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BTC, ETH and XRP Price Analysis for September 8

Price Predictions
Wed, 09/08/2021 - 12:34
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Denys Serhiichuk
Which top coin can grow against the falling market?
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.

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The cryptocurrency market has turned to red after yesterday's sharp decline, and all of the top 10 coins are under a bearish influence.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) has lost the least from today's list as its rate has declined by 12.15%, which is less than the fall of the other coins.

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

On the daily chart, Bitcoin (BTC) has almost touched the support at $42,335 and bounced back from it. The fall has been supported by a rising trading volume, which means that sellers may have fixed their short positions. In this case, one can expect a retest of the vital zone around $50,000 by the end of the week.

Bitcoin is trading at $46,530 at press time.

ETH/USD

The fall in the price of the flagship cryptocurrency has led to a decline in price for all of the highly liquid altcoins. Yesterday, Ethereum's (ETH) price was unable to continue the struggle to update the monthly high. During the day, the pair rolled back close to the psychological support of $3,000 but, before the end of the day, the price managed to bounce back to the $3,500 area.

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

This morning, the pair is trying to gain a foothold in a sideways range. But if the bearish pressure intensifies, the Ether price may retrace below $3,000. In this regard, the nearest strong support would be in the area of ​​$2,800.

Related
BTC, ETH and XRP Price Analysis for September 4

If the market begins to gradually recover after yesterday's rollback, then the ETH price can return to the area of ​​the two-hour EMA55.

Ethereum is trading at $3,393 at press time.

XRP/USD

Yesterday, the XRP price fell and pierced the psychological level of $1, marking a minimum at $0.95. At the same time, the rebound was quite high, and the pair was able to gain a foothold in the area of the POC line.

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

If buyers continue to recover, the pair may try to return to the average price area—to the two-hour EMA55.

Related
BTC, SOL and DOGE Price Analysis for September 3

If large sales continue, then the price of XRP can roll back below the support of $1 per coin.

XRP is trading at $1.07 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.