Bitcoin’s (BTC) recovery has increased the daily volume in US spot Bitcoin exchange-traded funds. Cryptocurrency analytics firm Santiment noted in an X post that the volume of the seven largest US spot Bitcoin ETFs rose to $5.65 billion, the highest level since March 24. So, what is the latest situation in the three major cryptocurrencies?
Bitcoin Price Analysis
Bitcoin rose above the moving averages on May 15, and the bulls successfully defended the level during the retest on May 16. The 20-day exponential moving average gradually started to rise to $63,507, and the relative strength index (RSI) jumped into the positive zone. This indicates that the bulls have a slight advantage. BTC faces minor resistance at $68,000, but it seems likely to be surpassed. The BTC/USDT pair could then move to the strong overhead resistance at $73,777. Conversely, if the price drops from $68,000 and breaks below the moving averages, it could signal that the bears continue to sell on relief rallies. This could keep the pair in the range of $68,000 to $56,500 for some time.
Resistance Line in Ethereum
In the leading smart contract platform Ethereum (ETH), the bulls returned as the bears failed to pull the price below the strong support at $2,850. The ETH/USDT pair could reach the resistance line of the descending channel pattern, where sellers are expected to make a strong defense. If the price drops sharply from the current level or the resistance line, the bears might make another attempt to pull the price below $2,850. Alternatively, if buyers push the price above the channel, it could signal the end of the downtrend. The pair could climb to $3,400 and then attempt a rise to the strong resistance at $3,730.
Critical Level in Ripple
Ripple (XRP) is attempting to rise towards the 50-day SMA at $0.54, indicating reduced selling pressure. The 50-day SMA might pose a minor hurdle, but if the bulls successfully defend the 20-day EMA on the way down, the XRP/USDT pair could reach the overhead resistance at $0.57. This level could again attract strong selling from the bears. If the price drops from the current level or the 50-day SMA and breaks below the 20-day EMA, it could mean that the bears are selling on every minor rally. The pair could then drop to the support line and subsequently to $0.46.
