Cryptocurrency market update: Ethereum stands tall amid broad crypto correction

  • Corrective downside still intact, as recovery attempts lack further legs.
  • Ripple – the weakest amongst the top 3 most favorite crypto coins.
  • Ethereum on track to book a whopping 18% weekly gain.

Top 3 coins’ price overview

  • Bitcoin (BTC/USD) is seen reversing the recovery gains seen so far this Sunday, as the bears look to resume the correction from a five-month high of 10,511.86. The No.1 coin risks further falls amid a bearish technical set up, as the price continues to trade below the 200-HMA. The most dominant cryptocurrency is almost unchanged on the day, surrendering the 10k mark once again while enjoying a market capitalization of $181.70 billion.
  • Ethereum (ETH/USD), with a current market capitalization of $29.54 billion, remains the most favorite amongst the top 3 widely traded crypto coins. Amid a fresh selling-wave seen across the crypto space, the No. 2 coin slipped further below the 270 mark and fell as low as 265.72 before recovering slightly towards the former. Despite the minor pull back from the lows, the price could come under fresh selling pressure if the broad crypto correction picks up pace. The coin is set to book an 18% weekly gain.  
  • Ripple (XRP/USD) sellers are back in play after the rebound from Saturday’s 0.2942 low lost legs in the upper bound of the 0.31 level. The spot is trading flat around 0.3080 region, at the press time, still teasing a bearish flag break down on the hourly sticks. Meanwhile, the price has formed a doji candle on the daily chart, suggesting bullish exhaustion, as markets await fresh cues for the next move lower. The No. 3 coin is gaining over 9.5% on a weekly basis.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: Bearish technical signals point to a test of the 6K area

Bitcoin is looking bearish on Wednesday as the price moved 3% lower after rejecting higher levels. The market bounced off the blue trendline and pushed through the 55 and 200 hourly moving averages.

More Bitcoin News

Ripple Price Analysis: Bearish technical signals could seen XRP to 0.1600

Ripple has had a good run at testing upside targets recently but it seems there was no breaking 0.1800 for now. Now it seems the trendline in black on the chart has been broken to the downside.

More Ripple News

ETH/USD locked in a range; short-term recovery capped by $134.40

ETH/USD is changing hands at $132.00, mostly unchanged both on a day-to-day basis and since the beginning of Wednesday. The second-largest digital asset has been moving within a short-term bearish trend amid high volatility. 

More Ethereum News

Monero Price Analysis: XMR pushes higher towards the 50.00 level

Monero has caught a bid late in the US session on Wednesday after trading lower for most of the day. The price has just recently moved through the moving averages (55 & 200) which can be considered a bullish sign. If the black resistance line at 48.20 ...

More Bitcoin Cash News


Bitcoin Weekly Forecast: Coronavirus will either kill Bitcoin or make it stronger

Bitcoin is about to finish the second positive week in a row. The first digital coin has recovered from $5,680 and came close to psychological $7,000 during the week.

Read the weekly forecast