Crypto outlook | Market Insights: Bitcoin Vote, Ethereum Upgrade, Litecoin ETF Filing, and Ripple’s Legal Challenge

Fundamental Analysis

Ethereum has been shaky last week and prices fell further. Vitalik Buterin unveiled Ethereum’s “The Verge” upgrade, featuring stateless verification to reduce hardware demands for validators and make solo staking more accessible. Whether this can support the current turbulence might still be seen. Canary Capital filed for spot Litecoin ETF amid rising alt-crypto ETF interest. The general sentiment remains quite positive, which could support prices to rise further. Ripple filed Form C in the US Court of Appeals, challenging the USD 125M SEC-imposed fine on XRP as securities. The case will likely continue to cause markets being negatively impacted. Not much positive momentum has recently occurred.

Technical Analysis:

BTC – BTCUSD 4-hour chart shows potential rejection at the uptrend line near USD 65,553, signaling bullish momentum that could drive the price up to USD 69,568.

The above rising trendline marked a strong support zone and could cause the price to break higher. Above the mentioned target a general breakout towards the USD 80.000 level is likely, should the positive trend continue. Based on weekly charting patterns upside momentum might resume. Especially if also some Dollar weakness comes back, which could be another driver in markets.

ETH – ETHUSD’s daily chart indicates a potential rejection at the uptrend line near USD 2,413. This zone shows a horizontal support pattern as well as the recent rising trendline, which has not been broken. Should Bitcoin rise as analyzed above also Ether might move to higher levels. In terms of targets the zone around USD 2,719 might be tested.

XRP – XRPUSD remains in a sideways pattern and has recently tested the major upside trend. Currently the market is trading on top of the rising trendline. The psychological price of USD 0.5000 is in close proximity and should this zone be broken; the price might fall further. On the flipside another run to higher levels might also be observed, should the price be able to defend the area. Then a test of the resistance area at 0.6440 might be seen.

It all might also depend on the general mood of investors. Should the positive sentiment in equities turn negative, in particular XRP could be prone to falling prices this week.

LTC – LTCUSD is indicating a potential push to higher levels based on the long- term rising trend. The monthly chart is suggesting that prices might continue to rise towards the USD 108.00 level.

As the monthly chart above shows, the last bearish pinbar candlestick, which was printed two months ago might continue to drive prices higher. The positive sentiment here will likely depend on the overall market sentiment as described in above.

Vantage does not represent or warrant that the material provided here is accurate, current, or complete, and therefore should not be relied upon as such. The information provided here, whether from a third party or not, is not to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any financial instruments; or to participate in any specific trading strategy. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. We advise any readers of this content to seek their own advice. Without the approval of Vantage, reproduction or redistribution of this information is not permitted.