The market excitement following the news that the SEC approved an Ethereum ETF in the US subsided this week, leading to a slight dip in the cryptocurrency market.
Over the week, the crypto market's capitalization decreased from $2.59 trillion to $2.51 trillion. In the past seven days, Bitcoin lost over 3%, Litecoin fell by 4%, and both Ripple and Ethereum dropped by approximately 2%.
Bitcoin
Bitcoin failed to maintain a position above $70,000 per coin (61.8 Fibo Expansion) and subsequently dropped below the horizontal level of $68,976.
A downward trend has emerged on the daily chart of the leading cryptocurrency, indicating that Bitcoin may continue to decline, with the nearest support level at $64,728 per coin.
Ripple
Ripple is holding above the support range between 0.5089 and 0.5865, indicating potential for technical recovery in the price.
An ascending triangle is gradually forming on the chart, suggesting that after some time of trading within this range, XRP/USD may break out the 0.5865 resistance and continue rising to 0.6729.
However, if the 0.5089 support gets broken out and the price consolidates below it, the next target for XRP/USD’s decline will be 0.4336.
Ethereum
Ethereum retreated from the resistance of the trading range between 3586.13 and 3992.43 trading range and is now midway toward its support. Upon reaching the 3586.13 level, both a downward reversal and a breakout with consolidation below this level are possible. In the latter scenario, the next target would be the horizontal support at 3293.59.
Litecoin
Litecoin pulled back from the 88.12 resistance level and returned to the 81.76 support. If it is broken out and consolidates below this support, the decline could continue to the dotted level of 76.95. Alternatively, an upward reversal and recovery within the range between 81.76 and 88.12 is also possible.
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