The crypto market is buzzing this week. As Bitcoin (BTC) consolidates after a recent correction, Ethereum (ETH) and Ripple (XRP) continue to soar! Attracting the attention of investors, who are wondering how this trend will continue.
The 3 big crypto trends to watch this week
The cryptocurrency market is seeing some interesting moves this week and three cryptos have caught our attention.
Bitcoin
First up is Bitcoin: it suffered a 7% correction last week, falling to $90,791 before recovering to $97,000 on Friday. If the uptrend continues, Bitcoin could reach its all-time high of $99,588. However, technical indicators are showing mixed signals. The Relative Strength Index (RSI) is at 65, indicating bullish momentum, but the MACD has shown a bearish crossover, signaling potential selling. Which probably explains the fall of BTC to $95,118 currently, showing a drop of 2.18% in the last 24 hours.
Ethereum
The crypto of Vitalik Buterin broke and closed above the weekly resistance at $3,454 on Wednesday, reaching $3,601 this Monday. If this support level holds, ETH could test the psychological $4,000 level. The RSI is at 68, well above its neutral level of 50, indicating increasing bullish momentum. However, a close below $3,454 could result in a pullback towards $3,335.
According to Ryan Lee, chief analyst at Bitget, this performance of Bitcoin and Ethereum can be influenced by several factors:
First, inflows into BTC and ETH ETFs have seen notable growth. In November, BTC ETFs saw a net inflow of $5.6 billion, while ETH ETFs hit a daily record with an increase of $300 million. Second, the sector's asset dynamics are significant. The rotation of market funds between different sectors has accelerated, with assets across the Ethereum ecosystem seeing widespread gains. Third, sustained net inflows of stablecoins are significant.
Ripple
After breaking through the $1.66 mark in November, this crypto saw a rise of over 60% last week, reaching a new three-year high of $2.35. If the bullish momentum continues, XRP could test the $2.66 level, and even reach $10. However, the RSI at 93 signals overbought conditions, suggesting increased risk of a correction. This is why this Monday, XRP showed a drop of 1.61%, and is currently trading around $2.27.
Finally the Altseason?
After the impressive performances of XRP and Ethereum, can we finally say that Altseason has begun, or is it still too early to rejoice? Technical indicators and market trends are showing positive signs, but the persistent volatility of the crypto market leaves doubt. The next few days will therefore be crucial to observe and confirm the phenomenon.
In short, while Bitcoin consolidates, Ethereum and Ripple are showing signs of continuing their rally. Crypto investors must remain vigilant of technical indicators to navigate this volatile market.
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