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Daily Crypto Analysis – Ethereum and Ripple Face Corrections

Daily Crypto Analysis – Ethereum and Ripple Face Corrections

30 May 2024

Introduction

Bitcoin prices remain flat at $67k as inflation and interest rate concerns weigh on sentiment. Anticipation of key U.S. economic data keeps traders cautious. Easing fears of a massive sell-off by the defunct exchange Mt Gox offer some relief, but a stronger dollar offsets gains. Ethereum and Ripple also face potential corrections, while Dogecoin drops amid decreased trading volumes.

Markets In Focus Today – BITCOIN

Bitcoin price today flat at $67k as inflation, rate jitters dent sentiment.

Bitcoin price fell slightly on Thursday, remaining pinned within a trading range as anticipation of key U.S. economic data, which is likely to factor into the outlook for interest rates, kept traders to the sidelines. Easing concerns over a massive potential sell event by defunct exchange Mt Gox offered Bitcoin some relief. But this was countered by strength in the dollar, which rose to an over two-week high as anticipation of more economic data kept traders largely biased towards the greenback. Inflation, rate angst keeps Bitcoin under pressure .Crypto markets were reeling from a string of hawkish comments from the Federal Reserve over the past two weeks, as several policymakers signaled that the bank needed more convincing that inflation was coming down.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 68044.1507 | Negative Crossover | Bearish
  • MA 20 : 67090.0489 | Positive Crossover | Bullish
  • MA 50 : 65599.1941 | Positive Crossover | Bullish

Simple :

  • MA 10 : 68618.4170 | Negative Crossover | Bearish
  • MA 20 : 66738.8755 | Positive Crossover | Bullish
  • MA 50 : 64919.5488 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 54.5908 | Buy Zone | Bullish

Stochastic   Oscillator : 16.18 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 69274.0151 R2 : 72498.3816
  • S1 : 58835.8116 S2 : 55611.4451

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 66065.24 | Take Profit : 69654.52 | Stop Loss : 64014.23

ETHEREUM

Ethereum slightly tilts toward bears.

Ethereum price will likely pullback into the major support level of $3,360. Ethereum (ETH) looks set for a potential price correction. ETH rallied 10% right after the US Securities and Exchange Commission (SEC) approved Ethereum’s spot Exchange Traded fund (ETF). Ethereum may begin trading within key range until ETF S-1 approval. Ethereum price broke above the falling wedge pattern and the 50 EMA level at $3,144 on May 20 and rallied 21%. Currently, ETH is being rejected by the bearish order block of March 12, ranging from $3,980 to $4,093.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3703.9809 | Positive Crossover | Bullish
  • MA 20 : 3536.8937 | Positive Crossover | Bullish
  • MA 50 : 3357.4290 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3786.8780 | Negative Crossover | Bearish
  • MA 20 : 3423.8650 | Positive Crossover | Bullish
  • MA 50 : 3238.2830 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 63.7533 | Buy Zone | Bullish

Stochastic   Oscillator : 3.45 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 3533.0374 R2 : 3737.0193
  • S1 : 2872.6893 S2 : 2668.7074

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 3569.71 | Take Profit : 3860.30 | Stop Loss : 3427.64

RIPPLE

Ripple price could end the consolidation between $0.463 and $0.572 range.

Ripple (XRP) appears poised for a potential price correction. XRP surged 5% following the US Securities and Exchange Commission’s (SEC) approval of Ethereum’s spot Exchange Traded Fund (ETF). Currently, Ripple’s price is consolidating between $0.572 and $0.463 after a significant 33% drop in mid-April. This 46-day consolidation period has seen XRP forming higher lows on the daily chart, suggesting decreased selling pressure. Investors should monitor updates related to the SEC vs. Ripple case, as pending court rulings could impact the price.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5270 | Negative Crossover | Bearish
  • MA 20 : 0.5258 | Negative Crossover | Bearish
  • MA 50 : 0.5341 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5305 | Negative Crossover | Bearish
  • MA 20 : 0.5221 | Negative Crossover | Bearish
  • MA 50 : 0.5218 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 46.4788 | Neutral Zone | Neutral

Stochastic   Oscillator : 39.3002 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.6055 R2 : 0.6558
  • S1 : 0.4428 S2 : 0.3925

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.51 | Take Profit : 0.47 | Stop Loss : 0.55

DOGECOIN

Dogecoin (DOGE) Price Drops 4% Amid Meme Coin Slump.

Dogecoin transacting addresses have dropped by 18% over the past week, leading to selling pressure as trading volumes decrease. In the last 24 hours, DOGE’s price has fallen another 4% to below $0.16 amid a broader slump in the meme coin sector. After a steady rise, Dogecoin faced resistance near $0.1750, with a recent high of $0.1705 before correcting downwards, dropping below the $0.1650 support zone.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1632 | Negative Crossover | Bearish
  • MA 20 : 0.1603 | Negative Crossover | Bearish
  • MA 50 : 0.1574 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.1657 | Negative Crossover | Bearish
  • MA 20 : 0.1582 | Positive Crossover | Bullish
  • MA 50 : 0.1552 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 50.1589 | Buy Zone | Bullish

Stochastic   Oscillator : 0.24 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.1956 R2 : 0.2172
  • S1 : 0.1256 S2 : 0.1039

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 0.150 | Take Profit : 0.170 | Stop Loss : 0.140

Elsewhere In The Crypto Market

Bitcoin up (0.87%) at 67,816, Ethereum down (0.72%) at 3735.2, Litecoin down (0.5%) at 83.08, Solana down (1.14%) at 166.29, Dogecoin down (2.9%) at 0.159.

Key Economic Events & Data Release Today:

(NZD) Annual Budget Release at 07:30. (CHF) GDP (QoQ) (Q1) Forecast 0.3%, Previous 0.3% at 12:30. (EUR) Unemployment Rate (Apr) Forecast 6.5%, Previous 6.5% at 14:30. (USD) GDP (QoQ) (Q1) Forecast 1.6%, Previous 3.4% at 18:00. (USD) Initial Jobless Claims Forecast 218K, Previous 215K at 18:00. (USD) Pending Home Sales (MoM) (Apr) Forecast –1.1%, Previous 3.4% at 19:30.