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The crypto market is buzzing this week. While Bitcoin (BTC) consolidates after a recent correction, Ethereum (ETH) and Ripple (XRP) continue to soar! Attracting the attention of investors, who wonder how this trend will continue.
The 3 major crypto trends to watch closely this week
The cryptocurrency market is experiencing interesting movements this week, and three cryptos have caught our attention. First, Bitcoin: it underwent a 7% correction last week, falling to $90,791 before rebounding to $97,000 on Friday. If the upward trend continues, Bitcoin could reach its record high of $99,588. However, technical indicators show mixed signals. The relative strength index (RSI) is at 65, indicating bullish momentum, but the MACD has shown a bearish crossover, signaling potential sell-offs. This likely explains the drop of the BTC to $95,118 currently, showing a decrease of 2.18% in the last 24 hours.
Next, Ethereum: Vitalik Buterin‘s crypto broke and closed above the weekly resistance of $3,454 on Wednesday, reaching $3,601 this Monday. If this support level holds, ETH could test the psychological level of $4,000. The RSI is at 68, well above its neutral level of 50, indicating growing bullish momentum. However, a close below $3,454 could lead to a pullback to $3,335.
According to Ryan Lee, chief analyst at Bitget, these performances of Bitcoin and Ethereum can be influenced by several factors:
First, there is the inflow into BTC and ETH ETFs. In November, BTC ETFs recorded a net inflow of $5.6 billion, while ETH ETFs reached a single-day record high with a $300 million increase. Second, the momentum of sector assets is significant. The rotation of market funds among different sectors has accelerated, with assets within the Ethereum ecosystem experiencing widespread gains. Third, the ongoing net inflow of stablecoins is noteworthy.
Finally, Ripple: after breaking the $1.66 barrier in November, this crypto experienced an increase of over 60% last week, reaching a new three-year high of $2.35. If the bullish momentum continues, XRP could test the level of $2.66, and even reach $10. However, the RSI at 93 signals overbought conditions, suggesting an increased risk of correction. This is why this Monday, XRP shows a decrease of 1.61% and is currently trading around $2.27.
Finally the Altsaison?
After the impressive performances of XRP and Ethereum, can we finally say that Altsaison has started, or is it still too early to rejoice? Technical indicators and market trends show positive signs, but the persistent volatility of the crypto market leaves room for doubt. The coming days will therefore be crucial to observe and confirm the phenomenon.
In summary, while Bitcoin consolidates, Ethereum and Ripple show signs of continuing their rally. Crypto investors must remain vigilant regarding technical indicators to navigate this volatile market.
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Le monde évolue et l’adaptation est la meilleure arme pour survivre dans cet univers ondoyant. Community manager crypto à la base, je m’intéresse à tout ce qui touche de près ou de loin à la blockchain et ses dérivés. Dans l’optique de partager mon expérience et de faire connaître un domaine qui me passionne, rien de mieux que de rédiger des articles informatifs et décontractés à la fois.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
