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Latest Altcoin Developments: Trading Ethereum and XRP Under Pressure
Ethereum is currently trading below the $3200 level, with the 50-day exponential moving average (EMA) at $3310, the 200-day EMA at $3453, and the 100-day EMA at $3506, all levels hovering above the price. Buyers should push to reverse the moving averages into support levels to strengthen the bullish trend and target a breakout above $4000.
The RSI( is heading toward the midline, indicating a slowdown in bullish momentum. An extended correction below the 50 level could accelerate declines toward $3000 in the near term.
However, the MACD indicator shows that buyers could influence the trend if the indicator enters bullish territory. The blue line should remain above the red signal line, encouraging investors to increase their risk exposure.
Daily chart of ETH/USDT
As for XRP, sellers largely dominate the market, with the coin pressing against the support level at $2.00. The price of this cross-border remittance digital currency is also below the 50-day EMA at $2.24, the 100-day EMA at $2.41, and the 200-day EMA at $2.46, reinforcing the bearish outlook with its ongoing decline and limiting any rebounds.
Daily chart of XRP/USDT
The MACD line is near the red signal line on the daily chart, and the histogram bars remain relatively flat, indicating weak momentum.
With the RSI reaching 42)neutral-bearish( and declining, buying interest may be weak as it approaches the oversold region.
Nevertheless, a daily close above the 50-day EMA at $2.24 would ease pressure and could open the door for a rebound toward the 100-day EMA at $2.41. Overall, sellers may remain in control until XRP recovers its moving averages levels with improved support and momentum.
The Federal Reserve proceeded with the widely anticipated rate cut, bringing the benchmark lending rate to a range of 3.50%-3.75% on Wednesday, but Bitcoin responded with a decline to its intraday low of $89,389 on Thursday.
Although the rate cut was in line with expectations, it was characterized by a cautious tone. Federal Reserve Chair Jerome Powell emphasized risks of rising inflation and a slowing labor market as factors supporting a reduction in the number of rate cuts next year.
The hawkish stance dampened hopes for broad monetary easing, prompting investors to take early profits and slow down the pace of gains. The Fed Watch tool indicates that interest rate traders expect the central bank to hold rates steady in January, with only a 20% chance of further easing to a range of 3.25% to 3.50%.
FedWatch Tool: Source: CME Group
- Ethereum Flows Rise Despite Gloomy Outlook:
Spot Bitcoin ETF funds recorded net inflows of approximately $225 million on Wednesday, ignoring macroeconomic uncertainty. This marks the second consecutive day of inflows, led by BlackRock's IBIT fund, which saw flows of around $193 million.
The total accumulated inflows currently stand at $57.93 billion, with net assets of $122.43 billion, according to SoSoValue data.
Bitcoin ETF Statistics | Source: SoSoValue
Spot Ethereum ETF funds listed in the United States recorded cash inflows of about $58 million on Wednesday. The largest altcoin by market cap has raised $13.15 billion from the total ETF volume, with net assets of $21.43 billion. These ongoing cash flows are expected to boost positive sentiment and increase demand for Ethereum ahead of the new year.
Ethereum ETF Statistics | Source: SoSoValue
Meanwhile, spot XRP ETFs saw cash inflows of $10 million on Wednesday, a slight improvement from $9 million the day before. Since their launch on November 13, XRP ETFs have not experienced any outflows, with total inflows of $954 million and net assets of $940 million.
XRP ETF Trading Fund Statistics | Source: SoSoValue