- Bitcoin price is trying to recover from the critical support level on the daily chart.
- Ethereum is closely following BTC but it has more strength in the short term and remains trading around $2000.
- Ripple has outperformed every other major cryptocurrency after a massive 100% rally to a new three-year high of $1.19.
The cryptocurrency market has recovered slightly from a $150 billion decline and gained nearly $80 billion, but the top three cryptocurrencies are not out of danger yet. XRP took the lead last week and maintained a significant advantage over the rest. Ripple gained $22 billion in market capitalization in less than two days.
Bitcoin price defends critical support level
On the daily chart, Bitcoin has managed to hold above the 50 EMA support level which has been a strong point of support since the beginning of October 2020. However, this moving average is currently at $53,300, which means that BTC could still see more negative actions.
BTC/USD daily chart
The most important resistance level down the road is at $59,000. A break above this key point should push the bitcoin price towards its previous all-time high at $61,844. However, Bitcoin whales seem to be selling over the past month.
BTC holders distribution chart
The number of whales holding 10,000 to 100,000 BTC has fallen by 10 in the past month. Likewise, the number of large holders of 1,000 to 10,000 BTC has also dropped significantly, from 2,274 to 2,158 since March.
The loss of the 50 EMA support level will quickly push the bitcoin price to $50,450 at the 78.6% Fib retracement level, which coincides with the March 25 low.
Ethereum’s Upside Isn’t at Risk According to Tech
On the daily chart, Ethereum has established a strong support trend line since the beginning of January. This boundary is currently at $1,700, which means that anything above this level is not a threat to the bulls.
ETH/USD daily chart
In addition, the RSI, which has been overextended, noticeably cooled down to around 56 points, which means that ETH has plenty of room for a new rally above the all-time high at $2,151.
ETH IOMAP . Chart
The most significant resistance area is between $2,041 and $2,060 as 152,000 addresses were bought over 10.8 million ETH. This is shown by the In/Out of Money Around Price (IOMAP) chart. A break above this point should push Ethereum to new all-time highs.
However, at the same time, there is weak support below the current price until the strong trend line at $1,700.
Ripple price faces massive selling pressure after 100% surge
On the daily chart, the TD Sequential indicator just provided a sell signal and a green ‘8’ candle on the 3-day chart, which is often followed by a sell signal as well. This comes as no surprise due to the recent massive 100% rally that XRP has seen.
XRP Sell Signals
XRP lost the 78.6% Fib retracement level at $0.958, and is at risk of falling towards the 50% level at $0.742 if both sell signals are confirmed.