Cryptocurrency markets post the Easter holidays seem to be on a consolidation phase. The trait is visible in cryptos starting from Bitcoin to Ethereum, Litecoin, and Ripple. Investors are more likely to stay away from placing large bets in the cryptos currently.
Here’s a detailed analysis for Ethereum ETH/USD, Litecoin LTC/USD and Ripple XRP/USD:
Markets seem to be in an undecided state currently. There is no clear winner between the Bulls and the Bears.
Ethereum price analysis and movement:
- The day’s range for Ethereum has been $155.56 — $159.31. This range indicates that ETHUSD has not been very volatile in this period.
- The hourly chart indicates that the traded volumes for Ethereum have remained pretty low.
- Ethereum’s current market price or CMP seems to be overlapping the hourly 50 SMA.
- However, the four-hour chart indicates that the 50 SMA could be a potential resistance in the short term.
Litecoin experiences selling pressure
- The day’s range for the LTCUSD is $40.58 — $41.79.
- Litecoin seems to be forming a Bear flag as per the four-hour chart. The confirmation could drag prices to below $37.
- Breaking out of the pattern would require a significant rise in the trading volumes.
Ripple’s price movement
- XRPUSD has lately been quite the volatile cryptocurrency. However, it seems to be under heavy selling pressure now. Large red candlesticks accompany all the high trading volumes.
- The daily chart for Ripple, however, suggests that a rise in prices might take place in the short term.
- Day’s range for XRPUSD is $0.18350 — $0.18894.
Major price movements in either Ethereum, Litecoin, or Ripple could take place if the macroeconomic conditions change significantly. Until then, it might be a week-long consolidation for the cryptocurrencies.