Ethereum

Silk Road

Bitcoin, Ethereum, Ripple clawed back gains accrued since last week after BTC reached $70,000 on Monday. The largest cryptocurrency is inching closer to $66,000 on Tuesday. Altcoin major Ethereum (ETH) slumped in response to BTC’s sell-off, losing 1.5% to $3,333, while Ripple (XRP) defied the overhead pressure, rising 2.5% to $0.6246. 
<h2 class="p1" id="bitcoin-price-falls-despite-positive-etf-flows">Bitcoin Price Falls Despite Positive ETF Flows</h2> 
<a href="https://coingape.com/price/bitcoin/">Bitcoin</a> quickly debuted at $70,000, but uncertainty about the trend’s sustainability dampened the recovery. Additionally, jitters over the US government moving BTC from Silk Road rattled investors who may have sold amid fears of a sell-off. 
Following the drastic drop below the 20-day Exponential Moving Average (EMA) in blue and the 50-day EMA in red, Bitcoin price traded at $66,585 amid the search for higher support and liquidity. 
A rising wedge pattern hints at a possible 14.15% drop if BTC breaches the trend line support. Should the decline extend below $66,000 and the 200-day EMA in purple at $64,385, traders may anticipate a sweep through more liquidity at $60,000. 
<figure id="attachment_210142" aria-describedby="caption-attachment-210142" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-210142" src="https://coingape.com/wp-content/uploads/2024/07/BTCUSD_2024-07-30_13-38-45.png" alt="Bitcoin price chart | Tradingview&nbsp;" width="2694" height="1440" srcset="https://coingape.com/wp-content/uploads/2024/07/BTCUSD_2024-07-30_13-38-45.png 2694w, https://coingape.com/wp-content/uploads/2024/07/BTCUSD_2024-07-30_13-38-45-300x160.png 300w, https://coingape.com/wp-content/uploads/2024/07/BTCUSD_2024-07-30_13-38-45-1224x654.png 1224w, https://coingape.com/wp-content/uploads/2024/07/BTCUSD_2024-07-30_13-38-45-768x411.png 768w, https://coingape.com/wp-content/uploads/2024/07/BTCUSD_2024-07-30_13-38-45-1536x821.png 1536w, https://coingape.com/wp-content/uploads/2024/07/BTCUSD_2024-07-30_13-38-45-2048x1095.png 2048w, https://coingape.com/wp-content/uploads/2024/07/BTCUSD_2024-07-30_13-38-45-150x80.png 150w" sizes="(max-width: 2694px) 100vw, 2694px">
 <figcaption id="caption-attachment-210142" class="wp-caption-text">
 Bitcoin price chart | Tradingview
 </figcaption>
</figure> 
If the wedge pattern support holds or Bitcoin rebounds from the $66,000 level, the downtrend to $60,000 will be invalidated, allowing bulls to push for the resumption of the uptrend. 
Another factor likely contributing to <a href="https://coingape.com/price-predictions/bitcoin-btc-price-prediction/">BTC price forecast</a> in August is a noticeable consistency in total daily net ETF inflows. According to SoSoValue, Bitcoin ETFs posted $124 million in net inflows on Monday, with BlackRock’s IBIT netting approximately $206 million. 
<h2 class="p1" id="ethereum-bulls-fight-to-defend-key-support">Ethereum Bulls Fight To Defend Key Support</h2> 
Unlike Bitcoin ETFs, the newly launched Ethereum ETFs face persistent withdrawals, mainly from Grayscale, as $210 million was withdrawn from ETHE. 
However, it is worth noting that most of the spot Ethereum ETFs recorded net inflows on Monday, led by BlackRock’s ETHA at $58 million. 
This, in turn, means that the trend may shift significantly should withdrawals wane on Grayscale, paving the way for improvement in market sentiment. 
Meanwhile, bulls have bagged their desire to defend support at $3,300, hence the ongoing bounce back at $3,340. 
However, traders cannot rule out a potential correction to $3,100 unless the 200-day EMA marking the immediate resistance is breached. 
Should the channel support break and validate the bear flag pattern, sellers will gain more strength. Based on the <a href="https://coingape.com/price-predictions/ethereum-eth-price-prediction/">Ethereum price forecast</a>, such a breakout would mean the decline stretches to $3,100. 
<figure id="attachment_210143" aria-describedby="caption-attachment-210143" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-210143" src="https://coingape.com/wp-content/uploads/2024/07/ETHUSD_2024-07-30_15-32-50.png" alt="Ethereum price chart | Tradingview&nbsp;" width="2694" height="1440" srcset="https://coingape.com/wp-content/uploads/2024/07/ETHUSD_2024-07-30_15-32-50.png 2694w, https://coingape.com/wp-content/uploads/2024/07/ETHUSD_2024-07-30_15-32-50-300x160.png 300w, https://coingape.com/wp-content/uploads/2024/07/ETHUSD_2024-07-30_15-32-50-1224x654.png 1224w, https://coingape.com/wp-content/uploads/2024/07/ETHUSD_2024-07-30_15-32-50-768x411.png 768w, https://coingape.com/wp-content/uploads/2024/07/ETHUSD_2024-07-30_15-32-50-1536x821.png 1536w, https://coingape.com/wp-content/uploads/2024/07/ETHUSD_2024-07-30_15-32-50-2048x1095.png 2048w, https://coingape.com/wp-content/uploads/2024/07/ETHUSD_2024-07-30_15-32-50-150x80.png 150w" sizes="(max-width: 2694px) 100vw, 2694px">
 <figcaption id="caption-attachment-210143" class="wp-caption-text">
 Ethereum price chart | Tradingview
 </figcaption>
</figure> 
The presence of a buy signal from the Moving Average Convergence Divergence (MACD) may change the technical outlook positively and even encourage traders to append to their buy orders. 
<h2 class="p1" id="ripple-price-analysis-why-is-xrp-up-today">Ripple Price Analysis: Why Is XRP Up Today?</h2> 
XRP is upholding the bullish thesis while Bitcoin and Ethereum struggle to regain strength following Monday’s volatility. This momentum seems to have followed the sharp increase in the trading volume to $1.8 billion, as seen on <a rel="nofollow" href="https://coinmarketcap.com/currencies/xrp/">CoinMarketCap</a>. 
A buy signal flaunted by the MACD implied that buyers have the upper hand and are willing to rally behind Ripple price for a breakout to $0.7. 
If XRP closes the day above the immediate support at $0.62, the uptrend will likely be steady in the coming days. A soon-to-be-confirmed golden cross will also increase the probability of a breakout above $0.7. 
<figure id="attachment_210144" aria-describedby="caption-attachment-210144" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-210144" src="https://coingape.com/wp-content/uploads/2024/07/XRPUSDT_2024-07-30_16-02-47.png" alt="Ripple price chart | Tradingview" width="2710" height="1434" srcset="https://coingape.com/wp-content/uploads/2024/07/XRPUSDT_2024-07-30_16-02-47.png 2710w, https://coingape.com/wp-content/uploads/2024/07/XRPUSDT_2024-07-30_16-02-47-300x159.png 300w, https://coingape.com/wp-content/uploads/2024/07/XRPUSDT_2024-07-30_16-02-47-1224x648.png 1224w, https://coingape.com/wp-content/uploads/2024/07/XRPUSDT_2024-07-30_16-02-47-768x406.png 768w, https://coingape.com/wp-content/uploads/2024/07/XRPUSDT_2024-07-30_16-02-47-1536x813.png 1536w, https://coingape.com/wp-content/uploads/2024/07/XRPUSDT_2024-07-30_16-02-47-2048x1084.png 2048w, https://coingape.com/wp-content/uploads/2024/07/XRPUSDT_2024-07-30_16-02-47-150x79.png 150w" sizes="(max-width: 2710px) 100vw, 2710px">
 <figcaption id="caption-attachment-210144" class="wp-caption-text">
 Ripple price chart | Tradingview
 </figcaption>
</figure> 
Traders must prepare to act if <a href="https://coingape.com/price/xrp/">XRP</a> slides below support at $0.62, asserting pressure on the buyer congestion zone around $0.6, coinciding with the 38.2% Fibonacci retracement. Should the downtrend persist, the target on the downside would be the 20-day EMA at $0.5745, and if push comes to shove, the next potential support would be $0.5. 
The post <a href="https://coingape.com/markets/bitcoin-ethereum-ripple-price-analysis-heres-btcs-fate-after-70k-rejection/">Bitcoin, Ethereum, Ripple Price Analysis: Here’s BTC’s Fate After $70K Rejection</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bitcoin, Ethereum, Ripple Price Analysis: Here’s BTC’s Fate After $70K Rejection

Table of Contents

Coingape News Media

Autres articles publiés le 30 juil. 2024

Shiba Inu Web3 Game Launches Closed Beta: How To Gain Early Access

Bitcoin and BTC mining pose promising future: analyst

Is Another Bitcoin Crash on Cards ? Will The U.S Government Sell All Bitcoins like Germany?

Joe Biden-Inspired BODEN Meme Coin Down 99% From Its Highs: What Is Going On?

Binance Labs Unveils First Batch of Projects in Season 7 Incubation Program

Russia Greenlights Crypto For Cross-Border Payments, Tightens Mining Rules

Join our free newsletter for daily crypto updates!