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BTC, ETH and XRP Price Analysis for March 1

Price Predictions
Mon, 03/01/2021 - 16:35
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Denys Serhiichuk
Has the correction of the top coins on the market ended yet?
BTC, ETH and XRP Price Analysis for March 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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March has begun with the continued growth of the cryptocurrency market as all coins from the top 10 list have come back to the green zone.

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

$893,180,309,180 $48,623.07 $54,623,307,619 10.33%

Ethereum

ETH

$175,094,449,495 $1,541.75 $26,396,600,807 16%

XRP

XRP

$19,613,841,046 $0.4331 $3,759,246,043 5.86%

BTC/USD

Last Saturday, the Bitcoin (BTC) price held in a fairly wide sideways range between the support of $46,000 and the resistance of $48,000. On Sunday, sellers knocked the pair out of the sideways channel and tested the $43,100 level, setting a weekly low at $43,021.

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

The pair managed to recover within the sideways range last night and, in the morning, the growth stopped in the area of ​​the POC line ($47,037). In the first half of the day, buyers will try to break through to the upper border of the sideways range. But if the buying volumes are as modest as tonight, then bulls will not be able to gain a foothold above the resistance of $48,500, and movement in the sideways channel will continue until the end of the day.

Related
BTC, ETH, XRP, BNB, ADA and XLM Price Analysis for February 27

It should also be said that another weak support area is seen in the area of ​​$44,500, which today may limit the rollback if sellers begin to press and squeeze the pair out of the sideways range.

Bitcoin is trading at $48,615 at press time.

ETH/USD

Throughout the day on Saturday, buyers tried to gain a foothold above the resistance of $1,500, but they failed to form a powerful bullish impulse. On Sunday night, the bears pushed the pair below the weekly low, and at the end of the day pierced the level of $1,300, updating the local minimum to $1,293.

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

Over the past night, there has been increased demand for Ethereum on the market. As a result, the price crossed the POC indicator line ($1,345) and recovered to the $1,460 area in the morning. One believes that today the resistance of $1,600 will continue to restrain the growth of the ETH price. Only a strong bullish impulse will allow the pair to gain a foothold above the level of average prices.

Ethereum is trading at $1,555 at press time.

XRP/USD

Yesterday, the XRP price fell out of the blue sideways range and set a local minimum at $0.393. Over the past night, buyers tried to return the pair to the channel, but by morning they were unable to overcome the resistance of the lower border at the level of $0.430.

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

If bears resume the onslaught, the price will test the $0.350 level.

XRP is trading at $0.4468 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.