Bitcoin, Ethereum, Ripple Rise Together… Will the Fed Fuel the Rally?

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

Bitcoin (BTC), Ethereum (ETH), and XRP (Ripple) rose slightly ahead of the Federal Reserve's interest rate decision, but ETF fund flows and technical indicators show distinct differences across assets.

According to investment media FXStreet on July 29 (local time), Bitcoin struggled to sustain its rebound above $64,000, while Ethereum held its short-term support level of $1,900. XRP approached $1.10, a key resistance level that will determine its future upward path.

The market is maintaining a risk-averse stance ahead of the US Federal Reserve's (Fed) benchmark interest rate decision. While the Federal Open Market Committee (FOMC) is widely expected to keep rates unchanged at 3.50-3.75%, the CME FedWatch Tool also priced in a 30% chance of a 25 basis point hike. Investors are expected to confirm the future direction of monetary policy at Federal Reserve Chairman Kevin Warsh's press conference. The crypto Fear & Greed Index remained in the 'Fear' zone at 29.

According to SoSoValue, Bitcoin spot ETFs recorded net outflows for four consecutive trading days, with approximately $50 million exiting on Tuesday, bringing the cumulative net outflow for the week to $61 million. In contrast, Ethereum spot ETFs saw net inflows for two consecutive days, with $9 million on Monday followed by approximately $15 million on Tuesday. Cumulative net inflows totaled $11.21 billion, with average net assets at $10.5 billion. XRP spot ETFs recorded a small net inflow of $592,000 on Monday, followed by a flat performance on Tuesday, with cumulative net inflows and average net assets at $1.5 billion and $972 million, respectively.

Bitcoin traded above $64,000 but remained below its 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs) of $64,963, $67,593, and $73,159 respectively, indicating a short-term bearish trend. The daily Relative Strength Index (RSI) hovered around 50, and the Moving Average Convergence Divergence (MACD) remained in negative territory, suggesting limited upward momentum. On the downside, the SuperTrend support level of $61,034 was identified as a key defense line.

Ethereum traded at $1,915, staying above its 50-day EMA of $1,846 and the SuperTrend support of $1,741, indicating a neutral to moderately bullish trend. However, the 100-day EMA at $1,933 and the 200-day EMA at $2,169 are limiting its upward movement. XRP rose to $1.08, but its RSI remained at 47 and MACD was slightly negative, indicating a short-term bearish structure. On the upside, the 50-day EMA at $1.13, SuperTrend line at $1.16, and 100-day EMA at $1.22 serve as resistance levels, while the 200-day EMA at $1.42 remains a long-term barrier. In case of a decline, $1.05 and $1 are considered key support levels.

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