- According to the CEO, Brian Armstrong, the direct listing of Coinbase on Nasdaq is a turning point for crypto.
- Bitcoin holds support at $62,000 while investors look toward $66,000.
- Ethereum relentlessly pushes for gains past $2,500 to spur growth to $3,000.
- Ripple hits a barrier at $1.9, delaying the admired upswing beyond $2.
The entire cryptocurrency market flipped green on Wednesday amid news that Coinbase made it to the much-acclaimed Nasdaq stock exchange. Crypto enthusiasts and experts applauded the achievement that seems to validate the bullish industry.
Bitcoin soared to a new record high, closing in on $65,000 before retreating toward $62,000. Ethereum also lifted to a historical price level close to $2,500 while Ripple brushed shoulders with $1.9. Digital assets bolstered into the skies amid the news included Dogecoin, Chainlink, VeChain, Cosmos, and Aave.
Coinbase Listing is a Turning Point for the Crypto Industry
The Chief Executive Officer at Coinbase, Brian Armstrong, believes that the firm’s direct listing on Nasdaq is a turning point for the entire cryptocurrency industry. Armstrong affirmed that listing paves the way for reserved participants such as banks to get involved with the digital space.
“It feels like a shift in legitimacy not just for Coinbase but the whole industry, Armstrong told Bloomberg. “Crypto has a shot at being a major force in the financial world.”
Bitcoin Could Rally to $66,000
Bitcoin shot upward after Coinbase listed on Nasdaq. An all-time high was achieved at $64,894, but the momentum fizzled out to give way to a correction. As the news settled, BTC led the rest of the crypto assets in retreat, whereby the support at the ascending parallel channel’s lower edge was tested.
A recovery is underway at writing, with the bellwether cryptocurrency trading at $62,636. The uptrend could continue and perhaps hit another record high if the channel’s middle boundary resistance is overcome. Another hurdle is tentatively expected at $66,000 before BTC completes the journey above $70,000.
BTC/USD Four-Hour Chart
It is worth mentioning that the uptrend will fail if the support at $62,000 is shattered. Closing the day under the channel’s lower edge may also trigger losses toward $60,000.
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Ethereum Stalls Under $2,500 as Bears Attempt Takeover
The pioneer cryptocurrency hit a historical high at $2,488 mid-week amid a generally up-trending market. Laxity from the buyers temporarily stopped the liftoff, aiming for highs beyond $2,500. Meanwhile, a minor correction is underway with bears attempting a coup.
Support at $2,400 remains key to the uptrend because market stability will be restored while investors are encouraged to hold longer. Moreover, speculation might extend for gains above $2,500. Trading above this level could trigger massive buy orders, enough to support an uptick in price to $3,000.
ETH/USD Four-Hour Chart
The Moving Average Convergence Divergence (MACD) indicator highlights the potential bearish signal. Besides movement in the positive region hitting a wall, the MACD line teases crossing below the signal line, a move that could lead to a rise in overhead pressure.
Ripple Struggles with the Homestretch to $2
Ripple closed in on $2 but hit a barrier at $1.9. A correction came into the picture whereby XRP lost ground toward $1.7. At the time of writing, the cross-border token teeters at $1.71 while bulls battles to secure higher support, aiming for gains past $2.
The four-hour chart brings to light a short-term ascending parallel channel. Its middle-level has been lost, hence the possibility of the bearish leg extending to the channel’s lower edge.
A comprehensive look at the chart reinforces the downtrend based on the position of the MACD. The MACD line has flipped massively bearish by crossing under the signal line. As the divergence between the two lines expands, sellers gain momentum.
XRP/USD Four-Hour Chart
Besides the channel’s support, Ripple would seek refuge at the 50 Simple Moving Average (SMA), highlighted around $1.35. Other key anchor zones include the 100 SMA and the 200 SMA.
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