- Bitcoin risks dominance after the strong rise of Ethereum.
- Technical indicators show some significant discrepancies keeping the stress on the board.
- Sentiment levels are improving and bordering on optimism.
The structural tension in the crypto market is increasing after yesterday's significant rise in Ethereum. The fear of being left out (FOMO) of the launch of the UNI token by Uniswap triggered the perception of the value of the Ethereum network and consequently its interest in taking part in the project.
The impact of the rise on the volatile structure underlying the market was that Bitcoin, on its dominance chart, fell back below the downward trend line it had conquered 48 hours ago.
Against fiat currencies, the situation is no longer calm. Technical indicators continue to show dual scenarios that could be broken violently as either up or down.
The Bitcoin dominance chart does not show irreparable damage, but it does require a quick response, or we could see a sharp drop in market share in the coming days in search of lower support at the 58% level.
The market sentiment level improves by one point and today is at the 49 level, counting the rise in Ethereum as positive, something that until now has been a Bitcoin exclusive.
Source: alternative.me
ETH/BTC Daily Chart
The ETH/BTC pair is currently trading at 0.0352 and is moving away from yesterday's high of 0.036.
Above the current price, the first resistance level is at 0.036, then the second at 0.0372 and the third one at 0.040.
Below the current price, the first support level is at 0.035, then the second at 0.0327 and the third one at 0.0315.
The MACD on the daily chart is losing its bullish profile after finding support at the neutral level. If the indicator moves downwards, it will trigger a development that is unusual from the current position.
The DMI on the daily chart shows the bulls distancing themselves from the bears, although the sell-side does not lose strength and remains above the ADX line. Bears, from this position, can quickly move upwards and snatch the lead from the buying side.
BTC/USD Daily Chart
The BTC/USD pair is currently trading at the price level of $10934 and is strangely far from the price congestion resistance level of $11000.
Above the current price, the first resistance level is at $11000, then the second at $11350 and the third one at $11950.
Below the current price, the first support level is at $10450, then the second at $10000 and the third one at $9500.
The MACD on the daily chart shows a similar bullish profile to the previous days and is not losing momentum despite being stuck below $11000.
The DMI on the daily chart shows the bulls resisting above the bears but very limited by the presence of the ADX line exercising technical resistance.
ETH/USD Daily Chart
The ETH/USD pair is currently trading at $384.5 and confirms the price's congestion resistance level at $389.5 as being very relevant. Above this price level, Ethereum would fly around $400 quickly.
Above the current price, the first resistance level is at $389.5, then the second at $408 and the third one at $418.
Below the current price, the first support level is at $365, then the second at $335 and the third one at $318.
The MACD on the daily chart confirms the bullish cross, although limited by the presence of the neutral line on the indicator. Neither the slope of the moving averages nor their separation presents a suitable profile for a cross into the indicator's upward zone.
The DMI on the daily chart shows bears glued to bulls despite yesterday's rise. This unexpected position on the selling side should keep us on our toes for any sudden downward movements.
XRP/USD Daily Chart
The XRP/USD pair is currently trading at a price level of $0.2546 and has been rising for three consecutive days.
Above the current price, the first resistance level is at $0.255, then the second at $0.265 and the third one at $0.282.
Below the current price, the first support level is at $0.247, then the second at $0.241 and the third one at $0.235.
The MACD on the daily chart shows a full bullish cross, although it has no upward slope and there is also a little separation between the moving averages. The Ripple needs an increase in volatility to enable it to acquire more aggressive profiles.
The DMI on the daily chart shows bears leading the pair, a surprising factor considering the three consecutive rising sessions in the XRP/USD pair.
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
Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.