Crypto Market Analysis: Bitcoin, Ethereum, Ripple Trends This Week
This past week in the crypto market saw a positive performance compared to the previous week, with increased trading activity pulling the market out of a consolidation phase. Bitcoin soared past the significant $65,000 mark, Ethereum exhibited notable growth, and Ripple outperformed both by surging over 40%, although it experienced a drop yesterday.
The positive sentiments in the market were fueled by both memecoins and altcoins, setting the stage for a bullish approach in the upcoming week.
Bitcoin’s price action showcased resilience against global challenges as it surpassed $65,000, a key psychological level of support. Despite global IT outages, Bitcoin climbed from $64,390 to $66,599, marking a 14.8% increase over seven days. This surge validated the anticipated breakout from an ascending broadening wedge pattern, with the breakout point positioned at $70,000. A move above this level could propel Bitcoin beyond its all-time high of $73,000. The market currently maintains a bullish sentiment, with strong support levels near $66,100 and $65,000.
Ethereum experienced steady growth throughout the week, rising by 11.7% from $3,100 to over $3,500. By flipping the long-term resistance at $3,500 into support, Ethereum defied speculations of a downward trajectory. The current price of $3,503 suggests a need for a push above $3,700 to sustain the rally, with the Relative Strength Index (RSI) at 60 indicating growing bullish sentiment. Buyers still have room to participate in the market, with a potential retest and rebound around the $3,500 level anticipated.
Ripple, represented by XRP, outperformed both Bitcoin and Ethereum in weekly gains, recording an 18% increase over seven days. Despite a price dip below the upward support line on Friday, XRP rebounded today, following news of the Securities and Exchange Commission (SEC) canceling settlement talks with Ripple. Currently trading at $0.610 with a remarkable 24-hour growth of 8.59%, XRP maintains strong bullish sentiments above the support zone. Traders are closely monitoring the MACD levels, ready to act if the price falls below $0.60. Sustaining the rally above the $0.62 support level is crucial for XRP to ward off bearish attempts and continue its upward trajectory for the week.
