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BTC, ETH and XRP Price Analysis for April 8

Price Analysis
Fri, 04/08/2022 - 15:58
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Denys Serhiichuk
Which coin is looking stronger than most others on the market?
BTC, ETH and XRP Price Analysis for April 8
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Most of the coins are recovering after a recent fall; however, there are some exceptions to the rule. Namely, the rate of LUNA is going down by 3.89% since yesterday.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) could not start the growth after a neutral day, going down by around 1%.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

Bitcoin (BTC) remains trading below the vital level of $44,776, which means that bears are more powerful than bulls at the moment. If the price comes back to the mark of $42,750 and fixes there on the daily chart, there is a chance to see a further drop to the nearest support level at $40,330, where most of the power has been accumulated.

Bitcoin is trading at $43,414 at press time.

ETH/USD

The rate of Ethereum (ETH) has risen by 3.14% over the last 24 hours.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

Ethereum (ETH) is looking stronger than Bitcoin (BTC) as it is going up after yesterday's bullish candle. However, the buying trading volume is not rising, which means that bulls might need more time to accumulate energy for a further move. In this case, one can expect sideways trading in the area of $3,400-$3,500 until the end of the week.

Ethereum is trading at $3,283 at press time.

XRP/USD

The rate of XRP is almost unchanged since yesterday with growth of only 0.37%.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

From the technical point of view, XRP is neither bullish nor bearish as the rate is located in the middle of the channel. But if the daily candle closes below yesterday's low, there is a chance to see a drop below the $0.75 mark. Such a scenario is relevant until mid-April.

XRP is trading at $0.7748 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.