. Daily Crypto Analysis - Ethereum, Ripple, Bitcoin dramas.

Daily Crypto Analysis – Ethereum, Ripple, Bitcoin dramas.

Daily Crypto Analysis – Ethereum, Ripple, Bitcoin dramas.

07 Feb 2024

Introduction

Ethereum approaches a critical juncture, gaining 1.6% to $2,350 but facing resistance near $2,400—a historical turning point. Meanwhile, XRP faces a potential downside as Ripple seeks a deadline extension in the SEC lawsuit. Bitcoin maintains an uptrend, with Chinese investors favoring US-focused ETFs. Chainlink experiences a rebound as large wallet investors strategically accumulate LINK tokens, triggering a price surge. Cryptocurrency markets are influenced by key levels, legal developments, and global investor trends.

Markets In Focus Today – ETHEREUM

Ethereum nears a recent turning point.

The crypto market cap remained at $1.65 trillion. Ethereum was a major growth driver, gaining 1.6% on the day to $2,350 and reversing to the downside as it approached $2,400. This is the same place where we saw a reversal at the end of January and for a month since the beginning of December. In December, the coin managed to hold above this reversal level for almost a fortnight, but with the current lull in the markets, a temporary pullback to the lower end of the range towards $2,200 looks more likely.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2325.0890 | Positive Crossover | Bullish
  • MA 20 : 2331.7122 | Positive Crossover | Bullish
  • MA 50 : 2311.0629 | Positive Crossover | Bullish

Simple :

  • MA 10 : 2317.9250 | Positive Crossover | Bullish
  • MA 20 : 2319.9590 | Positive Crossover | Bullish
  • MA 50 : 2346.5422 | Positive Crossover | Bullish

RSI (Relative Strength Index): 53.4167 | Buy Zone | Bullish

Stochastic   Oscillator : 79.7122 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 2598.0773 R2 : 2733.3927
  • S1 : 2160.0227 S2 : 2024.7073

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Stop Buy: 2377.15 | Take Profit: 2461.21 | Stop Loss: 2329.51

RIPPLE

XRP price could deteriorate with Ripple’s request for a deadline extension in the SEC lawsuit.

XRP price observed nearly 2% weekly losses and slightly declined to $0.5031 on Wednesday. Ripple has requested the court for a one-week extension of the February 12 deadline. Experts weigh in on whether Ripple’s On-Demand Liquidity corridor has traction in the US and Asia. XRP price sustained above the psychologically important level of $0.50 even as payment giant Ripple requested to push the deadline for remedies-related discovery in the SEC lawsuit. The cross-border payment remittance firm seeks to push the deadline from February 12 to 20, according to a court filing.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5110 | Negative Crossover | Bearish
  • MA 20 : 0.5235 | Negative Crossover | Bearish
  • MA 50 : 0.5537 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5102 | Negative Crossover | Bearish
  • MA 20 : 0.5205 | Negative Crossover | Bearish
  • MA 50 : 0.5673 | Negative Crossover | Bearish

RSI (Relative Strength Index): 36.4249 | Sell Zone | Bearish

Stochastic   Oscillator : 34.3808 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.6025 R2 : 0.6391
  • S1 : 0.4840 S2 : 0.4474

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Limit Sell: 0.50 | Take Profit: 0.47 | Stop Loss: 0.52

BITCOIN

Bitcoin price sustains an uptrend as Chinese investors stampede out of the local market in favor of US-focused ETFs.

Bitcoin price is trading horizontally, trapped within the upper range of the Bollinger Indicator.BTC could make a 5% move north soon to clear the $43,750 blockade as volatility increases. A strong break and close below the centerline of the Bollinger at $41,880 would invalidate the bullish thesis.ETF specialist Eric Balchunas highlights how Chinese investors are flocking to the US ETF market. Bitcoin’s (BTC) price continues to sustain its bullish outlook, holding above a key support level. Among other drivers, the spot BTC exchange-traded fund (ETF) theme continues to drive markets even as the investor countdown to the halving event continues.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 42765.6671 | Positive Crossover | Bullish
  • MA 20 : 42602.4660 | Positive Crossover | Bullish
  • MA 50 : 42207.8306 | Positive Crossover | Bullish

Simple :

  • MA 10 : 42968.7520 | Positive Crossover | Bullish
  • MA 20 : 42022.5230 | Positive Crossover | Bullish
  • MA 50 : 43035.6614 | Positive Crossover | Bullish

RSI (Relative Strength Index): 54.0254 | Buy Zone | Bullish

Stochastic   Oscillator : 80.1595 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 47385.7128 R2 : 49859.0872
  • S1 : 39378.6872 S2 : 36905.3128

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Stop Buy: 43373.84 | Take Profit: 45186.59 | Stop Loss: 42246.99

CHAINLINK

Chainlink whales trigger price rebound through the strategic accumulation of LINK tokens.

Chainlink’s large wallet investors are scooping up LINK tokens after consistent profit-taking in the past two weeks. Four whale wallets have pulled 119,583 LINK tokens from exchanges. LINK price continued its climb, posting nearly 4% gains for the altcoin, at $18.765. Chainlink, an Ethereum-alternative token, climbed nearly 4% after posting gains consistently for two weeks. Large wallet holders with LINK tokens are pulling the altcoin off exchanges, supporting a recovery in Chainlink price.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 17.4554 | Positive Crossover | Bullish
  • MA 20 : 16.5290 | Positive Crossover | Bullish
  • MA 50 : 15.5144 | Positive Crossover | Bullish

Simple :

  • MA 10 : 17.2720 | Positive Crossover | Bullish
  • MA 20 : 15.9950 | Positive Crossover | Bullish
  • MA 50 : 15.3432 | Positive Crossover | Bullish

RSI (Relative Strength Index): 66.7878 | Buy Zone | Bullish

Stochastic   Oscillator : 82.7795 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 16.3953 R2 : 17.4158
  • S1 : 13.0919 S2 : 12.0715

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 18.02 | Take Profit: 19.36 | Stop Loss: 17.27

Elsewhere In The Crypto Market

Bitcoin is up (0.06%) at 43,057, Ethereum is down (0.27%) at 2,366.8, Litecoin is down (0.82%) at 68.08, Solana is down (1.53%) at 95.35, Dogecoin is up (0.2%) at 0.078.

Key Economic Events & Data Release Today:

(NZD) Employment Change (QoQ) (Q4) Actual 0.4%, Forecast 0.3%, Previous –0.2% at 03:15. (EUR) German Industrial Production (MoM) (Dec) Actual –1.6%, Forecast –0.4%, Previous –0.7% at 12:30. (USD) Crude Oil Inventories Forecast 1.700M, Previous 1.234M at 21:00.