BTC, ETH and XRP Price Analysis for September 8

Price Predictions
Tue, 09/08/2020 - 16:13
Denys Serhiichuk
Can Bitcoin (BTC) finish the correction phase sooner than Ethereum (ETH) or XRP?
BTC, ETH and XRP Price Analysis for September 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.

Contents

The market has entered a short-term reversal zone as all Top 10 coins are in the green zone. Binance Coin (BNB) is the main gainer, rising by 7.80% over the last day.

Top 10 coins by Coinstats
Top 10 coins by Coinstats

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

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin 

BTC

$184,818,304,812 $9,999.30 $35,073,898,021 1.14%

Ethereum

ETH

$37,968,124,297 $337.44 $27,006,259,200 3.58%

XRP

XRP

$10,604,271,443 $0.235592 $2,291,283,155 1.74%

BTC/USD

Yesterday, the psychological level of $10,000 again acted as a limit to bearish pressure. Sellers were able to pierce it, but the Bitcoin (BTC) price bounced to the $10,200 area.

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

The recovery continued overnight and the pair tested the 2-hour EMA55 level. Buyers have not yet managed to overcome the level of average prices, but today they might try to test the resistance of $10,500 again.

Related Bitcoin (BTC) Price Analysis for 09/07
Related
Bitcoin (BTC) Price Analysis for 09/07

Buyers' persistence may lead to a retest of the level of $10,800. If bears resume the onslaught, the pair will break through the strong support of $9,800.

Bitcoin is trading at $9,976 at press time.

ETH/USD

The Ethereum (ETH) price continued to consolidate sideways yesterday. In the first half of the day, sellers tried to return the pair to the weekly low zone, but the price bounced off the support of $320.

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

In the second half of the day, buyers recovered the Ether price close to the resistance of $360. But by this morning, the pair could not overcome it yet. If the volume of purchases can be increased, then there is a chance of restoring the pair above the level of average prices and testing the upward green trend line. In case sellers increase the pressure, the price will test the psychological level of $300.

Ethereum is trading at $333.63 at press time.

XRP/USD

Support at $0.230 yesterday kept the XRP price from falling further, and the pair continued to move sideways.

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

As of this morning, the XRP price has reached the upper end of the range $0.243, but the recovery may continue to the mid-range. A retest of the $0.25 resistance is possible during the day, after which pressure from sellers may increase, and the pair may roll back to the zone of the monthly minimum.

XRP is trading at $0.2328 at press time.

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 & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.