U.Today has managed to break through the $3,500 resistance level and could finally gain enough momentum to break above $4,000 in the future. Unfortunately, however, the second-largest asset on the market will have to face a fierce 50 EMA resistance level in the future.
Ethereum has shown significant bullish momentum, breaking through significant resistance levels and is currently trading at $3,358. The way the price is moving indicates that ETH has found strong support, and the uptrend is further supported by the convergence of important moving averages.
With the recent surge, ETH has broken above the 50 EMA at $3,312.70, paving the way for a potential run towards the next major resistance level at $3,467. Ethereum price has been steadily rising since hitting a low of $3,091, as can be seen on the daily chart. As the RSI is currently at 55, there is still a chance for an increase in price before the asset becomes overbought.
The bullish outlook is further supported by the increasing trading volume, which indicates that investors are becoming more interested and involved compared to last week.
Aiming for $65,000?
Bitcoin could be on its way to $65,000 as the asset surpassed $60,000 as soon as selling ended in the market, with big players like the German government running out of BTC to sell and pushing the market lower.
At the moment, Bitcoin is trading at $62,894, a significant increase of around 3%. A reduction in selling pressure and a change in market sentiment have fueled this upward momentum.
The bullish view has been reinforced by Bitcoin’s ability to break through several important resistance levels as a result of the recent price surge. As it approaches the 50 EMA at $64,027, the daily chart shows Bitcoin comfortably above the 100 EMA at $62,580. The psychological mark of $65,000 represents the next major hurdle that needs to be overcome to open the door for further gains.
The positive price action has also been aided by a decrease in selling pressure from major holders such as the German government. This bullish narrative is also supported by on-chain data. Large transactions and overall transaction volume have increased noticeably, suggesting increased interest and activity in Bitcoin.
As more and more people are participating in the market and making purchases and sales, this increase in activity usually occurs before significant price movements. But caution is needed at all times. Despite the current bullish trend, Bitcoin needs to continue to advance and convincingly break above the $65,000 barrier. The upward trajectory could be halted by any major losses or increased selling pressure.
XRP hits the 200 EMA
XRP reached the 200 EMA resistance level after its impressive 18% price surge. The probability of a breakout is more than real, however, only time will tell how long it will take us to witness a move above $0.52 in XRP.
XRP has surged by 18% over the past day to trade at $0.5297. With the recent surge, XRP is getting closer to breaking above the crucial 200 EMA resistance level, which is currently at $0.5294. As XRP has always shown strength when breaking above this resistance level, it may signal a major uptrend.
The daily chart indicates that XRP has broken out above other important moving averages such as the 100-day EMA at $0.4870 and the 50-day EMA at $0.5073. The positive outlook for XRP is influenced by several factors. Firstly, there has been an overall bullish trend in market sentiment, with several cryptocurrencies posting gains.
Additionally, investor confidence has been boosted due to recent partnerships and developments involving , the company that created XRP. But caution is still warranted. The 200-day EMA resistance level has historically been difficult to overcome, and if XRP fails to maintain its current momentum, there is always a chance that prices will pull back.
To determine the strength of the current uptrend, traders and investors need to keep a close eye on volume and price movement. XRP’s bullish argument is further supported by on-chain data, which demonstrates a significant increase in trading volume and activity. If the buying pressure persists and XRP can maintain its momentum, further gains and possibly higher price targets could be in store if the $0.52 level is breached.
This article was originally published on U.Today
