The leading cryptocurrency, Bitcoin (BTC), along with Ethereum (ETH), has witnessed an increase following their latest price actions, triggering a minor rally in the cryptocurrency market. This week, the majority of major cryptocurrencies experienced high volatility, which formed a narrow range as a sign of no clear dominance between buyers and sellers.
ETH Price Analysis
However, the consolidation seen this month could likely shift towards a bullish trend in April, in anticipation of the highly awaited Bitcoin halving event. This development, combined with a positive influx into Spot BTC ETFs, could accelerate Bitcoin demand and broader market sentiment. Ethereum stands as a decentralized platform that allows the creation and operation of smart contracts and decentralized applications (DApps) without any interruption, control, or interference from a third party.
Amid the current market consolidation, the ETH price could oscillate within a narrow range between $3,675 and $3,470. Initially, the sideways movement may reflect investors’ uncertainty, but the 4-hour chart reveals it as part of an inverse head and shoulders pattern. At present, ETH is trading at $3,610, up 2.9% for the day, with a market value of $433 billion and a 24-hour trading volume of $10.18 billion.
XRP’s Current Data
Under the influence of chart formations, the Ethereum price could break the neckline resistance and provide buyers with a springboard to chase the $4,300 target. Ripple‘s cryptocurrency, XRP, is designed for fast and inexpensive cross-border payments, standing out with low transaction fees and quick payment times. Over the past two weeks, the XRP price has fluctuated due to the narrow range formation at both ends and the uncertainty indicated by rejection candles. However, the consolidation above the 2-month trend line suggests that buyers are maintaining a steady uptrend.
Currently, XRP has a market value of $34.3 billion, ranking it as the sixth-largest cryptocurrency by market cap. Should there be a renewed sense of bullish sentiment in the market, the XRP price could surpass the general barrier of $0.667 and challenge the high of $0.744 once again. Conversely, a break below the formation’s lower trend line could trigger a significant correction in this altcoin.
