Will US-Iran Peace Talks Break Through? Why Major Cryptocurrencies Fell Simultaneously?

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

While new proposals for peace talks between the US and Iran have emerged, raising expectations for de-escalation of tensions in the Middle East, major virtual assets such as Bitcoin (BTC), Ethereum (ETH), and XRP (Ripple) are all taking a breather and showing a downward trend amidst investors' cautious wait-and-see attitude.

According to investment specialized media FXStreet on April 27 (local time), Iran delivered a new compromise proposal to the United States through a Pakistani mediator for the opening of the Strait of Hormuz and a swift peace agreement. Although US President Donald Trump pointed out Iran's lukewarm attitude and abruptly canceled the dispatch of a special envoy over the weekend, this proposal somewhat eased extreme market fear, with the crypto Fear & Greed Index recovering to 47. However, with the White House's acceptance still uncertain, the market is showing strong caution instead of a premature rally.

Bitcoin, the market leader, met resistance near $79,485 during the trading session and fell back, currently trading at $77,619. However, it is firmly defending the 50-day exponential moving average (EMA) at $73,362 and the 100-day EMA at $75,635. The daily Relative Strength Index (RSI) remains around 61, and the Moving Average Convergence Divergence (MACD) also stays in the positive territory, indicating that the positive trend of buying dominance has not broken. If it breaks through the 200-day EMA at $82,155 in the future, a major uptrend will continue, but there is also a possibility of falling back to the Supertrend support line near $72,031 if it declines.

Ethereum, the altcoin leader, successfully converted the $2,304 resistance into support and is consolidating around $2,310. It is holding above the 50-day EMA at $2,241, suggesting a moderate short-term bullish trend, but with the RSI just above 50 and the MACD remaining in negative territory, it lacks explosive upward momentum. A breakthrough of the 100-day EMA at $2,352 is urgently needed for a full-fledged rally.

Despite the buy signal from the Supertrend indicator, XRP has not expanded its gains and is precariously balancing above its 50-day EMA at $1.42. The $1.43 resistance level and the 100-day EMA at $1.53 are heavily weighing down from above, preventing it from escaping a generally bearish structure. With the RSI at a neutral level of 52 and the upward momentum of the MACD slowing down, there is a high risk of plummeting to $1.31 if the $1.42 defense line is breached.

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