Bitcoin, Ethereum, Ripple Rebound Together…Will a Bull Run Begin?

▲ Bitcoin (BTC), Ethereum (ETH), XRP (XRP)/ChatGPT generated image ©

As Bitcoin (BTC) continues its rebound, surpassing $61,000, Ethereum (ETH) and XRP (Ripple) are also rising together, driven by institutional capital inflow and recovering investor sentiment. However, an analysis suggests that since they are trading below key moving averages, a trend reversal depends on breaking through critical resistance levels.

According to investment media FXStreet on July 3 (local time), the cryptocurrency market has recently seen investor sentiment dampened by macroeconomic uncertainties and geopolitical risks but is now showing signs of recovery. The Crypto Fear & Greed Index rose from 19 to 21 the previous day but remained in the 'extreme fear' zone. The media analyzed that if investor sentiment continues to recover, capital inflow into risk assets could gradually expand.

Institutional funds also appear to be flowing back in. According to SoSoValue, Bitcoin spot ETFs recorded a net inflow of $221 million on the 3rd, breaking a nine-day streak of net outflows. Cumulative net inflows reached $51 billion, with average net assets at $74 billion. Ethereum spot ETFs also continued net inflows for two consecutive days, with $29 million flowing in on the 3rd, a significant increase from $15 million the previous day. Cumulative net inflows totaled $11 billion, with average net assets at $9 billion. XRP spot ETFs recorded a net inflow of approximately $7 million, ending two consecutive days of net outflows, but cumulative net outflows remained at $1.48 billion, and average net assets stood at $988 million.

Bitcoin continued its upward trend for three consecutive trading days from $61,725. However, the price remained below the 50-day Exponential Moving Average (EMA) of $66,025, the 100-day EMA of $69,818, and the 200-day EMA of $75,952, indicating that the mid-to-long-term bearish trend persists. The Parabolic SAR is acting as overhead resistance around $62,200, and the Relative Strength Index (RSI) remained in the mid-40s, indicating limited rebound momentum. For the upside, the Parabolic SAR and the 50-day EMA are key resistance levels, while for the downside, $60,000 and $58,000 were presented as critical support zones.

Ethereum rose for three consecutive trading days, surpassing $1,700. The RSI slightly exceeded 50, and the Moving Average Convergence Divergence (MACD) also remained in positive territory, suggesting an easing of selling pressure. However, the price is still trading below the 50-day, 100-day, and 200-day EMAs, indicating that the mid-to-long-term downtrend continues. XRP continued its bullish trend from $1.10, with buying interest based on the $1.03 support level. The RSI recovered to 46, and the MACD also showed a buy signal, indicating an improvement in technical trends. The media suggested the Bollinger Band midline at $1.11 as XRP's first resistance level, with the area where the downtrend line and the 50-day EMA are located expected to act as additional resistance thereafter.

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