. Daily Crypto Analysis - Ethereum, XRP, Bitcoin fluctuations.

Daily Crypto Analysis – Ethereum, XRP, Bitcoin fluctuations.

Daily Crypto Analysis – Ethereum, XRP, Bitcoin fluctuations.

23 Feb 2024

Introduction

Ethereum faces a potential downside as an increasing supply on exchanges prompts concerns of profit-taking. Despite multiple attempts to sustain above $3,000, Ethereum slipped to $2,932, risking further correction. Meanwhile, XRP approaches a $0.52 support level amid Kraken’s legal reference to the SEC v. Ripple lawsuit. Bitcoin eyes $48,000 after the European Central Bank’s critical stance, while Chainlink consolidates after reaching new highs, with notable large transactions signaling whale activity.

Markets In Focus Today – ETHEREUM

Ethereum price risks decline as increasing exchange supply raises chances of profit taking.

Ethereum price failed to sustain above the $3,000 level, several times this week. 1.03 million wallet addresses bought ETH between $3,016 and $3,200, these traders are sitting on unrealized losses. Ethereum price slipped to a low of $2,932 on Friday, ETH faces the risk of further correction from a likely increase in selling pressure. Ethereum price crossed $3,000 several times this week but the altcoin failed to sustain above this key level, raising concerns regarding its price trend. ETH price faces the risk of decline as the supply of the altcoin on exchanges is on the rise.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2867.0154 | Positive Crossover | Bullish
  • MA 20 : 2734.3197 | Positive Crossover | Bullish
  • MA 50 : 2538.8962 | Positive Crossover | Bullish

Simple :

  • MA 10 : 2890.3050 | Positive Crossover | Bullish
  • MA 20 : 2675.4955 | Positive Crossover | Bullish
  • MA 50 : 2497.3196 | Positive Crossover | Bullish

RSI (Relative Strength Index): 71.4866 | Buy Zone | Bullish

Stochastic   Oscillator : 87.0281 | Buy Zone | Neutral

Resistance   And Support Levels :

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

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 2838.73 | Take Profit: 2991.69 | Stop Loss: 2747.69

RIPPLE

XRP drops closer to the support level as Kraken refers to the SEC v. Ripple lawsuit in its legal dispute.

XRP price inches closer to support at $0.52 after the recent developments related to the SEC’s lawsuit against Ripple. Kraken cited a key part of the SEC’s lawsuit against Ripple that could impact the outcome of its legal battle against the regulator. Kraken cited the summary judgment from the Ripple case to argue against the SEC’s allegations. The Securities and Exchange Commission’s (SEC) lawsuit against Ripple has influenced the native token’s price consistently in the past three years. This week the lawsuit entered the remedies phase, while crypto exchange Kraken has cited Judge Analisa Torres’ summary judgment in the SEC’s lawsuit against Ripple in its legal battle against the financial regulator.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5453 | Negative Crossover | Bearish
  • MA 20 : 0.5412 | Negative Crossover | Bearish
  • MA 50 : 0.5491 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5521 | Negative Crossover | Bearish
  • MA 20 : 0.5348 | Negative Crossover | Bearish
  • MA 50 : 0.5425 | Negative Crossover | Bearish

RSI (Relative Strength Index): 46.7483 | Neutral Zone | Neutral

Stochastic   Oscillator : 42.7673 | Neutral Zone | Negative

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: 0.52 | Take Profit: 0.48 | Stop Loss: 0.55

BITCOIN

Bitcoin price eyes $48,000 as European Central Bank tears down at BTC after spot ETF approval.

Bitcoin price continues to hold the $51,335 support, but the depressed outlook continues to become heavier.BTC could make a 10% fall before the next leg up as multiple technical indicators flash bearish signs. A higher high above $52,985 would invalidate the bearish thesis, opening the possibility for more gains. Bitcoin’s (BTC) price is beginning to lean south after a multi-day consolidation, with bearish forces coming from, among others, recent reports that the European Central Bank (ECB) does not believe in the convenience of BTC.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 51032.7825 | Negative Crossover | Bearish
  • MA 20 : 49351.1842 | Negative Crossover | Bearish
  • MA 50 : 46235.0759 | Positive Crossover | Bullish

Simple :

  • MA 10 : 51829.4510 | Negative Crossover | Bearish
  • MA 20 : 48939.6015 | Negative Crossover | Bearish
  • MA 50 : 45281.4218 | Positive Crossover | Bullish

RSI (Relative Strength Index): 66.8505 | Buy Zone | Bullish

Stochastic   Oscillator : 65.66 | Buy Zone | Neutral

Resistance   And Support Levels :

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

Overall Sentiment: Neutral Market Direction: Sell

Trade Suggestion: Limit Buy: 50856.78 | Take Profit: 48085.18 | Stop Loss: 52553.67

CHAINLINK

Chainlink bulls target new highs.

Chainlink (LINK) is among the best performers this year as it soars to new highs. Its significant uptick caught the attention of investors, who rode its bullish wave. While it is currently consolidating following the significant price surge, its next move is a breath away. Large Transaction Volume provides an idea of the total amount transacted by whales on a given day. Spikes in large transaction volumes often indicate high activity among institutional players, either buying or selling. Within the last 24 hours, there have been mysterious movements of millions of LINK tokens by some large-scale investors, also known as whales.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 18.9524 | Negative Crossover | Bearish
  • MA 20 : 18.6913 | Negative Crossover | Bearish
  • MA 50 : 17.3240 | Positive Crossover | Bullish

Simple :

  • MA 10 : 19.3709 | Negative Crossover | Bearish
  • MA 20 : 19.2204 | Negative Crossover | Bearish
  • MA 50 : 16.6581 | Positive Crossover | Bullish

RSI (Relative Strength Index): 46.8544 | Buy Zone | Bullish

Stochastic   Oscillator : 11.1781 | Sell Zone | Negative

Resistance   And Support Levels :

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

Overall Sentiment: Neutral Market Direction: Buy

Trade Suggestion: Limit Buy: 17.43 | Take Profit: 19.41 | Stop Loss: 16.31

Elsewhere In The Crypto Market

Bitcoin is down (0.6%) at 50,962, Ethereum is down (1.4%) at 2,926.6, Litecoin is down (1.11%) at 67.99, Solana is down (0.14%) at 101.80, Dogecoin is down (0.87%) at 0.083.

Key Economic Events & Data Release Today:

(NZD) Retail Sales (QoQ) (Q4) Actual –1.9%, Forecast –0.2%, Previous 0.0% at 03:15. (NZD) Core Retail Sales (QoQ) Actual –1.7%, Forecast –0.1%, Previous 1.0% at 03:15. (EUR) German GDP (QoQ) (Q4) Actual –0.3%, Forecast –0.3%, Previous –0.1% at 12:30.