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24 February 2024
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Bitcoin

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Ethereum defies gravity, leaves BTC behind

  • The improved global sentiments pushed the cryptocurrencies higher.
  • Bitcoin settled above $9,500, however, the momentum is still slow.
  • ETH/BTC traders eye $0.0300 as Ethereum outperforms BTC.

The cryptocurrency market has been creeping higher since the start of the week. Bitcoin and major altcoins cleared a couple of local resistance levels, but the upside impulse id not strong enough to ensure a stable recovery yet. Investors are growing cautiously bullish though the high level of uncertainty still limits their appetite for active trading. 

As we have reported on Wednesday, optimistic earning reports published during the US session improved the global market sentiments and created positive vibes for digital assets. 

European stocks and U.S. equity futures are on the rise as investors focused on economic developments and tried to look past geopolitical tensions between Beijing and Washington. However, the situation may change to the worst amid new signs of the escalation.

The escalation in U.S.-China tensions is a reminder of the headline risk faced by investors during the upcoming U.S. election campaign. The U.S. and China have become increasingly combative in their views this year. The markets better get used to it because there is more of that to come, Stephen Innes, chief global market strategist at AxiCorp commented as cited by Bloomberg.

ETH/BTC Daily Chart

ETH/BTC is currently trading at 0.02760. The cross hit the recent high at $0.2827 and settled above the upper line of the daily Bollinger Band at $0.2727. Now this area serves as a local support. If it is broken, the sell-off may be extended towards the former strong resistance of $0.0260. ETH/BTC needs to stay above this area, to retain the bullish bias. Once it is out of the way, 50-day Simple Moving Average at $0.02532 will come into focus. On the the upside the local resistance is created by $0.02800, followed by $0.0300

Above the current price, the first resistance level is at 0.02800, then the second at 0.02900 and the third one at 0.0300.

Below the current price, the first support level is at 0.02600, then the second at 0.0253 and the third one at 0.0240.

BTC/USD Daily Chart

BTC/USD is currently trading at $9,520. The first digital coin managed to settle well above 50-day SMA as the upside momentum gained traction after a sharp move above $9,400. The breakthrough reinforced the bullish sentiments and pushed the price above the upper line of the daily Bollinger Band (now at $9,515). BTC/USD has stayed mostly unchanged both since the beginning of Thursday and gained 1.6% on a day-to-day basis.  If a move above $9,500 is sustained, the next local resistance of $9,800 will come into focus. Critical support is still created by the psychological barrier of $9,000. The upward-looking 100-day SMA reinforces the channel support and separates the coin from an extended sell-off towards 200-day SMA at $8,550 zone.

Above the current price, the first resistance level is at $9,800, then the second at $10,000 and the third one at $10,400.

Below the current price, the first support level is at $9,350, then the second at $9,000 and the third one at $8,400.

ETH/USD Daily Chart

ETH/USD is currently trading at $262.43. The second-largest digital asset jumped outside he daily Bollinger Band and hit $269.70 on Wednesday amid strong bullish momentum. Now the coin is supported by the former support $260.00. If it is broken, the downside momentum may gain traction and push the price towards $258.80 (the upper line of the daily Bollinger Band) and $236.00 50-day SMA.  The critical support is created by a 200-day simple moving average on approach to $200 level. On the upside, the next resistance is created by the recent high on approach to $270.00

Above the current price, the first resistance level is at $270, then the second at $300 and the third one at $350.

Below the current price, the first support level is at $260, then the second at $236 and the third one at $200.

XRP/USD Daily Chart

XRP/USD is currently trading at $0.2029. The coin managed to stay above psychological $0.2000 amid improved market sentiments. This psychological barrier now serves as a local support, which is followed by 100-day SMA and the middle line of the daily Bollinger Bandat $0.1966. This area may slow down the bears, though if it is broken, 50-day SMA on approach to $0.1900 will come into focus.  On the upside, the imitial resistance is created by the local high of $0.2058. Once it is out of the way, the upside is likely to gain traction with the next focus on 200-day SMA on approach 0 $0.2100. 

Above the current price, the first resistance level is at $0.2058, then the second at $0.2100 and the third one at $0.2200.

Below the current price, the first level of support is at $0.2000, then the second at $0.1966 and the third one at $0.1900.

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