XRP Wave 4 Count: Why $2.66 Is The Most Important Level To Beat
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing Strict editorial policy that focuses on accuracy, relevance, and impartiality Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Este artículo también está disponible en español. Crypto analyst Egrag Crypto has discussed the possibility of the XRP price witnessing another corrective move. He revealed the price level that XRP needs to stay above to avoid further downside pressure and rally to the upside. XRP Needs To Stay Above $2.66 To Avoid Corrective Move In an X post, Egrag Crypto stated that if XRP fails to close above the $2.65 to $2.70 range, it won’t negate the wave 4 move and will likely lead XRP down to the 5th wave. His accompanying chart showed that the altcoin could drop to as low as $1.7 on this corrective move, breaking the crucial $2 support level in the process. The analyst had previously highlighted this $2.65 as being critical for a bullish breakout. Related Reading Egrag Crypto alluded to the fact that the US SEC was finally dropping its long-running lawsuit against Ripple, which is typically bullish for XRP. The analyst admitted that it was a significant win for long-term adoption and utility, reinforcing the belief in the altcoin’s use. However, he added that the focus has to be on the numbers and charts in the short term. XRP’s key important level for an uptrend | Source: Egrag Crypto on X In line with this, he remarked that a close above $2.66 would be a good sign, followed by another close above $2.97 as a second bullish confirmation. He asserted that the ultimate confirmation for a bullish trend would be a close above $3.40, which is XRP’s current all-time high (ATH). A close above $3.40 would lead to the next target between $5 and $8. Crypto analyst CasiTrades also echoed a similar sentiment, stating that XRP needs to break above $3.40 to confirm a new trend. Until then, she remarked that market participants will have to wait for signs of confirmation, which may not be obvious until wave 3 in the market cycle. Before now, the analyst affirmed that the market is on the edge of a breakout, and this week could be a defining moment, which already looks to be the case with the Ripple SEC lawsuit. A Rally To $5 Already In Play Crypto analyst Dark Defender suggested that an XRP rally to $5 was already underway after the SEC decided to drop the Ripple lawsuit. His accompanying chart showed that XRP could witness a breakout to the $5 target. The altcoin will first rally to around $4.4 on wave 3, then correct to $3.7 on wave 4 before the rally to $5.6 on wave 5. Related Reading Meanwhile, crypto analyst CrediBULL Crypto raised the possibility of XRP dropping below $2 and reaching $1.7 before any parabolic move to the upside begins. He predicts that the altcoin will rally to double digits regardless of how the price action plays out in the short term. At the time of writing, the XRP price is trading at around $2.45, up over 7% in the last 24 hours, according to data from CoinMarketCap. XRP trading at $2.4 on the 1D chart | Source: XRPUSDT on Tradingview.com Featured image from Adobe Stock, chart from Tradingview.com
Is Ethereum Breaking Free from the Bear Trap? Analysts Weigh In
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing Strict editorial policy that focuses on accuracy, relevance, and impartiality Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Este artículo también está disponible en español. According to an X post by crypto analyst CryptoGoos, Ethereum (ETH) may be nearing the end of a bear trap. The analyst predicts that the cryptocurrency could surge past its recent range high of $4,000, potentially eyeing a new all-time high (ATH) of $10,000. Ethereum Breaking Out Of The Bear Trap? Ethereum appears poised to break free from a potential bear trap, as the second-largest cryptocurrency by market cap continues to trade in the low $2,000 range after enduring a strong sell-off since December 2024. Related Reading For the uninitiated, a bear trap refers to a false signal that makes it seem like an asset’s price is continuing to fall, tempting traders to short it – only for the price to suddenly reverse and rise, causing those short positions to get liquidated. In a recent X post, CryptoGoos emphasized that ETH may be nearing the end of such a trap. The analyst shared an ETH weekly chart illustrating how the cryptocurrency could be on the brink of a trend reversal after months of relentless sell-offs. Source: CryptoGoos on X Fellow crypto analyst Merlijn The Trader echoed CryptoGoos’ sentiment, highlighting similarities between ETH’s current price action and patterns seen in 2020. He noted that the last time this setup emerged, “panic turned into a historic rally.” Source: Merlijn The Trader on X Crypto investor Rekt Capital also weighed in, pointing out that Ethereum is trading within a “historical demand area.” The investor stated: If price can generate a strong enough reaction here, then #ETH will be able to reclaim the $2196-$3900 Macro Range (black). If ETH does this before the March Monthly Close, then this entire sub-$2200 downside would end up as a downside wick. Source: Rekt Capital on X ETH About To Exit Accumulation Phase Seasoned crypto commentator Ted shared a chart indicating that ETH has broken out of its short-term accumulation phase. He explained that the digital asset has been in accumulation since its drop from $3,000 to $1,800. Ted added that sustained price action above $2,000 could ignite a significant price rally. Source: Ted on X Noted analyst Daan Crypto Trades revealed that he recently converted some of his long-term Bitcoin (BTC) holdings into ETH for the “first time in years.” He cited the current ETH/BTC trading pair as presenting an attractive risk/reward setup. Related Reading Beyond bullish price action, several technical indicators are signaling a potential ETH rally in the near term. Notably, ETH’s weekly Relative Strength Index (RSI) recently hit a multi-year low – a sign that a trend reversal could be imminent. However, rising ETH reserves on crypto exchanges remain a point of caution, as they could suppress bullish momentum if investors opt to sell. At press time, ETH trades at $2,029, up 7.8% in the past 24 hours. ETH trades at $2,029 on the daily chart | Source: ETHUSDT on TradingView.com Featured image from Unsplash, charts from X and Tradingview.com
Analyst Predicts XRP Price Could Rebound To $4, But Bulls Must Hold This Line
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing Strict editorial policy that focuses on accuracy, relevance, and impartiality Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Este artículo también está disponible en español. Crypto analyst CoinsKid has predicted that the XRP price could soon rally to $4, which represents a new all-time high (ATH) for the altcoin. He also warned that XRP bulls must hold the line to avoid a potential drop to as low as $1.64. Analyst Predicts XRP Price Could Rebound To $4 In an X post, CoinsKid predicted that the XRP price could rebound to as high as $4 if the altcoin takes out the local January 2025 high, when it rallied to its current ATH at around $3.4. He added that XRP may go beyond this $4 target on the bull run in the crypto market. In the meantime, the analyst warned that XRP bulls must hold the line to avoid a significant correction. Related Reading CoinsKid said that failure to hold the 20 Weighted Moving Average could spark a deeper correction for the altcoin, sending the altcoin to a minimal target of $1.64. The analyst went further to discuss XRP’s current price action. He noted that the altcoin is missing a 5th wave from the July 2024 bottom. The analyst further opined that the XRP price has been in a wave 4 irregular expanded flat ABC correction since December 2024. He revealed that XRP is currently holding the 20 Weighted Moving Average, which is a sign of strength from the bulls. However, he warned that they must continue to hold the line to avoid a drop to as low as $1.64. Meanwhile, he mentioned that the RSI and the retail top were the key data points that pointed to an XRP price correction back in December. As to what could spark this price rebound to $4, CoinsKid alluded to the global money supply, which shows that liquidity is entering the market soon after leaving in December. $5 Is Also In Sight For The Asset Crypto analyst Dark Defender has also predicted that the XRP price could rally to as high as $5.85, although it would face significant resistance at $3.39, around its current all-time high. The analyst also highlighted $2.30 and $2.22 as the support levels that XRP needs to hold above as it eyes a rally to this $5 target. Source: Dark Defender on X Meanwhile, the analyst also revealed that the primary correction for the price on the weekly, daily, and 4-hour structure is over. He noted that there will be more minor ups and downs. However, Dark Defender suggested XRP was well primed for a bullish reversal. He added that the altcoin has started wave 1 with the aim of rallying to this $5 target. Related Reading: Crypto Pundit Reignites $100 XRP Price Target, What You Should Know At the time of writing, the XRP price is trading at around $2.28, up in the last 24 hours, according to data from CoinMarketCap. XRP trading at $2.3 on the 1D chart | Source: XRPUSDT on Tradingview.com Featured image from Adobe Stock, chart from Tradingview.com
Bullish Breakout On The Ethereum 4-Hour Chart Says Price Is Headed For $2,500
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing Strict editorial policy that focuses on accuracy, relevance, and impartiality Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Este artículo también está disponible en español. Ethereum has faced intense selling pressure over the past few weeks, with its price falling below the $2,000 threshold. This intense run of declines saw the cryptocurrency reach a low of $1,750 on March 11, marking its lowest point since November 2023. However, despite this steep drop, a new technical setup suggests Ethereum could be on the verge of a bullish turnaround, as it now retests a key resistance level on the 4-hour chart. Ethereum Retests Critical Resistance After Rebound Ethereum’s price action has been full of downtrends and many investors exiting their positions since the beginning of March. As such, Ethereum broke finally below $2,000 on March 10 after support failed to hold, and has spend the past week trading below this level. Related Reading Although after sinking to $1,750, Ethereum has shown signs of recovery and has now rebounded to around $1,900. This little price action of recovery has brought the cryptocurrency back to a downward-sloping resistance trendline, a level that has acted as a barrier to brief upward movements of accumulations during the recent downtrend. The test of this resistance now presents a potential breakout scenario where bullish momentum flows into Ethereum. An analyst on TradingView highlighted this setup, noting that a breakout above the resistance trendline could open the doors for a significant rally above $2,000. Analyst Sets Bullish Price Targets For ETH Despite the prevailing bearish sentiment that continues to weigh heavily on the broader crypto market, a TradingView analyst has identified a bullish trade setup on Ethereum’s 4-hour candlestick chart. This suggests that despite the recent decline, there remains a degree of optimism among some analysts and investors who believe Ethereum could soon regain its bullish footing. Related Reading According to the analysis, a confirmed breakout above $1,885 could serve as an ideal entry point. At the time of writing, Ethereum is yet to break above the downward sloping resistance trendline, as the breakout point is currently set just below $2,000. If Ethereum were to eventually break above the resistance, the analyst noted a probable price target of $2,596. Source: Chart from Tradingview On the flip side, the analysis advices placing a stop loss at $1,700, meaning the setup is structured to manage risk while aiming for substantial gains. This is in case if the bearish momentum is too great to be overcome, and the Ethereum price gets rejected again at the resistance trendline. Given the high-risk reward ratio, the analyst advised watching for a surge in volume, which would provide confirmation that Ethereum is breaking out with momentum. At the time of writing, Ethereum is trading at $1,895. Price action in the past 24 hours saw Ethereum reach an intra-day high of $1,950 before rejecting. However, the leading altcoin is still rolling around this resistance trendline, and there is a chance of a push upward again in the next 48 hours. ETH trading at $1,907 on the 1D chart | Source: ETHUSDT on Tradingview.com Featured image from Unsplash, chart from Tradingview.com
Historical Pattern From 2020 Hints Ethereum Could Be Poised For A Parabolic Rally, Analysts Explain
Ash is a dedicated crypto researcher and blockchain enthusiast with a passion for diving deep into the evolving world of decentralized technologies. With a background in writing and a natural curiosity for how digital assets are shaping the future, he has immersed himself in various sectors of the cryptocurrency space, including decentralized finance (DeFi), NFTs, and liquidity mining. His journey into crypto started with a desire to fully understand the technology behind it, leading him to explore and engage with these systems firsthand. Ash’s approach to DeFi goes beyond surface-level research as he actively participates in decentralized protocols, testing their functionality to gain a deeper understanding of how they operate. From experimenting with staking mechanisms to exploring liquidity mining strategies, he is hands-on in his exploration, which allows him to provide practical, real-world insights that go far beyond theoretical knowledge. This immersive experience has helped him develop a comprehensive grasp of smart contracts, token governance, and the broader implications of decentralized platforms on the future of finance. In the NFT space, Ash’s interest is driven by the technology’s potential to reshape ownership and creativity in the digital age. He has explored various NFT projects, gaining insights into how these digital assets function within different ecosystems. His focus is on understanding the evolving relationship between creators and communities, as well as the innovative uses of blockchain technology to establish authenticity and provenance in the digital world. Ash’s research in this area often touches on the intersection of culture, technology, and community-driven projects. A key area of his expertise lies in liquidity mining, where he has engaged with various decentralized platforms to understand how liquidity provision contributes to the functionality and security of DeFi ecosystems. Ash’s hands-on involvement has allowed him to analyze the risks, rewards, and broader implications of liquidity pools, giving him a well-rounded perspective on this integral part of DeFi. His understanding of risk management and protocol design allows him to provide insights into how these systems can be navigated effectively, with an emphasis on both opportunity and caution. When it comes to communicating these complex topics, Ash’s writing is grounded in clarity and depth. He excels at breaking down intricate blockchain concepts into easily digestible information for a wide audience. Whether explaining the workings of decentralized exchanges or outlining the future potential of blockchain technology, Ash ensures that his content is accessible to both those new to the space and experienced participants looking for deeper insights. Beyond DeFi and NFTs, Ash explores a wide array of emerging blockchain applications. His research spans areas like cross-chain technologies, decentralized governance, and blockchain’s potential to integrate with traditional finance. He is continuously learning and adapting to the latest developments, ensuring that his insights are both timely and relevant. His interest extends to how these technologies are creating new possibilities for decentralization, transparency, and trust in a variety of industries. Ash’s commitment to engaging with the crypto space firsthand gives him a unique perspective that goes beyond what can be learned from research alone. His practical involvement allows him to stay ahead of the curve, offering readers and enthusiasts a clear and comprehensive understanding of the rapidly evolving world of blockchain. Whether delving into the technical mechanics of DeFi or exploring the cultural impact of NFTs, Ash’s approach is always rooted in curiosity, research, and a desire to make this technology accessible to all.
XRP Price To $110? Bollinger Bands Creator Reveals Why It Will Become A Market Leader
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing Strict editorial policy that focuses on accuracy, relevance, and impartiality Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Este artículo también está disponible en español. The XRP price could be staging a parabolic rally to new all-time highs of $110. While an analyst shares a technical analysis to back this ambitious target, Bollinger Bands creator John Bollinger declares XRP to be a market leader in the crypto space. Analyst Predicts New XRP Price Target To $110 In a rather lengthy X (formerly Twitter) post, market expert Egrag Crypto went deep into his analysis for the XRP price, basing his predictions on its Elliott Wave structure. The crypto analyst confidently forecasted that XRP was heading towards a new $110 ATH. This bullish target would represent a whopping 3,974% increase from its current market value. Related Reading Firstly, Egrag Crypto outlines XRP’s five-wave structure, underscoring that each wave could push the cryptocurrency to a new target. The analyst reveals that XRP is currently in Wave 2 of its Elliott Wave structure and is closely approaching Wave 3, which is expected to trigger the most explosive increase. In Wave 1, XRP saw an impressive 733% increase to new highs. However, in its current Wave 2, Egrag Crypto highlights that its 2017 fractal appears more profound. With the formation of a Double Bottom pattern, the analyst has predicted a potential price breakdown for the cryptocurrency. New target emerge for XRP at $110 | Source: Egrag Crypto on X Egrag Crypto further forecasts that Wave 3 will trigger a reversal and cause the price to skyrocket by 1,185%. This massive price increase would effectively place the XRP price at a potential target between $22 and $24. For a more conservative target, the analyst estimates a surge of around $22 to $24. For Wave 4, Egrag Crypto predicts another major retracement similar to Wave 2. However, this time, the analyst believes XRP could decline by either 14.6%, 23.6%, or 38.2% from Wave 3’s price high. This correction would mark a 65% drop from Wave 3’s peak, bringing the cryptocurrency’s price down to $8. He also highlights a worse-case bearish scenario where XRP crashes as low as $3.4. Notably, Egrag Crypto shares three potential bullish targets for Wave 5, the final part of the Elliott Wave Structure. He forecasts that the altcoin could surge between $32 to $48, $60 to $70, or $95 to $110. The analyst has based his optimistic forecast on past cycle trends, where 2017 saw a major price rally for XRP. Bollinger Bands Creator Says The Asset To Become Leader In other news, Bollinger, the creator of the renowned Bollinger Band technical analysis tool, has highlighted XRP in his latest post, questioning whether it could take a leading role in the crypto market. The technical analyst asserts that Ripple has held up better than other primary crypto vehicles. Considering its legal battles with the US SEC and present regulatory challenges, Ripple continues to remain resilient, aiming to gain clarity during the final stages of the five-year-long lawsuit. Meanwhile, the XRP price, which is currently trading at $2.4, has experienced a recent uptick, increasing by almost 4% in the last day, according to CoinMarketCap. XRP trading at $2.4 on the 1D chart | Source: XRPUSDT on Tradingview.com Featured image from Adobe Stock, chart from Tradingview.com
Ethereum, Dogecoin, And The Altcoin Market: Why Up-Only For 217 Days Is Possible
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing Strict editorial policy that focuses on accuracy, relevance, and impartiality Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Este artículo también está disponible en español. A new technical analysis suggests that the crypto market, which includes altcoins like Ethereum (ETH) and Dogecoin (DOGE), is about to experience a major altcoin season that could last 217 days. If critical support levels are maintained, the analyst suggests that we may finally see the long-anticipated altcoin season. Ethereum And Dogecoin To See An Altcoin Season Soon Sporia, a TradingView crypto analyst, has shared a detailed technical analysis of the altcoin market. The analysis highlights key indicators within the Total2 chart, which represents the total crypto market cap excluding Bitcoin. The market expert emphasizes the importance of holding a critical support level, noting that the highly anticipated altcoin season could finally begin if this zone is maintained. Related Reading Notably, top cryptocurrencies like Ethereum and Dogecoin could benefit from this market shift into an altcoin season. The analyst also noted that current market conditions coincide with Fibonacci time sequences, which may signal an inflection point for altcoin prices. Source: Sporia on Tradingview Sporia shared a price chart, describing it as his secret weapon in determining bottom signals for altcoins. Since 2022, the chart has indicated a significant bottom each time the market encountered resistance at a crucial point. As of this week, the chart has recorded a bottom, marking the fourth hit around the critical resistance zone. The analyst has expressed excitement about this trend, solidifying his confidence in a strong altcoin season. He further underscores that the alignment of events, including key support line formations during the week of the Fibonacci time sequences, indicates the heightened possibility of a major market shift. While tracking Fibonacci-based time cycles, Sporia revealed that the first two hits did not trigger any major events, but the third hit at the 2.618 level led to a significant pivot. Currently, this fourth hit at the 3.618 level coincides with the August 2024 altcoin crash, which mirrored the COVID crash in the last cycle. This suggests a 50% accuracy rate for the current Fibonacci sequence, making it an ideal target to watch for a potential bottom and pivot. Altcoin Market Bull Rally To Last Only 217 Days Diving further into his analysis, Sporia predicts that the altcoin market could rally for 217 days, peaking by October 13, 2025, roughly 20 to 30 days after Bitcoin reaches its projected cycle top. He argues that, historically, Bitcoin has always hit a cycle top before altcoins. Related Reading In 2021, Bitcoin peaked in April, and the altcoin market topped 28 days later. Similarly, in 2017, Bitcoin reached the top of the market, and altcoins followed 22 days later. For this market cycle, Sporia projects that Bitcoin will hit its highest point by mid-September after a typical 1,050-day cycle from its previous market bottom. Notably, the analyst revealed that the last time the altcoin market hit the 3.618 Fib level, its total market capitalization surged to $5 trillion. Overall, Sporia has indicated a 99% surety that the altcoin market will bottom so long as the key diagonal support holds. If it does, he highlights that the market should expect a V-shaped recovery and an uptrend lasting for 217 days. ETH trading at $1,902 on the 1D chart | Source: ETHUSDT on Tradingview.com Featured image from Unsplash, chart from Tradingview.com
Solana Price Crash To $90? Why A 26% Decline Could Rock This Crypto
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing Strict editorial policy that focuses on accuracy, relevance, and impartiality Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Este artículo también está disponible en español. The Solana price is seemingly on the verge of another major crash, as an analyst forecasts a correction to $90. Given the cryptocurrency’s recent slow momentum due to the ongoing market letdown, an additional 26% decline to new lows could significantly impact the future outlook of Solana. Analyst Forecast Massive SOL Price Crash CoinMarketCap’s data shows that the Solana price has given up most of its yearly gains following its massive 50% price crash earlier last month. Despite this bearish performance, TradingView crypto analyst MadWhale highlights that the pain isn’t over yet, projecting an even deeper price decline for the popular altcoin. Related Reading: Solana Price On The Verge Of 2022-Like Crash To Send It Back To $22? The analyst believes that a 26% drop to $90 may be on the horizon if Solana fails to find proper support. Sharing a detailed price that supports his bearish prediction, MadWhale suggested that the Solana price is currently in a Descending Channel, indicating a sustained downtrend. The chart shows that the altcoin’s price movement is making lower highs and lower lows, confirming its already bearish structure. Moreover, Solana is presently struggling to break above the key resistance area indicated by a straight red line above the $130 threshold. Massive price crash incoming for SOL | Source: MadWhale on Tradingview The curved red arrow in the chart highlights the trajectory to which Solana is expected to move if it fails to surpass resistance levels. The $90 level is also marked as the main monthly support for the altcoin, where a potential bounce back or accumulation is set to arise. If Solana can retest this support level, MadWhale believes it could recover enough to sustain a lengthy upward trend. While Solana’s overall price position and market trend are in the red, the TradingView analyst acknowledges that temporary bullish movements could happen. However, these minor fluctuations would be short-lived, as they are part of the broader downtrend. Notably, MadWhale has marked the $100 mark as a psychological resistance level for the Solana price, where a decline toward this threshold could influence its market sentiment. Solana Market Sentiment Switches To Fear Solana’s market sentiment recently hit 1-year lows, but on-chain data shows an even more volatile trend. The altcoin’s Fear and Greed index at 34 indicates that it may be approaching extreme fear zones. This suggests a potential period of panic-driven sell-offs by investors. Related Reading CoinCodex’s data also highlights that Solana’s overall market trend is significantly bearish. Over the last 30 days, Solana has recorded more red days than green, signaling a prolonged downtrend. As a result of its bearish price action, CoinCodex indicates that now may be a bad time to buy the altcoin. Commenting on Solana’s current market sentiment, crypto analyst Market Prophit notes that the crowd remains bearish on the cryptocurrency. However, smart money stays bullish, fueling hopes of a possible price reversal in the altcoin. SOL trading at $127 on the 1D chart | Source: SOLUSDT on Tradingview.com Featured image from Adobe Stock, chart from Tradingview.com
This Ethereum Monthly RSI Chart Just Crashed To New Lows To Break 2022 Records, What Happened Last Time?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing Strict editorial policy that focuses on accuracy, relevance, and impartiality Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Este artículo también está disponible en español. Ethereum’s price has been facing significant downward pressure in recent days, with the cryptocurrency even dipping below the $2,000 mark for the first time since December 2023. The crash below $2,000 has done more harm to the already declining bullish sentiment, and the next outlook is whether there will be more incoming declines or whether the leading altcoin is already nearing a bottom. Notably, an interesting signal of a probable outcome has been revealed through the Ethereum CME Futures chart, where the monthly Relative Strength Index (RSI) just reached its lowest level on record, surpassing the readings from the 2022 bear market. Ethereum’s Monthly RSI Drops Below 2022 Levels Crypto analyst Tony “The Bull” Severino has highlighted a significant development in Ethereum’s technical indicators, pointing out that the cryptocurrency’s monthly Relative Strength Index (RSI) on the CME Futures chart has now fallen to its lowest level on record. Related Reading This decline has pushed the RSI below the 2022 bear market bottom, a period that saw Ethereum reach multi-year lows before eventually staging a recovery. Severino shared this observation in a detailed technical analysis post on social media platform X, using Ethereum’s Futures monthly candlestick timeframe chart. Source: Tony Severino on X The analyst noted that although this drop suggests strong selling momentum, it could also be forming a hidden bullish divergence. This is because the last time Ethereum’s RSI dropped to such extreme lows, it eventually found its footing around $900 and embarked on a price uptrend in the months that followed. This previous performance raises the possibility of Ethereum approaching a bottom, despite its current downward momentum. It is possible that Ethereum has now found a footing around $1,900 and is now gearing up for another uprend in the coming months. However, Severino remained cautious about the situation, stating that the reading could also mean that the selling pressure is at its strongest and could continue driving Ethereum lower into oversold conditions. Interestingly, he also made it clear that despite the potential for a reversal, he is currently leaning more toward a bearish outlook on Ethereum. Stochastic Indicator Points To A Deeper Bearish Phase Beyond the RSI levels, another key indicator that Severino highlighted is Ethereum’s one-month Stochastic oscillator, which has now dropped below the 50 mark. In a previous analysis, he noted that Ethereum’s drop below the 50 mark is characteristic of a bear maket territory. However, it typically does not find a bottom until the Stochastic indicator reaches below 20 and is in extreme oversold conditions. Related Reading As shown by the chart below, past trends indicate that when Ethereum’s Stochastic oscillator enters bear market territory, it often takes months before the asset stabilizes and begins a strong recovery. At the time of writing, Ethereum is trading at $1,920, having recently reached a low of $1,851 in the past 24 hours. ETH trading at $1,891 on the 1D chart | Source: ETHUSDT on Tradingview.com Featured image from Unsplash, chart from Tradingview.com
Analyst Says Bitcoin RSI Dominance Needs To Crash To This Level For The Bull Run To Resume
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing Strict editorial policy that focuses on accuracy, relevance, and impartiality Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Este artículo también está disponible en español. Bitcoin has maintained its dominance on the altcoin market even amidst the ongoing price corrections. The leading cryptocurrency has been in the spotlight throughout this market cycle, but a technical outlook suggests that it needs to give way. Particularly, a crypto analyst known as Seth on social media platform X pointed to Bitcoin’s dominance relative strength index (RSI) as a crucial factor that must change before Bitcoin and the broader market can kick off another leg upward. Bitcoin Dominance RSI Hits New Level Seth’s latest analysis, shared on social media platform X, highlights a critical observation regarding Bitcoin’s market dominance. He noted that Bitcoin’s monthly dominance RSI recently surged to 70, a level that has never been reached before in Bitcoin’s history. While this might seem like a bullish signal at first glance, the analyst suggests otherwise, warning that the dominance RSI must cool down for the final phase of the bull run to take place. This perspective comes as the crypto market experiences a downturn, leaving investors questioning when the next bullish wave will begin. Related Reading RSI, or relative strength index, tracks the speed and change of price movements and is used to identify overbought or oversold conditions. With Bitcoin’s RSI dominance at such an extreme level, even with the recent price decline, it suggests that BTC’s control over the market is at an unsustainable peak, which could slow down the broader market rally. BTC dominance at a new high | Source: Seth on X According to Seth, those who fail to grasp this concept do not understand the fundamental mechanics of financial markets, as this principle applies beyond just Bitcoin and altcoins. Given this, the healthiest path forward would be a reduction in Bitcoin’s dominance over the next few weeks, with the analyst projecting a fall to 44% dominance. Why BTC’s RSI Dominance Decline Matters A decline in Bitcoin’s RSI dominance would mean that the market is shifting toward more balanced conditions, allowing capital to flow into altcoins and drive up their prices. Throughout past bull cycles, particularly in 2021, Bitcoin’s rise to a peak was often followed by a surge in altcoin investments, triggering widespread rallies across the market. Related Reading This pattern has historically marked the final phase of a bull run, where capital flows away from Bitcoin and into altcoins with a higher potential for short-term gains. Until Bitcoin’s dominance cools off, the altcoin sector may struggle to gain momentum and continue to derail the final phase of the BTC bull run. At the time of writing, BTC is trading at $81,500, reflecting a 2.5% decline in the last 24 hours. Market data from CoinMarketCap indicates that Bitcoin’s dominance currently stands at 61.0%, having risen by 0.65% within the same period. This growing dominance suggests that capital remains concentrated in BTC. BTC trading at $81,683 on the 1D chart | Source: BTCUSDT on Tradingview.com Featured image from Unsplash, chart from Tradingview.com
Ethereum, Dogecoin Lead Large Cap Losses As Bitcoin Moves Into Bear Market Territory
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing Strict editorial policy that focuses on accuracy, relevance, and impartiality Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Este artículo también está disponible en español. The cryptocurrency market is facing a seemingly never-ending decline, with Ethereum (ETH) and Dogecoin (DOGE) leading the losses among large-cap digital assets. This correction comes as the broader market sentiment turns bearish and cautious while Bitcoin (BTC) experiences persistent volatility and moves into bear market territory. Ethereum And Dogecoin Market Cap Takes A Hit Ethereum, the second-largest cryptocurrency by market capitalization, has recorded a significant drop in its market cap in the last 24 hours. While the price of Ethereum has declined to $1,910, its market cap has also gone down approximately 7.8%. Related Reading A combination of factors has contributed to this unfortunate drop in valuation, including investor caution ahead of key economic reports and ongoing bearish sentiments. While Ethereum’s trading volume seems to be the only metric in the green, jumping by 80%, liquidations persist as traders exit their positions ahead of further losses. On a similar note, Dogecoin, the number one meme coin, has experienced steep losses in both its value and market cap. Despite its 30.5% increase in trading volume, Dogecoin’s market cap has fallen by 6.6%. This decline follows a recent surge in meme-based cryptocurrencies earlier this year, which appears to be losing momentum. As of writing, the Dogecoin price is trading at $0.16, reflecting a deep correction of 16.8% in the last seven days and a massive 37% crash over the past month. Notably, the decline in Dogecoin and Ethereum’s market cap is the highest in the last 24 hours, with coins in the top 10 experiencing a less than 2% drop. This massive drop in both cryptocurrencies comes as analysts confirm that Bitcoin has entered bear market territory. Bitcoin And Altcoins Enter Bear Market According to crypto analyst Tony Severino, Bitcoin may have entered bear market territory as the pioneer cryptocurrency faces decreasing momentum. Severino’s analysis applies the Elliott Wave Theory, which claims that the bear market for altcoins started in 2022, coinciding with Bitcoin’s Wave 5. Related Reading During this period, the market saw a rise in interest rates and Quantitative Tightening (QT), where central banks reduced liquidity in financial markets. Since altcoins thrive when there is excess liquidity, economic tightening has led to weak performance for these digital currencies. Severino argues that Bitcoin’s Wave 5 lacked the usual strength of a true bull market top. Based on the Elliott Wave Theory, the fifth wave has always been weaker than the third in terms of price speed, volume, and breadth. The analyst also referenced a textbook that explains that Wave 5 tends to be sideways and weak, often preceding the bear market as it indicates waning momentum. The overall conclusion of Severino’s analysis is that the altcoin bear market, which began more than three years ago, has never really ended since economic conditions haven’t returned to what they were before 2022. ETH trading at $1,912 on the 1D chart | Source: ETHUSDT on Tradingview.com Featured image from Unsplash, chart from Tradingview.com
XRP Price Face Major Resistance At $2.9, Why This Analyst Believes $20 Is Still Possible
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing Strict editorial policy that focuses on accuracy, relevance, and impartiality Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Este artículo también está disponible en español. Crypto analyst ElmoX has asserted that the XRP price is still bullish despite the recent crypto market crash. His analysis revealed that XRP is set to face major resistance at $2.9, although he is confident that the crypto will eventually break this resistance and rally to as high as $20. XRP Price Faces Resistance At $2.9 But Could Still Rally To $20 In a TradingView post, ElmoX outlined two scenarios for the XRP price as it eyes a rally to $20, although he noted that the crypto will retest the major resistance at around $2.92 either way, on its way to a new all-time high (ATH). For the first scenario, the analyst stated that XRP would break this resistance and then skyrocket to $20. Related Reading Meanwhile, in the second scenario, ElmoX stated that the XRP price could face another rejection, sending it below the $1.5 level before it witnesses a bullish reversal and rallies to a new ATH. The analyst revealed that he is betting on this second scenario since there is usually a swift crash before an impulsive move to the upside. A potential rally to new highs | Source: ElmoX on Tradingview ElmoX remarked that the XRP price has barely corrected, which is also why he believes there could still be a massive crash before a rally to a new ATH. Meanwhile, the analyst didn’t provide an exact timing for the potential price correction and subsequent rally to a new ATH and the $20 price target. Instead, he simply told market participants to be patient. He further warned that the XRP price might sit in price discovery until at least mid-July. His accompanying chart showed that XRP will first drop to as low as $1.20 before it witnesses an impulsive move to as high as $20. The Altcoin Records A Bullish Close In an X post, crypto analyst CasiTrades noted that although the XRP price briefly broke below the $2 trendline, the candle closed back above this trendline, reclaiming the consolidation range. She remarked that this is exactly what bulls needed to see. However, the analyst added that a confirmation is needed with XRP holding the range between $2 and $2.03 as support. Related Reading CasiTrades stated that a breakdown from consolidation usually leads to further downsides, but the XRP price managed to recover the level quickly, showing that buyers are stepping in. She also noted that the bullish divergence is still holding up to the 1-hour RSI even after the dip with selling pressure weakening, which suggests a shift in momentum is possible. If the XRP price holds the support between $2 and $2.03, CasiTrades predicts that the crypto could bounce and rally toward $2.25 and $2.70. On the other hand, if XRP loses this level, she stated that the next major support sits at $1.90 which is the 0.5 Fibonacci retracement level. Meanwhile, there is also the possibility that XRP could drop to the 0.618 Fib retracement level at $1.54. At the time of writing, the XRP price is trading at around $2.10, down over 4% in the last 24 hours, according to data from CoinMarketCap. XRP trading at $2.1 on the 1D chart | Source: XRPUSDT on Tradingview.com Featured image from Adobe Stock, chart from Tradingview.com