Bitcoin, Ethereum, Ripple Weekly Wrap: July 27, 2024

Bitcoin (BTC) noted considerable volatility this past week following the launch of spot Ethereum(ETH) ETFs. ETH price, on the other, failed to reflect the hype surrounding this event. Ripple’s (XRP) remained unbothered, continuing its own struggle throughout the week.

Bitcoin (BTC)

Bitcoin’s price is currently stuck in a descending broadening wedge. This pattern suggests a bullish breakout could send BTC rallying by 21%, placing the target at $85,500. However, practically, that is not possible. 

But this could help Bitcoin break through its current all-time high of $73,800. While BTC may have had a volatile week, it is currently trading at $68,197, above the critical support of $67,100. A bounce from hereon could send the crypto asset to break out of the pattern.

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Bitcoin Price Analysis. Source:  TradingView

On the other hand, this breakout has failed multiple times, so a repeat of the same is possible. Bitcoin’s price would thus end up testing $63,000 again.

Ethereum (ETH)

Ethereum was the focus of the month and, more importantly, of the week. As the spot ETH ETFs began trading this week, investors anticipated a rally. However, this was not the case.

Ethereum’s price marked a sharp descent from $3,500 to $3,276 at the time of writing. This also led to ETH falling to the 23.6% Fibonacci Retracement line. This line is also known as the bear market support floor and tends to prevent a drawdown. This could keep ETH pushing upwards towards $3,500 in the coming days.

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Ethereum Price Analysis. Source:  TradingView

Nevertheless, should the investors’ response remain negative, this recovery could become difficult. This could keep ETH under the 50% Fib line at $3,455.

Ripple (XRP) 

XRP price had a rather docile week with not much volatility noted apart from the rejection at $0.62. This line marks a crucial barrier for the altcoin and has failed for the second time this month.

Coinciding with the 50% Fib line, a breach of this level would enable a rise to $0.65. This would mark a four-month high for the Ripple native token, bringing it closer to the 61.8% Fib line.

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XRP Price Analysis. Source:  TradingView

But the rejected breakout will keep the altcoin consolidated above $0.57 and under $0.62. Losing the former, however, could send the XRP price trickling on the daily chart before stopping at the 23.6% Fib line at $0.51.