Bitcoin, Ethereum and XRP updates
Bitcoin and Ethereum Spot Exchange Traded Funds (ETFs) in the United States observed net outflows on Tuesday. According to data from Farside Investors, $242.6 million in capital left BTC ETFs while ETH ETFs lost $48.6 million.
BTC and ETH are likely faced with a drop in institutional demand as Bitcoin ends its eight day long net positive flow streak on Tuesday.
Bitcoin dips under the $61,000 level, trades at $60,814 at the time of writing.
Ethereum drops below the key psychological barrier at $2,500 and trades at $2,433 at the time of writing on Wednesday.
XRP tests support at $0.5946 and hovers around $0.5800.
Chart of the day: Lido DAO (LDO)
Lido erases 3.53% of its value on the day. The Ethereum staking token ranks among one of the cryptocurrencies that yielded most negative returns for traders on Binance. LDO trades at $1.093 at the time of writing.
LDO could sweep liquidity in the Fair Value Gap (FVG) between $1.034 to $1.021. If the staking token extends its decline it could dip to the August 4 low of $0.894.
The Moving Average Convergence Divergence (MACD) indicator is nearing a bearish cross, signaling that the underlying momentum in LDO price trend has turned negative.
The Relative Strength Index (RSI) edges sharply lower and reads 44.91 in the daily chart. RSI marked overbought conditions of 70 on Friday and dipped under the neutral level since then.
