The cryptocurrency market has seen significant volatility this week, with the pending approval of an ETH ETF by the SEC. Additionally, the price of major tokens has fluctuated significantly this week, signaling increased volatility within the cryptocurrency industry.
Moreover, the price of market leader Bitcoin has managed to sustain above the $68,000 level, highlighting the growing bullish sentiment in the cryptocurrency space. Moreover, the price of ETH continues to hover around the $3,750 mark, indicating a strong chance of a bullish price movement in the near future.
With the approval of an Ethereum ETF, will market leaders Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) tokens spark a new bull run in the cryptocurrency market?
Bitcoin price signals positive price movement:
Being the market leader, BTC price is showing a consolidated trend on the 1D timeframe and has formed a channel pattern on the chart. On a positive note, the support trend line of the symmetrical triangle pattern is recording a constant uptrend, suggesting long-term bullish sentiment in the cryptocurrency space.
The technical indicator, SMA, is supporting the price chart on the 1D timeframe, suggesting strong bullish sentiment in the crypto space. However, the MACD is showing a constant downward trend in its histogram and its average is recording a potential bearish curve, suggesting mixed sentiment.
If the market regains momentum, Bitcoin price will be poised to retest the resistance trend line over the weekend. If the price sustains at that level, Bitcoin price could test the previous high of $73,750.07 and potentially make a new all-time high.
However, if selling pressure intensifies, the market leader may decline towards the support trendline in the future.
ETC price forming bullish flag pattern!
Following the hype of the spot Ethereum ETF approval, ETH price has risen by around 21% this week, highlighting the growing bullish influence of altcoins.
On the positive side, the price of leading altcoin ETH has formed a bullish flag pattern on the price chart, highlighting the growing bullish influence in the cryptocurrency market. Moreover, Ethereum price has continuously maintained its price above the support level of $3,727, suggesting a bullish outlook for altcoins.
Moreover, the price chart of the 50/200-day cross EMA is showing a bullish curve, suggesting that buying pressure for Ethereum price is outweighing selling pressure in the market.
Meanwhile, the Relative Strength Index (RSI) continues to hover near the overbought range and the chart shows that the average is trending significantly higher.
If the bulls break out of the flag pattern, Ethereum price will be poised to test the upper resistance level of $4,094.75 sometime next week. Conversely, a bearish price action can drag the ETH token down to the lower support level of $3,400 this month.
Ripple's XRP Token is on the Brink of a Big Breakout:
Despite the increasing price volatility in the cryptocurrency market, the price of XRP has increased by about 3% in the past day and 1.98% in the past seven days, showing a neutral trend. Moreover, the year-to-date return of the Ripple token is 13.08%, indicating mixed sentiments.
The XRP token has formed a symmetrical triangle pattern on the 1D timeframe and is trading close to the resistance trendline. Moreover, the 50-day EMA is acting as resistance on the price chart, highlighting the mixed sentiments in the cryptocurrency market.
Additionally, the Moving Average Convergence Divergence (MACD) has been showing a constant green histogram since mid-April, indicating a positive impact on Ripple price in the cryptocurrency space.
If the market breaks out of the resistance trendline, bulls will prepare to retest the key resistance zone in the coming days. On the negative side, a trend reversal could drag XRP price down towards the support trendline this month.
Conclusion:
The SEC's approval of a spot Ethereum ETF has highlighted the high probability of the cryptocurrency market entering a new bull cycle and a new upswing in the coming weeks.
Moreover, top altcoins are exhibiting strong bullish patterns on their respective charts, indicating a strong chance of altseason, which could result in the cryptocurrency market hitting new all-time highs (ATH).
