Institutional Support for Ethereum and Ripple
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) paused their recent two-day rise on Thursday. This came after Vanguard Group lifted its ban on crypto Exchange Traded Funds (ETFs), giving an initial boost. Institutional support remains steady for Ethereum and Ripple. On Wednesday, Ethereum and Ripple spot ETFs saw inflows of $140.16 million and $50.72 million, respectively. However, Bitcoin ETFs recorded a small outflow of $14.90 million after five days of inflows.
Bitcoin Price Holds Above Key Support
Bitcoin stayed above $93,000 following its two-day recovery. It closed daily above $92,800, a resistance level tied to April 28 lows. This break may push Bitcoin toward the June 22 low of $98,200. The Supertrend Indicator shows a potential new bullish trend if Bitcoin passes this level. Momentum indicators like the Relative Strength Index (RSI) rose to 48 after a recent oversold period. The Moving Average Convergence Divergence (MACD) also shows growing bullish momentum. If Bitcoin falls below $92,800, prices could drop to between $84,700 and $80,600.
Ethereum Demand Surges After Fusaka Upgrade
Ethereum’s on-chain activity increased this week, hitting a record of over 34,000 Transactions per Second (TPS) on Wednesday after the Fusaka upgrade launched. Network Growth, which tracks new user addresses, reached a five-month high according to Santiment data. Ethereum trades above $3,200 and nears resistance around $3,250. If it breaks this level, the 50-day and 200-day Exponential Moving Averages (EMAs) at $3,361 and $3,475 will act as further resistance before $3,650. Like Bitcoin, Ethereum’s RSI and MACD show stronger buying signals. Support lies near $3,000 and the November 21 low at $2,623.
Ripple Shows Signs of Weakness
Ripple (XRP) dropped 1% on Thursday after two days of gains. Price struggled near $2.20, capping its recent recovery. There is a risk it could fall below $2.00, which might lead to a test of support at $1.90 from June 22 lows. The RSI declined to 47, hinting at selling pressure, but MACD remains positive. If XRP recovers, it faces resistance at the 50-day EMA of $2.31.
