence on the 1D timeframe, suggesting a negative outlook for the altcoin.
If the market experiences a bullish reversal, the Ripple Price will attempt to retest its resistance level of $0.5340 in the coming week. On the contrary, if the bears continue to hold power, the Ripple token could fall towards its $0.4790 support level by breaking its triangle pattern.
Conclusion:
As the crypto industry concluded this week on a bearish note, the chances of a bullish recovery in the coming week have increased. Conversely, the market may witness delayed bullish price action if BTC, ETH, and XRP prices fail to sustain their values above their crucial support levels.