Not much has happened in the past two days in the cryptocurrency market although bulls managed to push its market capitalization above $1 trillion again. Bitcoin price is currently around $35,600 and has been trading somewhat sideways for the past week.
Ethereum price has managed to stay above $1,200 and outperformed Bitcoin on several occasions. XRP price is flat and will most likely remain this way for a long time despite a bullish crypto market.
Bitcoin price aims for a 38% breakout
On the 12-hour chart, BTC price has established a symmetrical triangle pattern and it’s on the verge of a breakout, although a breakdown is also entirely possible. If we consider the overall trend, the chances of a bullish breakout are certainly higher.
BTC/USD 12-hour chart – TradingView
The most important resistance level seems to be located at $38,500, which means that a breakout above this point could launch BTC price towards $53,000 in the longer-term.
Again, it’s also entirely possible for the bears to push Bitcoin towards a breakdown of the crucial support level at $33,000. This breakdown could potentially drive Bitcoin price towards a low of $28,200.
However, the number of whales inside the Bitcoin network has remained even in the past two weeks or even rising, which indicates large investors are here for the long-term and not interested to sell just yet.
Ethereum price aims for a new all-time high
Despite outperforming Bitcoin in the past several days, Ethereum has slowed down and it’s trading sideways waiting for a clear breakout. On the 12-hour chart, bulls are facing a robust resistance level at $1,272 which seems to be the last barrier before a new all-time high above $1,400.
ETH/USD 12-hour chart – TradingView
It’s important to note that ETH bulls have defended the 12-EMA for the past five days on the 12-hour chart, which indicates a breakout is very likely. Additionally, more Ethereum has been deposited inside the Eth2 deposit contract which holds over 2.592 million ETH valued at $3.169 billion.
XRP price continues trading sideways but slightly bearish
XRP price has been trading sideways for the past few weeks after the SEC decided to sue Ripple. However, there is a bearish trend happening as XRP price has dropped from a high of $0.31 on January 13 to $0.279 currently.
XRP price is not moving a lot because its trading volume has declined significantly since a peak of $33 billion on November 24, 2020, to only $3 billion currently.
