The cryptocurrency market continues to be uncertain as fears of a downturn in the United States persist. Ethereum, Bitcoin, and Ripple have all remained in narrow ranges, while safe-haven assets like gold and the Swiss franc have seen increased interest from investors. Gold has reached $3,330, with a 25% year-to-date gain, while the Swiss franc has risen against the USD for five consecutive weeks. Both assets are considered safe havens due to their stability and lack of correlation with geopolitical issues.
Bitcoin has maintained a price of $84,000 this week, dropping by 8% while traditional indices like the Nasdaq 100 and S&P 500 have fallen by larger percentages. Ethereum, on the other hand, has seen a price crash this year, falling below the crucial support level at $2,140. However, it has formed a bullish falling wedge pattern on the 1D chart, indicating a possible breakout and a bullish trend with a target of $2,140. A drop below $1,385 would cancel this bullish outlook.
Bitcoin’s price has remained in a tight range above $84,000 after forming a double-bottom pattern at $76,650 in March and April. A move above the 50-day moving average could confirm a bullish outlook, with a potential surge above $90,000. XRP price has also stayed within a tight range, facing resistance at key levels like the descending trendline and the 50-day moving average. A breakout above these levels could signal a rally to $2.90, coinciding with the head and shoulders pattern’s neckline.
The demand for safe-haven assets like gold and the Swiss franc has increased due to rising recession risks in the United States. Ethereum’s price prediction is bullish, with the formation of a falling wedge pattern on the 1D chart indicating a potential breakout towards $2,140. Bitcoin is considered a safe haven asset but is still relatively young and has not survived major downturns. Investors are closely watching the price movements of Bitcoin, Ethereum, and Ripple to gauge market sentiment and potential returns.
