Will US-Iran peace talks open a new chapter? Why did major cryptocurrencies all fall?

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

While a new proposal for peace talks between the U.S. and Iran has emerged, raising expectations for de-escalation in the Middle East, major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and XRP (Ripple) are all taking a breather and showing a decline amidst cautious investor sentiment.

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

Bitcoin, the market leader, met resistance around $79,485 during the trading session and was pushed 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 positive territory, indicating that the bullish trend with 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 a decline to the Supertrend support level around $72,031.

Ethereum, the altcoin leader, successfully converted the $2,304 resistance level into support and is currently consolidating around $2,310. It is holding above the 50-day EMA at $2,241, suggesting a moderate short-term bullish trend. However, 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 sustained rally.

Despite a buy signal from the Supertrend indicator, XRP has failed to expand 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 it down, preventing it from breaking out of its overall bearish structure. With the RSI at a neutral 52 and the upward momentum of the MACD slowing, there's a high risk of plummeting to $1.31 if the $1.42 defense line is breached.

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