Cryptocurrency market update: Major cryptos remain on track to post weekly losses

Bitcoin is set to snap a four-week winning streak.
Ethereum struggles to gain traction after dropping below $400.
Daily top on Ripple's daily chart points out to possible additional losses.

Eren Sengezer FXStreet

Following an upbeat start to the week, major cryptocurrencies spent the second half of the week under pressure and now look to close in the negative territory.

Bitcoin (BTC/USD)

Bitcoin advanced to its highest level in more than a year at $12,486 but reversed its direction and was last seen trading at $11,651. On a weekly basis, Bitcoin is down 2.23% and remains on track to snap a four-week winning streak. $12,000 aligns as a significant hurdle for BTC/USD in the short term and a failure to reclaim this level could cause the pair to extend its slide toward $11,200 (Fibonacci 38.2% retracement of late-July to mid-August uptrend)).

Bitcoin Price Analysis: BTC/USD returns to $11,500 area after modest recovery.

Ethereum (ETH/USD)

Ethereum climbed to $450 area on Monday and touched its best level since July 2019. However, in a similar way to Bitcoin, ETH/USD turned south and now is down nearly 10% on a weekly basis. Following a modest rebound on Saturday, the pair failed to reclaim $400 and sellers look to be in control in the near term. $365 (Fibonacci 38.2% retracement of late-July to mid-August uptrend) aligns as an important support.

Ethereum Price Analysis: ETH/USD fails to reclaim $400.

Ripple (XRP/USD)

Following the impressive upsurge witnessed toward the end of July, Ripple staged a technical correction and remained on the back foot in early August. However, after breaking above $0.3, XRP/USD gained traction and rose all the way to $0.3275 on Monday to form a double top on the daily chart. Currently, the pair is down 7.5% on a weekly basis at $0.2820. A break below the bottom range of the double top at $0.2700 (August 11 low, Fibonacci 38.2% retracement of June-August rally) could trigger a fresh selloff. On the upside, $0.3000 (psychological level) aligns as the first resistance.

Ripple Price Analysis: Double top spotted on XRP/USD daily chart.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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Cryptocurrency market update: Major cryptos remain on track to post weekly losses