New All-Time High Levels for Ethereum

On the bullish side, a sharp move that could smash the $61,000 point and establish higher price levels will be the kick-off for another bullish round. For this case to become a reality, there is a need for investors to enter the market with larger capital to be placed in Bitcoin. Bitcoin’s future will be determined in the next few days and we will be here to observe it.

The trading volumes have been at low levels, confirming that the compression market is considered as a stagnation, making investors avoid it for now. The moving averages crossed each other, forming a “Golden Cross” signal, which predicts a positive outcome for the next period.

In the short-term diagram, we can observe that the price range has been narrowed between $51,000 and $59,000, indicating that the market is moving to an extended compression scheme, a fact that could drive the next period to the next price levels.

Indicators

MACD index passed on the negative side, indicating that the market has stopped to pour positive momentum in the price formation, holding any prospects for future growth. The RSI index fell to value = 55, showing that the price will remain at the same levels with positive prospects.

Ethereum / US Dollar

The new all-time high level for Ethereum is around $2,150, showing that the price was moving independently from the Bitcoin market. This independence is trying to be established at this point, as the price corrects back to $2,050. As long as the price remains above the previous all-time high level at $2,000, there are bullish expectations from the current market situation.

The most important thing in the current market situation is to establish a higher price level around $2,050 or $2,100 that will enable the market to collect more depth and form a more solid position around the new levels. The new levels will bring the market to a more stable point and prepare the market for even higher price levels. The expectations from the investors will be coordinated with the rest of the market and if there is also “an alt-season breakout”.

Such a scenario will leave Bitcoin on the same price levels, while the rest of the cryptocurrencies will experience higher returns for a short-term period. If this scenario becomes a reality, we expect that Ethereum will be the leader among other coins.
The trading volumes have remained on the same levels while the moving averages are placed at bullish formation, making the market remain optimistic about Ethereum’s future and chances of the bullish trend to continue.

Indicators

MACD index has remained in the positive field, showing that the positive momentum played a critical role in the bullish jump during the previous period. The RSI index moved between values 60 and 65, showing that there is positive potential in the market for further growth.

Ripple / US Dollar

A 2021 high level was recorded in the Ripple market, showing that the coin has remained a truly independent asset that could make the market dance on its steps. The price jumped off the roof, landing at $0.70 and establishing a new record for 2021. After this move, there is always fear among investors about how long this trend will last.

Many altcoins have experienced sudden and sharp take-offs that quickly fell and make investors that didn’t exit quickly lose their investment positions. This could happen in Ripple’s case if there is not enough support from investors to hold their positions and build a long-term relationship with the coin. As we have stated in previous articles, Ripple was better fitted at short-term positions as many investors opt to liquidate their positions, when the price hits smaller targets, avoiding holding them for a long-term perspective.

We expect a correcting trend for the next days until the support levels get activated and provide the support needed for the next trend. The trading volumes have remained at the same levels, indicating that the same investors have turned opinions about their positions. The moving averages have sustained a positive profile, fueling the bullish trend for now.

Indicators

MACD index continues to grow on the positive side, making the market capitalize on the momentum for further price growth. The RSI index surpasses value = 70, indicating that the market has come at an “overbought” area, predicting a bearish turn in it.

Litecoin / US Dollar

Litecoin has remained at a stable position around $200 - $210, indicating that there would be a need for further interest to explore higher price levels. The price has embraced a compression model around $200, which remains the main scenario for the entire 202.

This model shows that Litecoin can’t make a decisive move towards new all-time high levels, above $240 and it will remain on that until there is a major move that will enable the market to bring new data in the price formation. The correlation between Litecoin and Bitcoin has been at high levels, indicating that the price stability will be affected by any move in the Bitcoin market.

We expect that the compression zone will break when there is a respective move in the Bitcoin market. The trading volumes have remained on the same levels while the moving averages crossed each other for a “Golden Cross” signal, implicating a bullish option for the market.

Indicators

MACD index has been sustained on the positive side, indicating that the bullish momentum, establishing a positive perspective for the future. The RSI index moved at value = 55, indicating that there would stability in the market with positive perspectives for now.

Bitcoin Cash / US Dollar

A positive move was evident during the last days in the Bitcoin Cash market as the price jumped above $600. The $600 point was the entrance point for Bitcoin Cash to join the bullish side of the trend and this just happened. The expectations from this point and on is for the market to establish a steady positive trend that will enable it to reach levels above $700, the 2021 high levels.

The $600 was a turning point for the Bitcoin Cash market as several possible scenarios could take place. The bullish scenario will bring the price above $700 while a bearish turn of the market will make the price return around $500.
The trading volumes have been sustained on the same levels while the moving averages made a “Golden Cross” signal, making the market predictions seem more bullish this time.

Indicators

MACD index remained on the positive side, showing that there is potential in the uptrend and the RSI index lands between values 60 and 65, showcasing a potential uptrend for the short-term future.

Correlations

Bitcoin / Ethereum = 0.90 (- 0.01), Bitcoin / Ripple = 0.65 (+ 0.58), Bitcoin / Litecoin = 0.90 (+ 0.02), Bitcoin / Bitcoin Cash = 1.00 (+ 0.09)

The new standards in the market brought changes in the correlation field and revealed hidden gems in the process. Ethereum and Litecoin sustained their strong position in the market, showing that any move from the Bitcoin market will be copied and implemented on their price formation process.

Bitcoin Cash has reached the ultimate point of correlation between it and Bitcoin, showing that there would serious reactions in the market, once Bitcoin decides to move in either direction. The biggest surprise came from Ripple, whose correlation landed on the positive, medium correlation zone, meaning that the market has been completely reversed and will join the rest of the market in the established bullish trend.

Key Notes For Today

• Bitcoin remains around $58,000
• Ethereum hit a new all-time high level at $2,150 but corrected at $2,050
• Ripple climbed at $0.70
• Litecoin remains at $205
• Bitcoin Cash made a positive move at $615