Ethereum has demonstrated significant bullish momentum, breaking through significant resistance levels, and is currently trading at $3,358. The way the price is moving indicates that ETH has found strong support, and the bullish trend is further supported by the convergence of important moving averages.
With the recent surge, ETH has surpassed the 50 EMA at $3,312.70, paving the way for a possible run toward the next major resistance level at $3,467. Ethereum’s price has been rising steadily since it hit a low of $3,091, as can be seen in the daily chart. As the RSI is currently at 55, there is still an opportunity for an increase in price before the asset is overbought.
The bullish outlook is further supported by the rising trading volume, which indicates that investors are becoming more interested and involved compared to last week.
Right now, Bitcoin is trading at $62,894, a significant increase of around 3%. A reduction in selling pressure and a change in market sentiment have propelled this upward momentum.
The bullish view has been strengthened by Bitcoin’s ability to breach multiple significant resistance levels as a result of the recent price surge. As it approaches the 50 EMA at $64,027, the daily chart displays Bitcoin comfortably above the 100 EMA at $62,580. The psychological $65,000 mark represents the next big obstacle that needs to be overcome in order to open the door to more gains.
The positive price action has also been aided by a decrease in selling pressure from major holders like the German government. This bullish narrative is also supported by on-chain data. Large transactions and overall transaction volume have noticeably increased, suggesting increased interest and activity in Bitcoin.
Since more people are participating in the market and making purchases and sales, this increase in activity frequently occurs before significant price movements. But one must exercise caution at all times. Despite the bullish trend at the moment, Bitcoin needs to keep moving forward and convincingly break through the $65,000 barrier. The upward trajectory could be stopped by any large losses or increased pressure to sell.
XRP has increased by 18% over the past day to trade at $0.5297. With the recent spike, XRP is getting closer to breaking through the crucial 200 EMA resistance level, which is currently at $0.5294. As XRP has always exhibited strength when it breaks through this resistance level, it may indicate a major bullish trend.
The daily chart indicates that XRP has overcome other significant moving average, such as the 100 EMA at $0.4870 and the 50 EMA at $0.5073. The positive outlook for XRP is influenced by a number of factors. First of all, there has been a general uptrend in market sentiment, with several cryptocurrencies seeing gains.
Additionally, investor confidence has increased due to recent partnerships and developments involving Ripple, the company that created XRP. But caution is still necessary. The 200 EMA resistance level has historically been difficult to overcome, and if XRP is unable to maintain its current momentum, there is always a chance that prices will retrace.
To determine the strength of the current uptrend, traders and investors should keep a close eye on volume and price movement. The bullish case for XRP is further supported by on-chain data, which demonstrates a significant increase in transaction volume and activity. Further gains and possibly higher price targets could result from a breakthrough above the $0.52 level, if the buying pressure persists and XRP can sustain its momentum.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
