- Bitcoin price is up 1.4% in the last 24 hours as US regional bank shares continue to plummet.
- Ethereum price is at an inflection point, rising almost 2% on Bitcoin’s call.
- Ripple price continues to suffer the waves of updates around its legal tussle with the SEC.
Bitcoin (BTC) price is trading with a bullish bias on the daily timeframe after rising by a notable margin within the day. The uptick has influenced Ethereum (ETH) price, which is also flashing green. Though premature to tell – as markets await the Federal Open Market Committee (FOMC) gathering on May 3- most signs point to a continued uptrend. This is amid the inverse proportion relationship shared between TradFi and DeFi.
Meanwhile, Ripple (XRP) price continues to weather chatter around ongoing class action lawsuits, with token holders reacting to pace-by-pace developments on Crypto Twitter.
Bitcoin price uptick fueled by plunging shares in regional banks
Bitcoin price is flashing green in the daily timeframe amid shares of regional banks dropping. For instance, KBW Regional Banking Index (KRX) dropped 4.4% because PacWest Bancorp, Western Alliance Bancorp, KeyCorp, Comerica, and Zions Bancorp shares were falling. As concerns about the stability of the regional banking sector continue, investors seek alternative assets for hedging against potential economic volatility.
The uptrend for Bitcoin price could be solidified with a positive report after the FOMC meeting on May 3. In such a case, an increase in buyer momentum could see BTC breach the immediate hurdle at $28,881 or, in the highly bullish cases, crossover into the $30,000 zone to tag $30,480, denoting a 7% upswing.
BTC/USDT 1-day chart
On the downside, profit-taking could interrupt the upswing for Bitcoin price, fueling a downtrend toward the $26,555 support level.
Ethereum price is at an inflection point
Ethereum price has reacted to Bitcoin’s uptick, rising almost 2% in the last 24 hours. The largest altcoin stands atop the $1,822 support level with no clear signs of the next step forward. Again, it hinges on what the FOMC report will do to Bitcoin price, as ETH is expected to follow suit.
A positive report could see Ethereum price move northbound toward the immediate hurdle at $2012. In the highly bullish case, the Proof-of-Stake (PoS) token could extend a neck up, tagging the $2200 resistance level. Such a move would denote a 20% upswing.
The Relative Strength Index (RSI) had tipped upward, indicating more buyers approaching the ETH market. If the trajectory continues, Ethereum price is bound to increase.
ETH/USDT 1-day chart
Conversely, if ETH reacts to a negative move by Bitcoin, Ethereum price could drop, first breaching the immediate support at $1,822. Losing this key level could set the tone for the altcoin to tag the $1,753 support level next.
Also Read: Ethereum price primed for 20% gain as rally shows no sign of exhaustion
Ripple price weathers court-related developments
Ripple price remains bearish, recording four consecutive red bars since April 29. XRP holders still await a significant bullish catalyst that will catalyze a rally north. Based on chatter on Crypto Twitter, the latest development about Ripple’s case against the Securities and Exchange Commission (SEC) is the expectation of a summary judgment around early July.
After Ripple price was rejected at the $0.48 level, bears took charge, sending the remittance token down almost 5%. If selling pressure continues, XRP could drop toward the $0.43 support level or, in the highly bearish case, tag the $0.39 support level.
XRP/USDT 1-day chart
On the other hand, a bullish takeover could see Ripple price ascend toward the immediate hurdle at $0.48 or, in the ambitious case, extend a neck up toward the $0.52 resistance level.
In highly bullish cases, Ripple price could tag the $0.55 resistance level, denoting a 20% upswing.
Also Read: SEC vs. Ripple lawsuit final verdict likely on this date according to experts
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