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BTC, ETH and XRP Price Analysis for February 23

Price Predictions
Tue, 02/23/2021 - 13:44
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Denys Serhiichuk
Can Ethereum (ETH) and XRP recover faster than Bitcoin (BTC)?
BTC, ETH and XRP Price Analysis for February 23
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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The crypto market seems unlikely to recover so fast as all of the top 10 coins are under bearish pressure. Bitcoin Cash (BCH) is the top loser, falling by 26%.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

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

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin 

BTC

$893,083,924,525 $46,697.63 $107,532,823,060 -14.47%

Ethereum

ETH

$171,252,593,641 $1,429.13 $51,018,806,250 -21.45%

XRP

XRP

$20,510,824,029 $0.4387 $17,152,428,892 -21.41%

BTC/USD

Yesterday morning, the Bitcoin (BTC) price rolled back to the support of the two-hour EMA55 (around $54.000). During the day, the pressure of the bears increased. They pushed the moving average and pulled the pair back to the uptrend line ($52,500).

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

Another bearish impulse knocked the pair out of the ascending channel and tested the support at $45,000. The BTC price bounced above the trend line, but the pair could not hold out in the upward channel until morning. If bulls hold the $45,000 level, there are chances of seeing a short-term rise to $50,000.

Bitcoin is trading at $46,590 at press time.

ETH/USD

The onslaught of sellers intensified yesterday morning, and during the day, they pulled the pair back below the support of $1,800. In the afternoon, the Ethereum (ETH) price pierced the trendline, setting a minimum of around $1,540.

Related
Ethereum (ETH) Price Analysis for February 22

Before the end of the day, the price bounced into an ascending channel, but it has not yet been able to gain a foothold in it.

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

As of this morning, the volume of sales has decreased. But even at low trading volumes, the pair may go down to the support around $1,300. One believes that this level will stop the decline and allow the pair to consolidate sideways.

Ethereum is trading at $1,472 at press time.

XRP/USD

Yesterday morning, strong bullish momentum tried to restore the XRP/USD pair to the upward channel. The price broke through the resistance of $0.60 and set a new February high at $0.649.

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

XRP looks more bullish than Bitcoin (BTC) and Ethereum (ETH) in the short-term scenario. The selling trading volume is high, which means that most bears may have already closed their positions. In this case, there is a chance for a bounce-off to the vital mark at $0.50.

XRP is trading at $0.44 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.