Ethereum
Will the market rally to a new high in June?
The cryptocurrency market is set to conclude the week on a consolidated trend, with major tokens recording a neutral trend in their respective portfolios. This indicates a slowdown in buying and selling pressure in the crypto space.
Additionally, major crypto tokens such as BTC, ETH, and
Dive in because, in this article, we have covered the market sentiments, price analysis of Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), as well as their potential price targets for June!
Bitcoin (BTC) Price Action:
The leader of the cryptocurrency market, Bitcoin Price, displayed consolidated price action throughout the week, indicating a significant decline in buying and selling pressure for the crypto star. Additionally, the price broke through its important support level, indicating a strong possibility of a bearish reversal.
Trading view: BTC/USDT
The SMA technical indicator is showing a bearish convergence in the price chart, suggesting an increase in selling-over-buying pressure in the crypto market.
Additionally, the Moving Average Convergence Divergence (MACD) is showing a steady decline on the chart, indicating increased negative sentiment towards the market. BTC Price. Additionally, the averages show bearish convergence over the 1D timeframe, suggesting uncertainty about future price action.
If the market sustains the price above the $68,000 resistance level, the bulls will regain momentum and prepare to retest its all-time high of $73,750.07 this month. However, bearish price action could pull the price towards its lower support level of $60,000 in the coming weeks.
Ethereum price is approaching its important support level!
Despite increased bearish sentiment in the crypto space, the ETH Price managed to maintain its value above the important support level of $3,730, indicating a growing bullish influence for the altcoin leader in the crypto market.
TradingView: ETH/USDT
The Ethereum crypto added around 2% to its portfolio this week. However, the ETH coin price has increased by 28.38% over the past 30 days, highlighting a positive outlook for the coming weeks.
The simple moving average (SMA) shows a strong possibility of bullish convergence on its 1D timeframe. Additionally, the Relative Strength Index (RSI) shows a bullish curve below the overbought range, suggesting that the Ethereum Price will continue to increase in value this month.
If the bulls sustain the price above the $3,730 support level, the ETH crypto will surpass its $4,000 resistance and head towards its upper resistance level of $4,500 over the next few weeks. Conversely, a downtrend reversal could lead the price to test its low of $3,400.
XRP coin price fails to break out of its resistance zone:
Amid increased volatility, Ripple’s XRP crypto has seen a steady price fluctuation adding 0.25% over the past day but recording a 3% correction over the past week. Additionally, it added 4.35% in May but has a YTD of -15.59%, indicating mixed price sentiment for the market. XRP Price.
TradingView: XRP/USDT
The 50/200 day Cross EMA acts as resistance to the price chart, highlighting increased selling pressure for the Ripple Price in the crypto market.
The technical indicator, MACD, displays a constant flat line with its averages showing a neutral trend. This highlights the uncertainty over the future price action of this altcoin.
Suppose the bulls regain momentum. In this case, the XRP coin price will surpass its resistance level of $0.5340 and retest its important resistance zone. However, weak price action could cause the Ripple token to fall towards its crucial support level of $0.480 in the coming times.
Also discover: What to expect from Ripple (XRP) and Cardano (ADA) prices: will they ever reach $1?