Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC Lifeblood Renewed Above $40,000, As JP Morgan Unveils Access To Six Crypto Funds

Last Updated August 6th 2021
3 Min Read
  • JP Morgan offered clients access to six crypto funds, with one of them only available to the bank's private customers.
  • Bitcoin price settles above $40,000, but the short-term bullish outlook suggests that gains above $44,000 are in the offing.
  • Ethereum begins the ultimate journey to $3,000 after hitting a two-month high.
  • Ripple bulls focused on closing the day above $0.75 and later rally above $0.8.

A breath of fresh air swept across the cryptocurrency market as the weekend session is ushered in. Most assets will likely close Friday in the green, led by Bitcoin price upswing from support at $38,000 to highs above $40,000.

Following the Ethereum London hard, the gigantic smart contract token hit highs past $2,800 for the first time in two months. Live price data by CoinGecko shows that ether is up 6.1% in the last 24 hours and exchanges hands at $2,785.

The international money remittance token XRP is up 3.1% after bulls defended support at $0.7. Ripple is trading at $0.73 at the time of writing while bulls look toward a majestic liftoff above $0.78.

The rest of the crypto assets are in the green, with most of them posting considerable single-digit gains.

JPMorgan Offers Access To Six Crypto Funds

Investment bank JP Morgan has allowed its clients to have access to six crypto funds in the last 30 days. One of these was a newly created Bitcoin fund by NYDIG, a digital asset firm. However, this fund was only accessible to the bank's private customers.

The revelation comes after a report by CNBC affirmed that the bank's customers access four crypto products from Grayscale Investments, comprising of Grayscale Bitcoin Trust (GBTC), Grayscale Bitcoin Cash Trust (BCHG), Grayscale Ethereum Trust (ETHE), and Grayscale Ethereum Classic Trust (ETCG). Another fund that was provided is the Osprey Bitcoin Trust (OBTC) of the Osprey Funds.

Surprisingly, JP Morgan allowed investors to access crypto funds, knowing that its CEO, Jamie Dimon, has always had a negative opinion toward crypto-assets. Dimon has in the past asked people to stay away from crypto, saying, "Cryptocurrencies can't compare with traditional fiat currencies and gold."

Meanwhile, Bitcoin is trading above $40,000 at the time of writing. The recent support at $38,000 allowed bulls to regain control as stability returned following the correction from $42,500.

Currently, the slightest resistance seems upward, especially confirmed by the Moving Average Convergence Divergence's (MACD) bullish outlook. A break above the mean line reinforces the imminent breakout toward $44,000.

A daily close above $42,000, perhaps during the weekend, would call kore buyers into the market. On the downside, the 50 Simple Moving Average (SMA) will prevent losses from extending below $40,000. Nonetheless, if the arm of the bears catches up with the bulls, Bitcoin will find refuge at $38,000.

BTC/USD four-hour chart

BTC/USD 4-hour chart 080621

Don't Miss: Pros and Cons of Investing in Bitcoin

Ethereum Price Uptrend To $3,000 Intact

The Ethereum London hard fork is finally live and has triggered a bullish run to a two-month high at $2,850. As reported, this upgrade will ensure that the transaction fee on the Ethereum network is reduced significantly.

Users are particularly excited about this development and hope to reap the benefits from now on. In the meantime, Ethereum is trading at $2,770 after a minor correction. An ascending parallel channel's middle boundary is in line to offer immediate support and ensure buyers focus only on gains above $3,000.

ETH/USD 12-hour chart

 ETH/USD 12-hour chart 080621

The MACD has reinforced Ethereum's bullish case as it moves above the mean line. As long as the buy signal is sustained in the coming sessions, the rest of the journey to $3,000 would be relatively smooth.

 Check Out: What Is Ethereum and Is It Worth Investing in Ethereum

Ripple Price Bulls Refuse To Give Up The Fight For $0.8

Ripple is trading at $0.73 following a minor rebound from $0.7. Although bulls targeted trading above $0.75 and perhaps $0.78, they ran out of steam, leaving the price to stall. Meanwhile, the battle for a breakthrough is far from over, with buyers fixated on highs above $0.8, whereby they will expand their reach to $0.8.

Realize that the Relative Strength Index (RSI) is in the neutral zone, particularly above the midline. Holding onto this crucial level will provide a gateway to the overbought region, this encouraging more buyers to join the market and take advantage of gains eyeing $1.

XRP/USD four-hour chart

 XRP/USD 4-hour chart 080621

Ripple bulls must ensure that the support at $0.7 is defended at all costs. Trading below this level will trigger more losses toward $0.6, hence taking the token back on the drawing board.

Read Also: Ripple Trading Predictions

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