TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
Login
|

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.
Cryptocurrency market update: Major cryptos turn south toward the end of the week
Eren SengezerEren SengezerFXStreet

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

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.

More from Eren Sengezer
Share:

Editor's Picks

Crypto liquidations near $2 billion as US Treasury debt buyback sparks short squeeze

Crypto liquidations near $2 billion as US Treasury debt buyback sparks short squeeze

The cryptocurrency market has seen nearly $2 billion in liquidations over the past 24 hours, its largest since February 5. Short liquidations accounted for $1.75 billion, their largest since the October 10 leverage flush, and represented the first major short squeeze in a long while.
Crypto Overview: Bitcoin eyes $70,000 on US Treasury bond buybacks – ETH, HYPE, TRUMP lead gains

Crypto Overview: Bitcoin eyes $70,000 on US Treasury bond buybacks – ETH, HYPE, TRUMP lead gains

The broader cryptocurrency market is regaining strength, pointing toward a renewed bull run. The US Treasury Department announced on Wednesday that it will buy back more of its longer-term bonds, in an effort to curb a sharp increase in borrowing costs.
Ripple and Stellar outlook: Extend gains as expanded US Treasury buybacks trigger crypto short squeeze

Ripple and Stellar outlook: Extend gains as expanded US Treasury buybacks trigger crypto short squeeze

XRP and Stellar extend their rallies on Thursday as improving liquidity conditions fuel a broader surge across the cryptocurrency market. XRP trades above $1.08, while XLM approaches the key $0.177 resistance level following surges of more than 10% and 9%, respectively, the previous day.

Bitcoin slips toward key 50-day EMA ahead of FOMC Minutes

Bitcoin slips toward key 50-day EMA ahead of FOMC Minutes

Bitcoin (BTC) edges lower toward the 50-day Exponential Moving Average (EMA) around $64,370 at the time of writing on Wednesday after posting a 2.9% gain over the previous two days.

Bitcoin: Hormuz uncertainty clouds BTC outlook

Bitcoin: Hormuz uncertainty clouds BTC outlook

Bitcoin (BTC) trades around $62,900 at the time of writing on Friday, down over 3% so far this week amid cautious institutional demand and persistent geopolitical uncertainty. While BTC shows signs of stabilization, elevated Oil prices and tensions in the Strait of Hormuz continue to weigh on risk sentiment, keeping the Crypto King’s near-term outlook under pressure.