- Ethereum is the cryptocurrency with the most use cases, according to Goldman Sachs.
- Bitcoin draws nigh to a 22% breakout, targeting highs above $42,000.
- Ripple price uptrend to $0.7 runs out of steam, but bulls remain keen on providing support above $0.65.
Bitcoin settled above $34,000 after it became increasingly difficult to sustain the uptrend above $35,000. However, Polkadot, Binance Coin, Uniswap, and Aave maintained green for the second day this week.
On the other hand, Ripple price could not break above the stubborn resistance at $0.7. If the uptrend holds over the coming days, a new bull cycle may be birthed as the second half of 2021 catches momentum.
Goldman Sachs: Ethereum could surpass Bitcoin
According to Goldman Sachs, Ethereum has the potential to become popular than Bitcoin and all other cryptocurrencies. Besides, it can be a formidable store of value asset than the flagship cryptocurrency.
"[Ethereum] currently looks like the cryptocurrency with the highest real use potential as Ethereum, the platform on which it is the native digital currency, is the most popular development platform for smart contract applications."
"This competition among cryptocurrencies is another risk factor that prevents them from becoming safe-haven assets at this stage."
Meanwhile, Ethereum price trades slightly below $2,400 after settling above $2,300 over the last 24 hours. A real break above $2,400 may bolster Ether significantly upward. On the upside, resistance is expected at $2,630 before the bullish leg stretches to $2,800.
Note that the Moving Average Convergence Divergence (MACD) reinforces the ongoing recovery. A buy signal occurred when the 12-day exponential moving average crossed above the 26-day EMA. Moreover, bulls get more control the MACD moves higher within the positive region. Therefore, Ether's path with the slightest hurdles is bound to remain upward in the near term.
ETH/USD four-hour chart
Check Out: Why Ethereum Will Skyrocket
Bitcoin price prepares for a 22% move
Bitcoin price holds above $34,000 after sustaining a gradual recovery from lower levels, slightly under $33,000. As the general market trend solidifies, BTC seems poised for another upswing toward $40,000.
The four-hour chart shows the formation of a symmetrical triangle. This pattern has both bullish and bearish biases. Therefore, traders must wait for a breakout confirmation before going all-in on Bitcoin.
According to the MACD's buy signal, the path with minor hurdles is north. This call to buy will be affirmed by the MACD crossing above the mean line and moving higher within the positive region.
Similarly, a break above the upper trend line of the symmetrical triangle could validate a massive upswing equal to 22%. Triangles have precise targets similar to the distance between the widest points. Realize that a break above $42,000 may trigger massive buy orders as investors speculate the run-up to $50,000.
BTC/USD four-hour chart
Read Also: Should You Buy Bitcoin?
Ripple price uptrend to $0.7 runs cold
Ripple price has settled above the support at $0.64, and by extension, the ascending parallel channel's lower edge. Nonetheless, the bullish leg is still struggling with sustaining the uptrend to $0.7.
The MACD has no defined bullish or bearish signals due to its leveling at the mean line (0.00). Notice that the Relative Strength Index (RSI) affirms the sideways trading. Perhaps, recovery will gain momentum if the MACD sends a bullish signal. Moreover, the bullish grip will be reinforced by the RSI movement toward the overbought area.
XRP/USD four-hour chart
On the other hand, the expected recovery above $0.7 will fail to occur if the immediate resistance by the 50 SMA remains unshaken. On the downside, massive losses will come into the picture if the channel's lower edge support crumbles. Therefore, bulls will be forced to seek support toward $0.55 and $0.50.
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