We take a look at Bitcoin price, Ethereum price, and XRP price for the week of February 19, 2021. Aside from fundamentals, we rely heavily on technical analysis to assess overall sentiment. This is achieved by identifying key support and resistance levels that traders and investors will be watching in the short term.
Bitcoin Price
At the time of this report, Bitcoin is currently trading at $58,117. The largest digital asset by market cap continues to put in new all-time highs. Just 2 hours ago, Bitcoin cracked a new all-time high of $58,640 and continues to display parabolic price action. Over the last month, BTC has surged ~ 87%. This is a fraction of its yearly gains, which are surpassing ~ 500%. With all the hype around digital assets this year, many forget that Bitcoin was hovering around $29,000 a couple of months ago.
Bitcoin Technical Analysis
In our recent Bitcoin analysis, VF was looking for BTC to accept resistance around $41,900. We believed that more positive momentum would pour into the asset class if this occurred. As BTC inches closer to $60,000, what price levels are investors/traders watching?
With prices going absolutely haywire since late January, it will be extremely important to identify key support levels. BTC could experience a strong pull-back soon based on its recent price action. We are eyeing $55,600 support in the short-term. If BTC rejects this level, we could see a strong pull-back to $51,000 levels. On the contrary, as long as Bitcoin stays above $55,600 support, we believe that the digital asset could continue to put in newer all-time highs.
Ethereum Price
For a while now, Visionary Financial had the highest conviction in Ethereum price since Q4 2020. At the time of this report, Ethereum is currently trading at $1,930. The second-largest digital asset by market cap has seen ~ 72% growth over the last month. It too continues to create new all-time highs. Ethereum’s current all-time high is $2,042, which was established just a day ago. Ethereum has outperformed Bitcoin over the last year with its ~ 650% surge. The maturation of DeFi continues to propel Ethereum prices. Additionally, the most recent catalyst seems to be CME’s decision to list ETH futures.
Ethereum Technical Analysis
In our most recent ETH analysis, it was believed that the digital asset would test $1,800 levels in the short term based on historic price action. This quickly came to fruition as $2,000 levels were recently breached.
Ethereum bulls should remain in control as long as $1,800 support is not rejected. In this scenario, ETH could continue to create newer all-time highs. We believe that $1,800 support will be an important support level to watch in the short term. If we did see a rejection, the digital asset could experience a sharp sell-off. As of now, momentum is still bullish and ETH is poised to retest $2,000 levels in the short-term.
XRP Price
At the time of this report, XRP is currently trading at $0.539. Due to rallies among other altcoins, XRP has dropped to the 7th largest digital asset by market cap. Despite this metric, XRP has still seen ~ 100% growth over the last month. Based on the bullish momentum in crypto right now, XRP’s price continues to be suppressed due to on-going legal battles between Ripple and the SEC.
During a time where many of the largest digital assets like BTC and ETH are putting in new all-time highs, XRP has not come close to seeing its all-time high since January 2018 ( ~ $3.40 ). There is no doubt that XRP has some of the highest potential upsides pending a positive outcome in court. Many investors hope for a settlement, but recent filings still show Ripple and the SEC being nowhere near a settlement at this point. Many predict that the courts could decide on the enforcement action by August of this year, but investors hope for something much sooner.
XRP Technical Analysis
In our recent XRP analysis, it was believed that the digital asset would continue to see upward momentum as long as $0.40 support was maintained. This played out quite well, with XRP rallying to $0.60 levels. Despite ongoing legal battles, it is evident that investors are sticking strong right now. This is a scenario where risk capital can go really good or really bad in the blink of an eye.
Based on recent price action, we are looking at $0.56 and $0.48. Key resistance is right around $0.56 right now. If XRP can break above this level, watch for a rally to $0.66 levels. This could spark a strong rally above yearly highs in the short-term for XRP. On the flip side, if XRP rejects $0.48 support, we will remain bearish in the short-term. XRP’s momentum is neutral right now ( measured by ROC ). We should see in the next 24 hours or so which direction XRP plans to take. We are approaching a scenario in the technicals where a move in either direction could see a significant push. Investors and traders continue to keep $0.56 and $0.48 on the watch to assess the overall sentiment of XRP.
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