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BTC, ETH and XRP Price Analysis for January 6

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Fri, 6/01/2023 - 15:35
BTC, ETH and XRP Price Analysis for January 6
Cover image via www.tradingview.com

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The market is again under bears' influence, according to CoinMarketCap's ranking.

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Top coins by CoinMarketCap

BTC/USD

The price of Bitcoin (BTC) has dropped by 0.29% over the last 24 hours.

BTC/USD chart by TradingView

Despite the fall, Bitcoin (BTC) keeps trading in the wide range between the support at $15,632 and the resistance at $18,157. From the technical point of view, the rate of the main crypto has failed to fix above the vital zone of $17,000. If buyers cannot seize the initiative soon, bears may become more powerful, which can lead to a test of $16,000.

Bitcoin is trading at $16,750 at press time.

ETH/USD

Ethereum (ETH) has lost less than Bitcoin (BTC), going down by 0.11%.

ETH/USD chart by TradingView

From the technical point of view, Ethereum (ETH) is looking better than Bitcoin (BTC) as the rate remains in the bullish zone. While the price is above the support at $1,230.20, there is a chance to see a rise. In this case, the upward move may continue to the $1,300 area.

Ethereum is trading at $1,250 at press time.

XRP/USD

XRP has lost the most value on the list today, declining by 1.22% over the past 24 hours.

XRP/USD chart by TradingView

On the daily chart, XRP has fixed below the $0.34 level, which means that the bearish trend remains relevant. Even though the decline has lasted long, there are no reversal signals yet. In this case, the more likely scenario is a drop to the support at $0.3148.

XRP is trading at $0.3359 at press time.

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