- The current levels of resistance split opposite scenarios in the medium term.
- Ether reasserts himself as a leader, XRP as a lagger.
- Bitcoin is still the king and can play its trump card at any time.
The cryptocurrency market continues with its already typical endless pauses. This pattern is emphasizing even more that bipolarity of behaviour between the halt and the action.
The high volatility with which the crypto segment moves at certain times collapses before crucial technical levels.
Now is one of those moments that will determine the development of the market in the coming weeks, with bulls and bears facing each other for the control of Bitcoin price.
The Bitcoin and Ether dominance charts are also at critical points that can be in favour of one or the other.
Looking at the Ether's dominance chart, we see that it continues to reinforce the support level given by the accelerating trend line (A) in the face of the lack of strength to attempt the assault on the long-term downward trend line (B).
The Bitcoin dominance chart shows that the current level at 64.5 (A), was already significant in the past. Specifically in the Spring and Fall of 2017 and also in the Summer of 2019. As early as 2020, this same support level had implications for the end of the crypto market's upward trend and its subsequent decline.
Both charts are excellent tools for building future technical scenarios, as is the ETH/BTC pair.
ETH/BTC Daily Chart
The ETH/BTC pair is currently trading at the price level of 0.0251 and is having trouble breaking through the price congestion resistance level at 0.0255. The main moving averages continue to increase the bullish profile and offer important but distant support at the 0.023 level.
Above the current price, the first resistance level is at 0.0255, then the second at 0.0268 and the third one at 0.0275.
Below the current price, the first support level is at 0.023, then the second at 0.0222 and the third one at 0.0214.
The MACD on the daily chart loses its bullish profile and moves sideways while the exponential average and the signal line get closer. This setup is not a good structure for an upside attempt.
The DMI on the daily chart shows bulls losing support from the ADX line, which could disable the bullish momentum of the ETH/BTC pair if the daily close confirms this downward break.
BTC/USD Daily Chart
The BTC/USD pair is currently trading at the price level of $6968 and remains in the optimal zone to attack the long-term bearish channel ceiling at the price level of $7090. The resistance level worsened by the presence of the EMA50 at the same price level. As if that wasn't enough resistance to the Bitcoin advance, there are multiple price congestion resistance, trend lines, and significant moving averages up to and beyond $8000.
Above the current price, the first resistance level is at $7100, then the second at $7400 and the third one at $7800.
Below the current price, the first support level is at $6700, then the second at $6600 and the third one at $6400.
The MACD on the daily chart shows a further day's indicator that lacks direction and strength. Only the presence of support level 0 provides some confidence at the current time.
The DMI on the daily chart clearly expresses the situation I mentioned at the beginning of this article. Both sides of the market have been at similar levels for more than three days, and neither bears nor bulls can take control of the BTC/USD pair.
ETH/USD Daily Chart
The ETH/USD pair is currently trading at the $176 price level and is moving above the SMA200 today. The main moving averages are also increasing the bullish profile and accompanying the Ether price upwards. The critical level to break out of the bullish trend is at $190.
Above the current price, the first resistance level is at $185.7, then the second at $190 and the third one at $195.
Below the current price, the first support level is at $170, then the second at $165 and the third one at $162.
The MACD on the daily chart shows a small improvement from yesterday's levels, both in terms of upward slope and line spacing.
The DMI on the daily chart shows the bulls are weakly controlling ETH/USD, while the bears are retreating today after yesterday's breakout attempt.
XRP/USD Daily Chart
The XRP/USD pair is currently trading at a price level of $0.186 and is pointing to the current positive tone in the crypto market. The main moving averages continue to slide down, complicating the upward development for the Ripple Ltd. token.
Above the current price, the first resistance level is at $0.19, then the second at $0.20 and the third one at $0.22.
Below the current price, the first support level is at $0.181, then the second at $0.171 and the third one at $0.163.
The MACD on the daily chart shows an entirely flat profile with no line spacing. This structure informs the lack of direction and strength in the XRP/USD pair.
The DMI on the daily chart shows the bears reinforcing their control, although more because of the lack of opposition from the bulls.
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
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.