The crypto market has seen significant volatility this week amid the pending approval of the ETH ETF by the SEC. Furthermore, top tokens experienced massive price movements this week, indicating an increase in the price action within the crypto space.
Furthermore, the market leader, Bitcoin price, successfully held its price above the $68K mark, highlighting a rising bullish sentiment in the crypto space. Additionally, the ETH price continues to hover near its $3,750 level, indicating a high possibility of a bullish price action soon.
With the approval of the Ethereum ETF, will market leaders Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) tokens ignite a fresh bull rally in the crypto market?
Bitcoin Price Tips Against a Positive Price Action:
The market leader, BTC price, displayed a consolidated trend in the 1D time frame, leading it to form a channel pattern in the chart. On a positive note, the support trend line of the symmetrical triangle pattern is recording a steady upward trend, suggesting a long-term bullish sentiment in the crypto space.
The technical indicator, SMA supports the price chart in the 1D timeframe, suggesting a strong bullish sentiment in the crypto space. However, the MACD is showing a constant decline in the histogram with its averages recording a potential bearish curve, suggesting a mixed sentiment.
If the market regains momentum, the Bitcoin price will prepare to retest its resistance trendline over the weekend. Sustaining the price at that level will set the stage for the Bitcoin price to test its previous ATH at $73,750.07 and possibly reach a new all-time high.
However, an increase in the selling pressure could lead to the market leader falling towards its support trend line in the coming time.
ENS price forms a bullish flag pattern!
Following the hype of approval of the spot Ethereum ETF, the ETH price added around 21% this week, highlighting the increased bullish influence for the altcoin.
On a positive note, the altcoin leader ETH Price has formed a bullish flag pattern in its price chart, highlighting a rising bullish influence in the crypto market. Furthermore, the Ethereum price is continuously holding its price above the $3,727 support level, suggesting a bullish outlook for the altcoin.
Furthermore, the Cross EMA 50/200 day shows a bullish curve in the price chart, suggesting an increase in the buying over selling pressure for the Ethereum price in the market.
On the other hand, the Relative Strength Index (RSI) continues to hover near its overbought range, with its average showing a significant upward trend in the chart.
If the bulls break out of the flag pattern, the Ethereum price will prepare to test its upper resistance level of $4,094.75 during the coming week. Conversely, bearish price action could pull the ETH token to its lower support level of $3,400 this month.
Ripple’s XRP token on the brink of a major breakout:
Despite increased price volatility in the crypto space, the XRP price showed a neutral trend by adding about 3% within the last day and 1.98% over the last seven days. Additionally, the Ripple token has a YTD return of 13.08%, indicating a mixed sentiment.
The XRP token has formed a symmetrical triangle pattern in the 1D timeframe and is moving near its resistance trend line. Additionally, the 50-day EMA acts as a resistance against the price chart, highlighting a mixed sentiment in the crypto market.
Furthermore, the moving average convergence-divergence (MACD) has shown a constant green histogram since mid-April, indicating a positive influence on the Ripple price in the crypto space.
If the market breaks out of the resistance trend line, the bulls will prepare to retest its important resistance zone in the coming time. On the downside, a trend reversal could pull the XRP price to its support trendline this month.
Closure:
With the approval of the spot Ethereum ETF by the SEC, the cryptocurrency market has entered a new bull cycle, highlighting a high potential for a new rally during the coming weeks.
Additionally, top altcoins have displayed a strong bullish pattern in their respective chart, indicating a high possibility of an AltSeason that could lead the crypto market to record a new all-time high (ATH).
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
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