Bitcoin Surpasses $77,000… Will Ethereum and XRP Join the Rebound?

▲ Bitcoin (BTC), Ethereum (ETH), XRP/ChatGPT Generated Image ©

The virtual asset market is showing signs of recovery after a long time, but the sentiment varies across different coins. Bitcoin (BTC), the market leader, has broken through the $77,000 mark, driven by renewed institutional fund inflows, leading the market. In contrast, Ethereum (ETH) and XRP (Ripple) are struggling amidst fund outflows and technical bearish pressure, seeking a difficult rebound.

According to investment media FXStreet on May 1 (local time), Bitcoin strongly rebounded from its Wednesday low of $74,937, climbing above $77,000. After three consecutive days of outflows, the Bitcoin spot Exchange Traded Fund (ETF) market recorded a surprising net inflow of $14.76 million on Thursday, defending the weekly total outflow at $475.87 million. Chart-wise, Bitcoin is holding strong above the 50-day Exponential Moving Average (EMA) of $73,815 and the 100-day EMA of $75,751, with the daily Relative Strength Index (RSI) also at 58, indicating a positive trend. However, the Moving Average Convergence Divergence (MACD) falling below the signal line suggests a short-term correction phase, and a complete ascent would require breaking above the 200-day EMA near $82,658.

On the other hand, Ethereum, the altcoin leader, remains stagnant, unable to break the $2,300 barrier. Ethereum spot funds experienced outflows throughout the week, recording a total net outflow of $183.65 million over four consecutive days until Thursday. However, cumulative inflows amount to $11.91 billion, and total assets under management (AUM) reached $13.25 billion, indicating that long-term institutional confidence remains solid. Technically, Ethereum is finding shallow support above the 50-day EMA of $2,245, but its upside is limited as it is trapped below the 200-day EMA of $2,560.

XRP also showed a slight intra-day increase, trading around $1.38, but it has not fully shaken off the effects of the four-day decline. XRP spot funds saw an outflow of $5.83 million on Thursday, giving back all weekly inflows. Currently, XRP's total AUM is estimated at $1.04 billion, with cumulative inflows at $1.29 billion.

According to chart analysis, XRP's short-term outlook is rather bleak. It currently remains below the 50-day EMA of $1.4089 and the 200-day EMA of $1.7645, showing a bearish bias. The Relative Strength Index (RSI) hovers around 46, and the Moving Average Convergence Divergence (MACD) is also in negative territory, indicating fading upward momentum. The media warned that XRP needs to break through key resistance levels for a meaningful rebound; otherwise, there is a risk of further decline to the support level of $1.2500 to $1.2700.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*