The cryptocurrency market has seen significant volatility this week as the ETH ETF has yet to be approved by the U.S. Securities and Exchange Commission (SEC). Additionally, the price movements of top tokens have been huge this week, indicating an uptick in price action in the cryptocurrency space.
Furthermore, the market leader Bitcoin price has managed to maintain its price above $68,000, highlighting the rising bullish sentiment in the cryptocurrency space. Moreover, ETH price continues to hover around $3,750, indicating a high probability of bullish price action soon.
With the approval of an Ethereum ETF, will market leaders Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) tokens spark a new bull run in the cryptocurrency market?
Bitcoin Price Suggests Positive Price Action:
The market leader BTC price is trending sideways on the 1D timeframe, forming a channel pattern on the chart. On the positive side, the support trendline of the symmetrical triangle pattern is recording a sustained uptrend, indicating a long-term bullish sentiment in the cryptocurrency space.
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Technical indicator SMA is supporting the price chart on the 1D timeframe, indicating strong bullish sentiment in the cryptocurrency space. However, MACD is showing a continued decline in the histogram, with its average recording a potentially bearish curve, indicating mixed sentiment.
If the market regains momentum, Bitcoin price will be ready to retest its resistance trendline over the weekend. Sustaining the price at this level will set the stage for Bitcoin price to test its previous high of $73,750.07 and potentially set a new all-time high.
However, an increase in selling pressure could cause the market leader to drop to the support trendline in the coming period.
E+TC price forms a bullish flag pattern!
ETH prices have risen by around 21% this week amid hype surrounding the approval of a spot Ethereum ETF, highlighting the altcoin’s growing bullish influence.
On the positive side, a bullish flag pattern has formed on the price chart of the altcoin leader ETH Price, highlighting the rising bullish influence in the cryptocurrency market. Moreover, Ethereum price has remained above the support level of $3,727, indicating a bullish outlook for altcoins.
Moreover, the crossover EMA 50/200-days is showing a bullish curve in the price chart, indicating that the market has increased buying pressure over selling on Ethereum price.
On the other hand, the Relative Strength Index (RSI) continues to hover near the overbought range, with its average showing a clear uptrend on the chart.
If the bulls break out of the flag pattern, Ethereum price will be ready to test its overhead resistance at $4,094.75 next week. Conversely, bearish price action could pull the ETH token towards the underlying support at $3,400 this month.
Ripple’s XRP token is about to have a major breakthrough:
Despite the heightened price volatility in the cryptocurrency space, XRP prices have been trending neutral, up about 3% over the past day and 1.98% over the past seven days. Additionally, the Ripple token has posted a year-to-date return of 13.08%, indicating mixed sentiment.
The XRP coin has formed a symmetrical triangle pattern on the 1D timeframe and is hovering near its resistance trendline. Moreover, the EMA 50-day is acting as resistance on the price chart, highlighting the mixed sentiment in the cryptocurrency market.
Furthermore, the Moving Average Convergence Divergence (MACD) has been showing a constant green histogram since mid-April, indicating a positive impact on the price of XRP in the cryptocurrency space.
If the market breaks above the resistance trendline, the bulls will be ready to retest its important resistance zone in the coming period. On the downside, a trend reversal could pull the XRP price towards this month’s support trendline.
in conclusion:
With the U.S. Securities and Exchange Commission approving a spot Ethereum ETF, the cryptocurrency market has entered a new bull cycle, highlighting the huge potential for a new rally in the coming weeks.
Moreover, the top altcoins are showing strong bullish patterns in their respective charts, indicating a high probability of an AltSeason, which could lead to new all-time highs (ATHs) in the cryptocurrency market.
