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Bitcoin, Ethereum, XRP Weekly Wrap – September 6, 2024

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The crypto market has been moving steadily and cautiously ahead of the US Nonfarm Payrolls (NFP) Report. Bitcoin’s (BTC) price, along with Ethereum (ETH), has been observed to be slightly bearish, while XRP is susceptible to further decline.

BeInCrypto’s analysis finds that while the big three cryptocurrencies may not have noted sharp drawdowns, there is a chance that the coming week may not prove to be bullish for them.

Bitcoin Weekly Wrap: Price Action Remains Bearish

Bitcoin’s price has been stuck in a bearish pattern, forming a right-angled descending broadening wedge. This technical formation projects a potential 21% drop, which would send Bitcoin to $42,804 if the pattern breaks down.

However, a major breakdown may not be imminent. Volatility has been declining, with Bitcoin’s price dropping by less than 5% over the past week.

This decrease in market activity suggests that while the bearish trend remains intact, a sharp downturn might be delayed. The lower volatility gives Bitcoin a chance to consolidate before any significant moves take place.

Read more: Bitcoin Halving History: Everything You Need To Know

Bitcoin Price Analysis.
Bitcoin Price Analysis. Source: TradingView

In the coming week, Bitcoin will test the $55,883 support level, a crucial area for bulls. A rebound from this level could allow BTC to recover, but losing it could push the price toward $54,500. Bitcoin might be poised for a breakdown from the bearish wedge pattern if this support breaks.

Ethereum Could Validate a Multi-Month Trend

Ethereum’s price is currently at $2,372, approaching a crucial support level of $2,344. The altcoin has experienced a 6% decline over the past week, but this drawdown may not continue in the immediate future. The recent price action suggests that Ethereum could stabilize or recover rather than extend its losses further.

Historically, Ethereum has shown resilience at $2,344. For instance, after a significant 30% drop at the end of July, ETH bounced back from this price point.

A similar recovery pattern could see Ethereum’s price rise to $2,546, a key resistance level the altcoin has struggled to surpass this week.

Read more: How to Invest in Ethereum ETFs?

Ethereum Price Analysis.
Ethereum Price Analysis. Source: TradingView

On the other hand, if bearish pressure increases and ETH falls below the $2,344 support, it could confirm a five-month-long downtrend. In such a scenario, Ethereum might test its trend line support above $2,170, which would invalidate any current bullish outlook. This shift could signal further declines and a deeper bearish trend for Ethereum.

XRP Price Is at Risk

XRP’s short-term price outlook appears negative after a recent 5% drop. This decline led the altcoin to lose support at the 38.2% Fibonacci Retracement level of $0.55. The loss of this key support line has raised concerns about further declines, making the short-term forecast challenging for XRP.

The Bollinger Bands are currently showing a squeeze on the 12-hour chart, indicating potential for a short-term decline. With the candlesticks positioned below the basis line, this technical setup suggests that XRP might test the 23.6% Fibonacci line at $0.49. Such a move would further confirm the bearish sentiment in the market.

Read more: Ripple (XRP) Price Prediction 2024/2025/2030

XRP Price Analysis.
XRP Price Analysis. Source: TradingView

Nevertheless, despite recent losses, XRP has shown the ability to recover from dips below $0.55. If this pattern repeats, the altcoin could stabilize and continue moving sideways above this support. However, the bearish outlook will only be invalidated if XRP manages to reclaim the 50% Fibonacci line at $0.60.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Ethereum Price Recovery Stalls—Bears Keep Price Below $2K

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Ethereum price attempted a recovery wave above the $1,880 level but failed. ETH is now trimming all gains and remains below the $1,880 resistance zone.

  • Ethereum failed to stay above the $1,850 and $1,880 levels.
  • The price is trading below $1,850 and the 100-hourly Simple Moving Average.
  • There was a break below a key bullish trend line with support at $1,865 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must clear the $1,865 and $1,890 resistance levels to start a decent increase.

Ethereum Price Fails Again

Ethereum price managed to stay above the $1,800 support zone and started a recovery wave, like Bitcoin. ETH was able to climb above the $1,850 and $1,880 resistance levels.

The bulls even pushed the price above the $1,920 resistance zone. However, the bears are active near the $1,950 zone. A high was formed at $1,955 and the price trimmed most gains. There was a break below a key bullish trend line with support at $1,865 on the hourly chart of ETH/USD.

A low was formed at $1,781 and the price is now consolidating near the 23.6% Fib retracement level of the downward move from the $1,955 swing high to the $1,781 low.

Ethereum price is now trading below $1,850 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $1,850 level. The next key resistance is near the $1,865 level and the 50% Fib retracement level of the downward move from the $1,955 swing high to the $1,781 low.

Ethereum Price
Source: ETHUSD on TradingView.com

The first major resistance is near the $1,920 level. A clear move above the $1,920 resistance might send the price toward the $1,950 resistance. An upside break above the $1,950 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,000 resistance zone or even $2,050 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $1,865 resistance, it could start another decline. Initial support on the downside is near the $1,800 level. The first major support sits near the $1,780 zone.

A clear move below the $1,780 support might push the price toward the $1,720 support. Any more losses might send the price toward the $1,680 support level in the near term. The next key support sits at $1,620.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $1,780

Major Resistance Level – $1,865



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Cardano (ADA) Downtrend Deepens—Is a Rebound Possible?

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Cardano price started a recovery wave above the $0.680 zone but failed. ADA is consolidating near $0.650 and remains at risk of more losses.

  • ADA price failed to recover above the $0.70 resistance zone.
  • The price is trading below $0.680 and the 100-hourly simple moving average.
  • There was a break below a connecting bullish trend line with support at $0.6720 on the hourly chart of the ADA/USD pair (data source from Kraken).
  • The pair could start another increase if it clears the $0.70 resistance zone.

Cardano Price Dips Again

In the past few days, Cardano saw a recovery wave from the $0.6350 zone, like Bitcoin and Ethereum. ADA was able to climb above the $0.680 and $0.6880 resistance levels.

However, the bears were active above the $0.70 zone. A high was formed at $0.7090 and the price corrected most gains. There was a move below the $0.650 level. Besides, there was a break below a connecting bullish trend line with support at $0.6720 on the hourly chart of the ADA/USD pair.

A low was formed at $0.6356 and the price is now consolidating losses near the 23.6% Fib retracement level of the recent decline from the $0.7090 swing high to the $0.6356 low. Cardano price is now trading below $0.680 and the 100-hourly simple moving average.

On the upside, the price might face resistance near the $0.6720 zone or the 50% Fib retracement level of the recent decline from the $0.7090 swing high to the $0.6356 low. The first resistance is near $0.6950. The next key resistance might be $0.700.

Cardano Price

If there is a close above the $0.70 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.7420 region. Any more gains might call for a move toward $0.7650 in the near term.

Another Drop in ADA?

If Cardano’s price fails to climb above the $0.6720 resistance level, it could start another decline. Immediate support on the downside is near the $0.6420 level.

The next major support is near the $0.6350 level. A downside break below the $0.6350 level could open the doors for a test of $0.620. The next major support is near the $0.60 level where the bulls might emerge.

Technical Indicators

Hourly MACD – The MACD for ADA/USD is losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.

Major Support Levels – $0.6420 and $0.6350.

Major Resistance Levels – $0.6720 and $0.7000.



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XRP Price Under Pressure—New Lows Signal More Trouble Ahead

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.



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