Yesterday’s rally quickly reversed, but the BTC price is struggling to maintain the $29,500 support. The sentiment for Ethereum and Ripple has quickly turned around in the overall market, causing the recovery to falter. So, what levels can ETH and XRP investors expect in the coming days?
Ethereum (ETH) Analysis
Buyers reacted to the price drop to $1,816 on August 7th. The price quickly rebounded, but this increase was not sustainable. Bulls are facing resistance at the 50-day SMA ($1,881), but the preservation of the 20-day EMA is positive. If buyers push the price above the 50-day SMA, the ETH/USDT pair could rise to $1,930 and ultimately reach the psychologically important level of $2,000. Bulls will need to surpass this level to initiate the next leg of the upward movement.
The bullish outlook could quickly reverse with a close below $1,800. Due to the low volatility of Bitcoin, a significant move in either direction is now expected.
Ripple (XRP) Analysis
Important developments regarding the court case occurred late yesterday. The jury trial is expected to take place in the second quarter of next month. On the other hand, no settlement decision has been reached. This indicates that the challenging battle between the SEC and Ripple could continue until mid-2025 if there are appeals.
The SEC announced that they will appeal the summary judgment minutes later. Although the prolongation of the process was not expected, it can be considered normal since it is a case that concerns the entire crypto market.
Looking at the technical outlook, XRP reversed from the 50-day SMA ($0.60) on August 7th and reached the 20-day EMA ($0.66) on August 9th. If the price turns down from the current level, it will indicate a negative shift in sentiment and that traders are selling. The possible decline can continue to $0.56 and $0.5. On the other hand, if the price can sustain above $0.66, we may see a rise towards the strong resistance at $0.73.
The inflation data to be announced at 15:30 could trigger an increase in volatility in the markets.
