Main navigation

BTC, ETH and XRP Price Analysis for May 3

Price Analysis
Tue, 05/03/2022 - 16:12
article image
Denys Serhiichuk
How long is the market going to remain trading sideways?
BTC, ETH and XRP Price Analysis for May 3
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.

Read U.TODAY on
Google News

The cryptocurrency market is trading sideways today as some coins are going up, while the rates of others are falling.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) is the only coin from the list today that is falling, declining by 0.90%.

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

On the daily chart, nothing has changed as the price keeps trading in a wide channel. In addition, the volume is going down, which means that none of the sides has accumulated enough power for a sharp move. In this case, trading in the range of $38,000-$40,000 is the more likely price action until the end of the week.

Bitcoin is trading at $38,279 at press time.

ETH/USD

Unlike Bitcoin (BTC), Ethereum (ETH) is showing power, rising by 0.19% since yesterday.

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

Despite slight growth, Ethereum (ETH) is still trading below the vital $3,000 mark. If today's candle fixes near $2,780, there is a high possibility to expect a breakout of the red line soon, followed by a continued price drop.

Ethereum is trading at $2,823 at press time.

XRP/USD

XRP is the biggest gainer from the list today, rising by 0.70%.

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

XRP remains bearish despite the rise, approaching the $0.5461 level. If bears' pressure continues, the decline may lead to a further decrease to the zone around $0.55 until mid-May.

XRP is trading at $0.6150 at press time.

article image
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.