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BTC, ETH and XRP Price Analysis for May 5

Price Analysis
Thu, 05/05/2022 - 16:19
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Denys Serhiichuk
Can the market show local growth by the end of the week?
BTC, ETH and XRP Price Analysis for May 5
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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Bulls could not continue yesterday's growth as most of the coins are again trading in the red zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) is the biggest loser from the list today, falling by almost 4%.

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

On the daily chart, Bitcoin (BTC) is trying to fix below the $37,700 level. The fall is accompanied by increased selling trading volume, which means that bears are ready to keep their pressure. If they can hold the initiative until the end of the day, there is a chance to see a decline to the area of $35,000-$36,000 until the end of the week.

Bitcoin is trading at $37,245 at press time.

ETH/USD

Ethereum (ETH) has lost less than Bitcoin (BTC), going down by 2.10% since yesterday.

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

From the technical point of view, Ethereum (ETH) is trading similarly to BTC, as it has also broken the interim level at $2,774. If bulls cannot seize the initiative, one may expect a sharp drop to the $2,600 mark per coin.

Ethereum is trading at $2,762 at press time.

XRP/USD

XRP is faring much better than other coins as the decline has accounted for around 1%.

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

At the moment, XRP is approaching the support level at $0.5461 on the daily chart. If the trading volume remains high, the ongoing fall may continue to the test of the next closest level at $0.40 shortly.

XRP is trading at $0.6036 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.