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BTC, ETH and XRP Price Analysis for May 3

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Tue, 3/05/2022 - 16:12
BTC, ETH and XRP Price Analysis for May 3
Cover image via www.tradingview.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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

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Top coins by CoinMarketCap

BTC/USD

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

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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.

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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%.

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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.

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