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.


Top 10 coins by CoinMarketCap


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.


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.


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.


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.


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.


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.

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