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BTC, ETH and XRP Price Analysis for March 8

Price Predictions
Mon, 03/08/2021 - 14:22
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Denys Serhiichuk
Is it possible to see a price blast from the top coins soon?
BTC, ETH and XRP Price Analysis for March 8
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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Despite the growth, some coins have entered the correction phase. Mainly, Polkadot (DOT) is the main loser among the top 10 coins.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

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

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin

BTC

$938,274,325,054 $50,739.65 $45,370,128,691 0.55%

Ethereum

ETH

$196,855,394,487 $1,726.95 $25,958,320,831 3.87%

XRP

XRP

$21,399,877,714 $0.4743 $3,204,772,959 2%

BTC/USD

By the beginning of this week, the price of Bitcoin (BTC) managed to recover above the $50,000 mark and is now trying to stay above this psychologically important level.

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

Bulls set a weekly high at $51,835 tonight, but sellers responded with pressure, keeping the pair in the area of $50,500. If the pressure increases, a retest of the two-hour EMA55 is possible.

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If buyers are able to repeat the bullish momentum, perhaps tonight, then the recovery will continue to the resistance area of $52,000.

Bitcoin is trading at $50,850 at press time.

ETH/USD

Over the weekend, buyers found support in the mid-price area and retraced the pair to the resistance of $1,700. The bullish momentum broke through this resistance level tonight and, on the first day of the week, it already managed to mark the March high around the $1,757 mark.

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

The sellers have built up their defenses at the $1,750 line, so buyers cannot continue the recovery at medium volumes. If the volume of purchases increases, the price will reach the resistance of $1,800. If the bears push the pair below $1,700, then the Ether price will roll back to the two-hour EMA55.

Ethereum is trading at $1,732 at press time.

XRP/USD

At the end of last week, XRP trading volumes remained low. The XRP price consolidated above the 4H EMA55 level, and the pair spent the rest of the week in a narrow sideways range in the area of $0.465.

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

Since large investors are stalling for time while they refuse to participate in trading using this instrument, the volatility of the pair will be quite low. At the same time, the positive recovery dynamics of the crypto market this week will give the XRP price an opportunity to test the psychological $0.50 mark.

XRP is trading at $0.47 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.