Crypto News Developments: ETH, XRP, UNI, XMR
Hello and welcome, everyone. It's Martin here with CryptoGains. We have interesting developments across four major cryptocurrencies. So, I'm going to discuss them in turn, and then we're going to move to the technical chart and see how you can trade these cryptocurrencies.
Beginning with Ethereum, Purpose Investments launched the world's first Ethereum ETF. An ETF is an exchange-traded fund, and such financial instruments allow institutional investors to participate in cryptocurrency markets without directly being on-chain, facilitating more institutional investments and likely driving Ethereum prices higher. In addition to that, XRP Ripple is also experiencing very significant institutional interest, with a surge in assets under management, which nearly doubled for Ripple-related investment.
Additionally, Uniswap weekly trading volume crossed $10 billion for the first time. This is likely, of course, to drive prices of Uniswap higher. And finally, Monero hit a three-year high. Basically, with the development of the decentralised market, Monero's privacy-focused cryptocurrency is receiving a lot of attention because it's providing a very functional solution in the DeFi and decentralised cryptocurrency markets. So let's move to the charts and see how we can trade some of these insights.
First of all, we're beginning with Bitcoin versus Tether. We can see that the picture on the one-hour chart in terms of technical indicators is quite mixed in terms of horizontal support and resistance. $55,300 is the pivotal point. Above that level, buying Bitcoin, with targets at $55,850 and $56,200. Conversely, below $55,300, we could be selling Bitcoin. The pressure on the downside is going to prevail, with the first target at $55,000 and then $54,500.
Now let's move to Ethereum. The pivotal point for Ethereum is around $2280. Above that level, good opportunities to initiate long positions, with targets at $2330 and $2360. Conversely, below the critical level of $2280, we can see that it's more than likely that the downside pressure will prevail, with a bearish crossover in the MACD indicator and declining Relative Strength Index. And we can see that the nearest support for the short position is going to be at $2225. Then, if we break below that level, the next reasonable target is $2150.
Now let's move to Ripple. Ripple above $1.40 represents good buying opportunities, with targets at $1.46 and $1.535 on the upside. Conversely, below that level, selling pressure is likely to prevail, so you can sell Ripple below $1.40, with targets at $1.36 and $1.285.
Let's take a look now at Uniswap. For Uniswap, ideally, I'm waiting for prices to trade above $31.50, which acts as fairly robust support. And above that level, good opportunities to initiate long positions, with the most realistic target at $32.60. More longer-term trade, we could reach $34.70, but, at the moment, this seems a bit far-fetched. Conversely, below $31.50, downside pressure prevails, with targets at $31 and $30.20.
And finally, let's take a brief look at Monero. As we discussed, Monero reached new all-time highs and now is correcting some of its gains. What we can see on the one-hour chart is the formation of several important levels. Above $394, opportunities to buy Monero, with targets at $404 and $406. Conversely, below $394. To my mind, it's more than likely the downside pressure will prevail, with a target at $388.
So, this is all for today. Keep learning with the video education section and the CryptoGains marketing site subsection. And, of course, remember to join the Crypto Signals Made Easy channel for lots of insightful articles and trading ideas. Thanks for joining me today. Trade wisely, and I'll see you soon.
Bye-bye.
Tags
Exchange BTC
Try our Bitcoin Cloud Miner and get additional crypto rewards based on your trading volume. It's immediately available upon registration.
Try our Bitcoin Cloud Miner and get additional crypto rewards based on your trading volume. It's immediately available upon registration.