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Ethereum (ETH) Hits a Fresh Record High, Bitcoin Cash (BCH) and Ripple (XRP) Rallying Hard

Ethereum (ETH) Hits a Fresh Record High, Bitcoin Cash (BCH) and Ripple (XRP) Rallying Hard

Nick Cawley, Senior Strategist

Ethereum (ETH/USD) and Alt-Coins Price, Analysis and Chart:

  • Cryptocurrency rally continues, Ethereum (ETH) leads the way.
  • Bitcoin Cash (BCH) surging, back in the spotlight.
  • Ripple (XRP) hitting double-digit gains.
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Ethereum (ETH), the second-largest cryptocurrency by market cap, continues to print new highs and is up nearly 25% over the last seven days. The latest boost was likely fueled by news that the European Investment Bank (EIB) issued a EUR100 million digital bond on the Ethereum blockchain this week, adding further utility to the network and value to the coin. As this utility grows, Ethereum can break $3,000 and above, although its recent spectacular ascent may need a short period of consolidation before the next leg higher. The Ethereum rally over the last few months can be seen clearly in the one week chart, and just over one-year ago, Ethereum was trading under $100.

Ethereum (ETH/USD) Weekly Price Chart (September 2019 – April 30, 2021)

We suggested last week that the recent sell-off in the market may well lure buyers back into the space and this has been the case. Recent sell-offs in market leader Bitcoin continue to find buyers and this looks likely to continue. As always, the cryptocurrency space can, and has, made a sharp reversal in the face of positive sentiment and weekend markets bring extra volatility to the market so caution still needs to be exercised.

Bitcoin (BTC), Ethereum (ETH) Crumble, Alt-Coins Hammered – Will Buyers Step Back in Again?

Heavy sell-offs in Bitcoin are not uncommon this year and if, as looks currently likely, history repeats itself it will not be too long before the market leader is back above $60k and eyeing new highs. The 20- and 50-day simple moving averages may present a short-term barrier to the next move higher.

Bitcoin (BTC/USD) Daily Price Chart (September 2020 – April 30, 2021)

Bitcoin Cash (BCH) has had a strong week and continues to re-trace its recent heavy sell-off. Despite printing a 3-year high of $1,210 two weeks ago, BCH is still nowhere near its mid-December 2017 spike high of $4,100, suggesting that if the recent rising crypto tide is floating all boats, then BCH has further to go.

Bitcoin Cash (BCH/USD) Weekly Price Chart (September 2017 – April 30, 2021)

One of this week’s star performers is Ripple (XRP) which is up 15% today - $1.60 – and is nearly 50% higher over the last 7 days. Again Ripple has underperformed heavyweights Bitcoin and Ethereum over the last 3-years and stands at just half of its peak value in late December 2017.Ripple has a vocal, and strong, backing and may well continue to push higher still.

Ripple (XRP/USD) Weekly Price Chart (September 2017 – April 30, 2021)

Ripple chart made with TradingView

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What are your views on Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.