Cryptocurrency market update: Major cryptos turn south toward the end of the week
- Bitcoin failed to hold above $11,000 on Sunday.
- Ethereum remains on track to close week with small gains.
- Ripple extended its slide after breaking below $0.25.
Following a relatively quiet trading day on Saturday, major cryptocurrencies edged lower on Sunday. However, key resistance and support levels remain intact for the top-three cryptos, Bitcoin, Ripple and Ethereum.
Bitcoin (BTC/USD)
Bitcoin rose above $11,000 on Saturday but lost its momentum after closing in on $11,200 (Fibonacci 38.2% retracement of July 21-August 18 uptrend) resistance. At the moment, BTC/USD is losing 2% on a daily basis at $10.863. On the down side, $10,800 (Fibonacci 50% retracement) aligns as the immediate support ahead of the 100-day SMA at $10,400. Unless Bitcoin recaptures $11,200, the modest bearish pressure is likely to remain intact in the near-term.
Bitcoin Price Analysis: BTC/USD erases Saturday's gains, returns to $11,000 area.
Ethereum (ETH/USD)
Ethereum is down nearly 4% on Sunday but remains on track to finish the week with small gains. The near-term outlook stays neutral-to-bearish with key $400 (psychological level/Fibonacci 50% retracement of early September drop) proving to be a tough resistance to break. $350 (Fibonacci 23.6% retracement) could be seen as the next target on the downside.
Ethereum Price Analysis: ETH/USD pares majority of weekly gains, trades near $370.
Ripple (XRP/USD)
Ripple (XRP/USD) showed some signs of live on Saturday but failed to break above $0.2550 (Fibonacci 50% retracement of July-August rally). As of writing, XRP/USD was down 1.9% on the day at $0.2470. Although the recent price action doesn't reveal a significant buildup in bearish momentum, buyers are not likely to show interest unless the pair registers a daily close above $0.2550. Technical supports could be seen at $0.2400 (Fibonacci %61.8 retracement) and $0.2360 (100-day SMA).
Ripple Price Analysis: XRP/USD struggles to hold above $0.25.
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.
