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.
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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