Cryptocurrency Market Update: Ethereum gives up $400 mark amid fresh selling-wave
- Selling-wave creeps back across the crypto space on Saturday.
- Ethereum fares better among the top 3 favorite crypto coins.
- Bears look to extend control after Friday’s shallow recovery.
Top 3 coins’ price overview
- Bitcoin (BTC/USD) sees aggressive selling following a rejection just below the $11,600 mark. The no.1 crypto coin lost over $100 in a matter of an hour after the price charted a rising wedge breakdown on the hourly sticks. Any recovery after the sharp drop is likely to be short-lived, as the technical indicators have turned bearish. BTC/USD was last seen trading near $11,470, enjoying a market capitalization of $212.57 billion. Bitcoin is set to end the week little changed.
- Ethereum (ETH/USD), the No. 2 most traded crypto coin, with a current market capitalization of $44.96 billion, is consolidating the fresh leg down below the $400 level. Despite the recent weakness, the spot remains on track for the second straight daily rise. Ethereum, therefore, outperforms its peers, Bitcoin and Ripple while gaining nearly 0.80% on a daily basis to trade around $398, at the time of writing.
- Ripple (XRP/USD) pares back gains to trade around $0.2740 region this Saturday, having failed to sustain at higher levels. The No. 3 coin came under fresh selling pressure, tracking the sell-off seen across the crypto board. The digital asset is likely to remain supported so long as it holds above the 21-SMA on the hourly chart at 0.2717. Ripple is expected to be the worst performer amongst the top 3 crypto coins on a weekly basis.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
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