Last week had the crypto market enduring a flash crash after unpredictable moves. Most assets dropped their values by up to 25-30%. However, the dramatic plunge did not persist as most digital assets revived their upside momentum within few hours. Nevertheless, crypto sentiment has been bearish since the crash. That has had many virtual tokens struggling to register considerable gains.
However, most tokens have their price charts indicating a bullish trend after the consolidation and pullback phase. Remember, the green bars outperformed the red ones in the price heatmap. The past 24 hours saw Bitcoin and most of the top-10 cryptos surging with slight gains.
ETH/USD Daily Chart Analysis
ETH managed to bounce from the price zone at $1,700, forming a massive support level beyond the mark. The altcoin saw significant gains towards $3,300. Keep in mind that buyers have anticipated a 20 Simple Moving Average tag on the daily price chart. That happened, and ETH-USD kick-started a bullish trend, surging past $4,000 for some time.
The altcoin saw profit-booking by buyers after ETH broke past $4K, sending the price beneath this level for a while before a market crash. With that, Ethereum registered significant losses. However, it managed to hold the support at $3,000.
At the moment, ETH is in an oversold condition. That is according to the stochastic indicators. For now, the altcoin awaits price explodes. That comes as the assets await the ETH 2.0 upgrade that increased the alt’s demand. Meanwhile, buyers need to activate their actions to take ETH past the 20 Simple Moving Average to support the upside narrative.
XRP/USD Daily Chart Analysis
Ripple prints a somewhat similar situation – the 20-day Simple Moving Average has caused downtrends during summer. However, the asset reversed from the support beyond $0.50, indicating bullishness since then. XRP surged past $1.30 in the past month, pushing over $1.40 in this month’s first week.
However, XRP was among the worst performance in the recent crash. That had it losing over 35%, diving under $1. However, the 50-day SMA rescued the token from massive plunges, acting as support to prevent further losses after the recent crash.
The MA continues to act as support as the chart structure support bullishness. The stochastic indicators show an oversold case. Meanwhile, market players seem used to the Ripple-SEC battle now. The outcome might not affect the coin’s price unless an XRP ban, which is unlikely.