Following the recent crypto market surge that led many cryptocurrencies to skyrocket, the markets have taken a breather and all major cryptocurrencies have dropped today, with Ethereum (ETH) and (XRP) both dropping over 7% as Bitcoin trades down just over 4%.
Despite today’s drop, analysts don’t believe that the markets have lost all their momentum, and the consensus is that further price gains are imminent.
Ethereum Drops 7%, But ETH Still Up Significantly Over Weekly Period
At the time of writing, Ethereum is trading down 7.4% at its current price of just under $160. Over the week, ETH surged from lows of roughly $140 to highs of $178, before settling at its current price levels.
Although Ethereum has dropped today, analysts expect Ethereum to surge higher in the near future, as the markets have been able to maintain a significant amount of their recent gains, which means that the upwards momentum may continue in the coming days.
The Rhythm Trader, a popular cryptocurrency analyst on Twitter, spoke about which direction he expects ETH to move in the near future, explaining that the crypto is still showing strength and that further gains could be imminent.
“#Ethereum has pulled back directly to the tick half way of that large move up. 50% pullbacks like this are my favorite places to long. $ETH still showing strength,” he noted.
#Ethereum has pulled back directly to the tick half way of that large move up.
50% pullbacks like this are my favourite places to long.$ETH still showing strength. pic.twitter.com/rtQcvS2CyF
— The Rhythm Trader (@Rhythmtrader) April 4, 2019
Naturally, however, because of the current state of the markets, it is likely that Ethereum’s price action in the near-future will be largely dictated by which direction Bitcoin moves.
Ripple (XRP) Also Drops, But Finds Support Around $0.33
At the time of writing, Ripple (XRP) is trading down approximately 7% at its current price of $0.332, and is down from its weekly highs of $0.37, but is still trading up from its weekly lows of $0.30.
Although XRP has lagged behind many other major cryptocurrencies over the past few days, it does appear to be establishing the $0.32 to $0.33 region as a level of support, which could mean that further gains are imminent if this level continues to hold as support.
Redxbt, another popular crypto trader on Twitter, spoke about the aforementioned level of support in a recent tweet, explaining that he is comfortable holding XRP as long as it stays above this level.
“As long as there isn’t a close below the red line, I’m good holding this cryptocurrency $xrp,” he said.
as long as there isnt a close below the red line, im good holding this cryptocurrency $xrp pic.twitter.com/Srdpkx9tol
— typhoon (@redxbt) April 4, 2019
Redxbt further spoke about Ripple in another tweet, noting that XRP appears to be currently forming a bottom when looking at the XRP/BTC trading pair.
“Probably bottoming out here $xrp,” he concisely noted.
probably bottoming out here $xrp pic.twitter.com/6JubsOtKrR
— typhoon (@redxbt) April 4, 2019
Although both Ripple and Ethereum may be able to incur further gains in the near future, their success will undoubtedly rest in the hands of Bitcoin, as it will likely dictate whether or not the entire crypto markets sink or surge in the foreseeable future.
Featured image from Shutterstock.
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