Top 3 price prediction BTC, ETH, XRP: Ethereum resists and stands up to Bitcoin's leadership
|- The technical profile of Bitcoin is worrying in the short and medium term.
- Ethereum retains its upside setup despite widespread falls.
- XRP amplifies weakness and moves to new relative lows.
Amid the selloff that suffers the crypto market, the SEC comes providing a point of hope that could eclipse the so desired brightness of the Moon.
In a voluntary and unexpected decision, the US regulator announced that they will review Bitwise's request to launch an ETF on Bitcoins.
The statistics tell us that the result will be negative since that has always been the final resolution to all previous proposals.
The impact on the price that the ETF approval could have on Bitcoin is uncertain, but almost all experts believe it could bring the BTC/USD price to the $100,000 range.
Fundstrat Global Advisors co-founder Tom Lee said two days ago that it would take the BTC/USD pair to reach $150,000 for an ETF to enter the market without seriously distorting it.
ETH/BTC Daily Chart
The ETH/BTC is currently trading at the price level of 0.02169. The price evolution shows a good moment for Ethereum versus Bitcoin.
As the market identifies the opportunity in the Ethereum, the upward movement could accelerate.
Above the current price, the first resistance level is at 0.022, then the second at 0.023 and the third one at 0.025.
Below the current price, the first support level is at 0.021, then the second at 0.020 and the third one at 0.019.
BTC/USD Daily Chart
The BTC/USD pair is currently trading at the $8,039 price level after leaving the day's low of $8,080 during the Asian session.
The technical picture is bleak. The SMA100 crosses down the SMA200, proposing worse price levels in the short term.
In the analysis of the indicators, we will see the magnitude of the disaster.
Above the current price, the first resistance level is at $8,250, then the second at $8,400 and the third one at $8,820.
Below the current price, the first support level is at $8,000, then the second at $7,750 and the third one at $7,550.
The DMI on the daily chart shows bears beating the resistance of the ADX line. The selling side activates a pattern that indicates that there is an ongoing and developing bearish trend. The bulls stay below the ADX line and thus renounce discussing leadership to the bears.
ETH/USD Daily Chart
ETH/USD is currently trading at the $173.4 price level after yesterday's relative low of $175. The technical structure of the pair is not as harmful as that of the BTC/USD.
Past months, the Ethereum has done much worse than the Bitcoin, so a change of roles comes within expectations.
Above the current price, the first resistance level is at $180, then the second at $190 and the third one at $195.
Below the current price, the first support level is at $170, then the second at $160 and the third one at $150.
The DMI on the daily chart shows both sides of the market continuously swapping positions. The ADX remains at its lowest level, waiting for the right side of the market to start moving higher.
XRP/USD Daily Chart
The XRP/USD is currently trading at the $0.243 price level after yesterday's relative low of $0.24.
Above the current price, the first resistance level is at $0.252, then the second at $0.26 and the third one at $0.27.
Below the current price, the first support level is at $0.24, then the second at $0.22 and the third one at $0.191.
The MACD on the daily chart goes deep into the negative territory of the indicator. The slope remains, but the opening between the lines increases, indicating the continuation of the bearish movement.
The DMI on the daily chart shows bears leading the XRP/USD. Bulls continue to fall below the ADX line. The short term scenario is fully bearish.
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