Bitcoin on Verge of $70,000, XRP Comeback Begins, Ethereum (ETH) Support Plays Out

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Written By Maya Cantina

Mon, 8/04/2024 – 0:30

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Contents

  • Good news for XRP
  • Ethereum is safe

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Bitcoin is now close to reaching $70,000. Digital gold could be on the verge of a breakthrough. Right now, it is trading around $69,311, and many are watching to see what will happen next.

The chart shows that Bitcoin has been going up and down, without a distinctive pattern, but it is still close to the $70,000 mark. This is a very important level that could tell us if Bitcoin is going to start moving toward another ATH or keep consolidating. If Bitcoin can get past this level, it could go even higher, which would be big news for the cryptocurrency market.

BTCUSD
BTC/USD Chart by TradingView

But the market is giving mixed signals. This makes it hard to say for sure if Bitcoin will pass $70,000 soon. There is a chance it could go up to test this level, but it is not clear if it will be able to stay above it.

For Bitcoin to keep growing, the asset should stay at least above 50 EMA, but it is not an easy task considering questionable market inflows right now.

If Bitcoin can stay above these support levels and move past $70,000, it could be the start of another big increase in price.

Good news for XRP

After a tough period of time for XRP, there is some good news: XRP has moved above its 100-day exponential moving average (EMA) again.

Right now, the price of XRP is at $0.5967. Breaking the 100 EMA line is important because it can be a sign that the price might start moving upward once again. If XRP can keep up this momentum and stay above the 100 EMA, the next big test will be at the 50-day EMA, which is at about $0.62. If XRP can break through this too, it might just prove that it is ready to climb toward an yearly high once again.

However, even with this positive move, there is a chance that XRP might not keep rising. It is possible that the price will not go up much more and that this is not the start of a real comeback. To be sure that XRP is really making a comeback, we need to see if it can hold above the 100-day EMA and then break past other important prices like the 50-day EMA.

Investors and people who watch the crypto markets are going to be paying close attention to XRP. If it can stay strong and move past more resistance levels, then it could mean that XRP is making a real comeback. But if it cannot, and the price falls below the 100-day EMA again, it might suggest that XRP still has a way to go before a true recovery starts.

Ethereum is safe

Ethereum is at a key threshold. Its price is being squeezed between an upward trendline and the 50-day exponential moving average (EMA), which may lead to a big move in price soon.

Currently, Ethereum is trading around $3,391. The chart shows that the price is just above the upward trendline, which has been acting like a support, helping to stop the price from falling further. This line is moving up slowly, which could mean that the price of Ethereum might go up with it.

The 50-day EMA, right now at about $3,400, is right above the current price. This EMA often acts as resistance, which can push the price down. Ethereum is stuck between this resistance above and the support trendline below. If the price can break above the 50-day EMA, it could rise to the next resistance level around $3,545.

But if Ethereum cannot stay above the trendline, it might fall to the next support level, which is the 100-day EMA at around $3,090. If it drops below this, the price could go down to the 200-day EMA at $2,665.

For now, the market is sending mixed signals. This means that Ethereum’s price could go both ways, and it is not clear which way it will go. Investors are watching closely to see if Ethereum can stay above the trendline and break past the 50-day EMA.

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