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BTC, ETH and XRP Price Analysis for February 1

Price Predictions
Mon, 02/01/2021 - 15:36
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Denys Serhiichuk
Has the accumulation phase ended for Bitcoin (BTC), Ethereum (ETH) and XRP?
BTC, ETH and XRP Price Analysis for February 1
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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Contents

The market has entered the correction phase, at least in reference to some coins that are trading in the red zone.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The important data for Bitcoin (BTC), Ethereum (ETH) and XRP:

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin 

BTC

$628,760,743,879 $33,638.00 $65,960,083,560 -1.12%

Ethereum

ETH

$150,737,797,489 $1,316.58 $31,467,794,245 -3.57%

XRP

XRP

$18,796,901,885 $0.4182 $34,123,386,564 -14.37%

BTC/USD

Last Saturday, the 2H EMA55 paused the Bitcoin (BTC) price correction after a hyped bullish spike. The pair managed to gain a foothold above the purple downtrend line.

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

Selling volumes decreased, and bearish pressure gradually eased. However, yesterday, sellers managed to pierce the trend line and test the level of $32,200.

At the moment, the pair has recovered to the area of ​​average prices, but this recovery was not supported by large volumes. If buyers can overcome the EMA55 moving average, then the rise may continue to the resistance of $36,000. If the volume of purchases cannot be increased, then the pair will soon roll back below the support at $32,600 and the price of BTC may return to the descending channel.

Bitcoin is trading at $33,660 at press time.

ETH/USD

On Saturday, the Ether price held above the average price level, and on Sunday, sellers managed to push through the 2H EMA55 and test the support of the trendline.

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

The pair is still holding in the ascending channel and, if the volume of purchases continues to grow, the price will recover above the moving average EMA55. If buyers fail to overcome the level of average prices, then bears will be able to break through the blue trend line and roll back the price to the support of $1,250.

XRP/USD

Over the weekend, the price of XRP broke through the resistance of the upper border of the side channel of $0.310 and buyers formed a powerful bullish impulse, which forced a test of the psychological level of $0.50.

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

Bulls could not fix above the vital level at $0.50, which means that the accumulation phase has not ended yet. Thus, the selling trading volume is quite high.

Related
XRP Price Analysis for January 31

In this case, the more likely scenario is sideways trading between $0.40 and $0.50 to get more power to keep the growth.

XRP is trading at $0.4187 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 & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.