The past week saw a mix of bearish and bullish momentum building up and impacting the prices of Bitcoin, Ethereum, and XRP.
However, the question is whether these three big crypto assets can sustain their rallies.
Bitcoin’s Price Reclaims Key Support
Bitcoin’s price has noted a 14% rise in the last three days, which was crucial in bringing the crypto asset back above $60,000. This psychological and technical support level has proved to be a strong support floor from which BTC has rallied.
A similar outcome is expected in the coming days as Bitcoin has a long way to go before it can completely recover from the late July-early August crash. The recovery will be considered successful only when $67,100 is flipped into support.
Read more: Bitcoin Halving History: Everything You Need To Know
At the time of writing, BTC was trading at $60,566. If it witnessed profit-taking and lost the support of $60,000, it could slip to $58,236. Any further decline from this support would invalidate the bullish thesis.
Ethereum’s Price Has a Long Way to Go
Despite being the talk of the crypto market in July, Ethereum’s price suffered considerably. The second largest crypto asset failed to register growth following the ETF launch and succumbed to the global financial market crash.
Ethereum dropped by nearly 30% in nine days, closing above $2,300. Since then, the overall recovery has brought Ethereum’s price to trade at $2,634. The altcoin is attempting to close above the resistance of $2,681 and continue its recovery.
Read more: How to Invest in Ethereum ETFs?
Nevertheless, ETH would need much more to regain its lost profits. It has a shot at initiating a rally after breaching and flipping $2,930 into support. However, if the breach fails, consolidation between $2,930 and $2,681 will be the likely outcome.
XRP Price Rise Sends Ripples
The XRP price has seen the largest rise of all three coins. It surged by almost 16% to inch closer to $0.60. However, the XRP token would need to first flip the 38.2% Fibonacci Retracement level at $0.58 into support.
This would push XRP very close to completely recovering the 19% correction that almost pulled the altcoin down to $0.50.
Read more: Ripple (XRP) Price Prediction 2024/2025/2030
If XRP fails to close above $0.58, it could note a drawdown to the 23.6% Fib line at $0.52, also known as the bear market support floor. This could lead to consolidation and invalidate the bullish thesis.
The post Bitcoin, Ethereum, Ripple Weekly Wrap: August 9, 2024 appeared first on BeInCrypto.
