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BTC, ETH and XRP Price Analysis for February 17

Price Predictions
Wed, 02/17/2021 - 14:12
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Denys Serhiichuk
Can Ethereum (ETH) and XRP follow the sharp rise of Bitcoin (BTC)?
BTC, ETH and XRP Price Analysis for February 17
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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Some coins have entered a short-term decline today as Bitcoin (BTC) has broken the vital $50,000 mark.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The vital statistics for Bitcoin (BTC), Ethereum (ETH) and XRP:

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin 

BTC

$958,455,881,065 $51,433.80 $88,506,227,966 4.88%

Ethereum

ETH

$207,160,393,308 $1,811.81 $38,680,582,904 0.76%

XRP

XRP

$24,640,475,912 $0.5432 $10,899,117,847 -3.24%

BTC/USD

Yesterday, bulls tried to continue the race. They managed to pierce the psychological level of $50,000 and mark a new high above the $51,000 mark.

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

Sellers reacted with a series of sell-offs, causing the price to pull back to support the 2-hour EMA55. This morning, bulls will continue their attempts to keep the race going, and if the growth is supported by large volumes, then the next maximum is possible in the region of $52,000.

Related
Bitcoin (BTC) Price Analysis for February 16

If the bullish momentum turns out to be weak, then the high will be followed by a pullback to the support of $46,000.

Bitcoin is trading at $51,550 at press time.

ETH/USD

Ethereum (ETH), unlike Bitcoin (BTC), has not shown such a price rise. Its rate has remained in the same place since yesterday.

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

On the daily chart, Ethereum (ETH) is getting out of the consolidation phase and is ready to conquer new peaks. In this case, bulls can get the rate of the second most popular crypto to the vital mark of $2,000.

Ethereum is trading at $1,811 at press time.

XRP/USD

Yesterday, the 4H EMA55 failed to cope with the selling pressure and the bears broke through the rather strong support of the moving average.

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

At the end of the day, the XRP price pierced the psychological level of $0.50 but, until this morning, the pair was trying to gain a foothold above the $0.50 mark. If the bearish momentum repeats, the pair will roll back to the support of $0.45.

XRP is trading at $0.5332 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.