Can Ethereum (ETH) and XRP follow the ongoing fast correction of Bitcoin (BTC)?


The new week has begun with a sharp dump in the cryptocurrency market. Almost all coins have faced a correction, however, some of them have already returned to their previous positions.

Chart

Top 10 coins by CoinMarketCap

BTC/USD

Last Sunday, the bulls were able to overcome the resistance at $48,000 and once again tried to test the target level of $50,000. As a result, the Bitcoin price renewed its absolute maximum around the $49,715 mark but, by the end of the week, it could not reach the psychological level of $50,000.

BTCUSD

BTC/USD chart by TradingView

A rather strong bearish momentum pulled the pair back below the average price level tonight, and sellers tested the $46,000 support. In the morning, the price bounced off this support level and is consolidating around the two-hour moving average EMA55. If at the beginning of this week the bearish momentum is repeated, then the decline may reach $44,000. If the level of average prices restrains the onslaught of sellers, the pair will recover to the area of $​​49,000.

Bitcoin is trading at $47,892 at press time.

ETH/USD

Last weekend, the bulls were unable to continue the run above the $1,900 mark. On Saturday, the Ethereum (ETH) price rolled back to the area of ​​average prices, and all of Sunday, it tried to gain a foothold above the two-hour EMA55.

ETHUSD

ETH/USD chart by TradingView

Nevertheless, the bears pushed through this strong support tonight and set a local minimum at $1,660. In the morning, the price bounced to the area of ​​$1,720 and is trying to continue recovery in the area of ​​the moving average EMA55. However, the volume of purchases is still low, and the pressure by sellers may intensify. As a result, at the beginning of this week, the pair may roll back to the support line ($1,560).

Ethereum is trading at $1,803 at press time.

XRP/USD

Over the weekend, the XRP price could not hold above the $0.60 level. By the beginning of this week, it fell back below the 4H EMA55.

XRPUSD

XRP/USD chart by TradingView

The level of average prices has suspended the pair's decline thus far and does not allow sellers to test the psychological mark of $0.50. However, today bears may intensify the onslaught and bring the price of the coin back below $0.50.

If the psychological support at the level of $0.50 holds, then in the first half of the week, the pair might be able to recover to the zone of recent highs.

XRP is trading at $0.57 at press time.

Any financial and market information given on U.Today is written for informational purposes only. Conduct your own research by contacting financial experts before making any investment decisions.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Cardano Price Prediction: ADA eyes $1 amid market-wide sell-off

Cardano price has failed to recover to pre-crash levels, hinting at a dearth of buying pressure. The recent short mania might cause ADA to dip into the demand barrier ranging from $0.98 to $1.07.

More Cardano news

Bitcoin price falls below $50K as investors rush to exit crypto markets

Bitcoin price dipped below $50,000 after an announcement revealed that US President Joe Biden could increase capital gains taxes for the rich. The leading cryptocurrency fell in tandem with the US stock market as fears of a potential tax ...

More Bitcoin News

Zilliqa Price Prediction: ZIL crash to extend another 12% if this key level breaks

Zilliqa price has dropped 53% since April 17, pushing it from $0.254 to $0.117. A bounce from the 100 SMA seems plausible, but a failure will set the stage for a crash that could extend well beyond 12%. 

More Zilliqa news

Ethereum miners raise gas limit to 15 million as on-chain activity increases

Following the Berlin hard fork, Ethereum’s network is ready to raise its gas limit once again. Raising the gas limit could be a temporary solution to high gas fees and network congestion. 

More Ethereum news

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Institutional wave of BTC adoption follows new all-time highs

Bitcoin price hitting a new all-time high and Coinbase’s direct listing are perhaps two of the most important developments surrounding the pioneer cryptocurrency over the past week.

Read the weekly forecast

BTC

ETH

XRP