The cryptocurrency market shows promising potential for more gains to come. Key levels have been identified. Bitcoin maintains a steep uptrend rally throughout the weekend as volume continues to pour into the market. Ethereum price shows bullish strength as price targets$2,000 ETH. Ripple price underperforms. A dual scenario is in the cards that investors should be aware of.
A brief technical and on-chain analysis on a few cryptos. Here, FXStreet’s analysts evaluate where some of the hottest cryptos on the market could go next. Please, subscribe to our YouTube channel, follow us on Twitter @FXScrypto and join our Telegram channel.
A recent report issued by the White House aims to understand the impact of cryptocurrencies on climate change. The report revealed that Cardano is one of the largest proof-of-stake blockchains in the world, in terms of electricity consumption and market valuation.
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Ethereum Merge will have a massive impact on the crypto ecosystem. Despite its short history, crypto has several key updates lined up, the Merge and the ETHW hard fork. The successful completion of the Merge could alter the future of the DeFi ecosystem and several dApps that rely on the Ethereum blockchain for conducting business.
Bitcoin price produced took a massive and sudden U-turn after the US Consumer Price Index (CPI) data was announced on September 13. Although the CPI decreased from 8.5% to 8.3% year-on-year, it was higher than the expected rate of 8.1%.
XRP price could rally back towards $0.38. Still the much larger count suggests a plummet towards $0.24 could occur in the coming months. The $0.48 invalidation level is still necessary to qualify the end of the downtrend.
Institutions have an important place in the crypto space as they tend to bring not only high volumes and inflows but also the credibility that crypto lacks, which keeps financial institutions at bay.
Bitcoin price has not only swept key swing lows, as noted in last week’s articles, but it has also reached its first recovery level target. While the recovery rally was as quick as it was a surprise, investors can hope for a minor retracement to get on the next leg-up.
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