- Technical scenarios foresee an acceleration of the consolidation process.
- Ethereum can provide the best discounts and opportunities.
- Market sentiment falls below level 80 for the first time in several weeks.
A new session starts in Europe, and the cryptocurrencies segment changes direction again. The current consolidation scenario needs increased volatility to do its job – which is to shake off weak hands and create a new base strong enough to support the next upside.
Market weakness is starting to take its toll on crypto traders' moods, and the market sentiment levels are worsening – coming out of the zone of extreme greed for the first time in several weeks.
Tuesday’s sentiment indicator published by alternative.me has dropped to the 75 level and opens the door to test 60 in the next sessions.
ETH/BTC Daily Chart
ETH/BTC is currently trading at the price level of 0.0341.
Above the current price, the first resistance level is at 0.0351, then the second at 0.0368 and the third one at 0.0372.
Below the current price, the first support level is at 0.0333, then the second at 0.0316 and the third one at 0.0302.
The MACD on the daily chart is showing an increasing line gap and also a decreasing trend line. The most likely development is a bearish acceleration in the next sessions.
The DMI on the daily chart shows bulls losing strength as bears also present a decrease in the momentum, but with less intensity than the buy-side.
BTC/USD Daily Chart
BTC/USD is currently trading at $11,577 and appears to be giving up another attempt at the price congestion resistance level at $12,300 for the time being.
Above the current price, the first resistance level is at $12,300, then the second at $14,000 and the third one at $17,200.
Below the current price, the first support level is at $11,275, then the second at $10,950 and the third one at $10,600.
The MACD on the daily chart is showing an increase in the bearish profile of the moving averages that make up this indicator. The typical development pattern reflects a downward acceleration in the next sessions.
The DMI on the daily chart shows both sides of the market on a collision course. This development is consistent with a downward acceleration and an increase in volatility.
ETH/USD Daily Chart
ETH/USD is currently trading at $398.5 and is moving away from the psychological level of $400.
Above the current price, the first resistance level is at $440, then the second at $460 and the third one at $485.
Below the current price, the first support level is at $385, then the second at $355 and the third one at $315.
The MACD on the daily chart shows an increasing gap between the moving averages. The downward slope of the averages is also increasing, heralding an increase in downward pressure in the coming sessions.
The DMI on the daily chart is showing how the bulls rejected the first attempt at a bear crossing. The distance between the two sides of the market is minimal, and sellers will likely try and take the lead.
XRP/USD Daily Chart
XRP/USD is currently trading at $0.283 and is rapidly moving towards the price congestion support level of $0.28.
Above the current price, the first resistance level is at $0.29, then the second at $0.30 and the third one at $0.32.
Below the current price, the first level of support is at $0.27, then the second at $0.254 and the third one at $0.238.
The MACD on the daily chart is showing an increase in the bearish profile, both due to the separation between the moving averages and the increase in the downward slope.
The DMI on the daily chart represents both sides of the market moving at very close levels. A meeting between the bears and the bulls is inevitable, which will add to the volatility of the XRP/USD.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Lukas Enzersdorfer-Konrad, Bitpanda deputy CEO: “Crypto needs Gary Gensler gone”
Lukas Enzersdorfer-Konrad is the deputy CEO at Bitpanda, a broker based in Europe with more than five million users. At the European Blockchain Convention held in Barcelona, the executive shared with FXStreet his views on the current state of the crypto industry and its regulation.
Bitcoin still consolidates despite positive spot ETFs demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
Why is ONDO’s price outlook bullish?
DefiLlama data shows that Ondo TVL reached a new ATH of $613.75 million. Ondo’s Supply Distribution metric shows whale accumulation. On-chain data shows that ONDO’s daily trading volume is rising, and the supply of exchanges is decreasing.
Maker price eyes a rally on technicals and on-chain metrics
Maker trades above $1,500 on Thursday, suggesting a potential rally as technical indicators show bullish divergence. This positive outlook is reinforced by MKR’s Exchange Flow Balance, which shows a negative spike, indicating growing investor confidence in the platform.
Bitcoin: Fed-led rally could have legs towards $65,000
Bitcoin is poised for a second consecutive week of gains, supported by the recent 50-basis-point cut in interest rates by the Federal Reserve. Bitcoin broke above several key technical resistances this week, signaling a rally continuation.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.