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BTC, ETH and XRP Price Analysis for March 7

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Mon, 7/03/2022 - 15:27
BTC, ETH and XRP Price Analysis for March 7
Cover image via www.tradingview.com

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The new week has begun with a neutral mood on the cryptocurrency market as some coins are in the red zone, while others are in green.

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Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has risen by 0.32% over the last 24 hours.

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

On the daliy chart, Bitcoin (BTC) is fighting for the $39,000 mark against the declining trading volume. If bullish pressure continues until the end of the day, there is a chance to see slight growth to the vital mark around $40,000 by the end of the week.

Bitcoin is trading at $38,944 at press time.

ETH/USD

Ethereum (ETH) could not follow the rise of Bitcoin (BTC) as the price of the main altcoin has declined by 0.39%.

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

Despite the fall, Ethereum (ETH) is located in the middle of the channel, between the support at $2,300 and the resistance around $3,200. The buying trading volume remains low, which means that bulls are not ready to buy from the current levels.

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If the slight decline continues, there is high potential to see the retest of the support within the next few days.

Ethereum is trading at $2,614 at press time.

XRP/USD

XRP is the biggest gainer from the list today as its rate has increased by 1.23% since yesterday.

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

XRP keeps accumulating power, trading in a range between the support level at $0.6959 and the resistance at $0.79. If the rate starts to approach the $0.75 mark, there is a possibility to see further growth to the area around $0.80. Such a scenario is relevant for the next few weeks. The rising buying trading volume is also a prerequisite for possible upward movement.

XRP is trading at $0.7444 at press time.

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