Bitcoin Breaks $77,000... Will Ethereum and XRP Also Join the Rebound?

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

The virtual asset market is showing signs of recovery after a long time, but the fortunes of individual coins vary. While the leading cryptocurrency, Bitcoin (BTC), has broken the $77,000 mark and is leading the market as institutional fund inflows resume, Ethereum (ETH) and XRP (Ripple) are struggling amidst fund outflows and technical bearish pressure, seeking a difficult rebound.

According to investment media FXStreet on May 1 (local time), Bitcoin strongly rebounded from its Wednesday low of $74,937, climbing above $77,000. The Bitcoin spot Exchange Traded Fund (ETF) market, which had seen outflows for three consecutive days, recorded a surprise net inflow of $14.76 million on Thursday, limiting the total weekly outflow to $475.87 million. On the charts, Bitcoin is firmly holding above its 50-day exponential moving average (EMA) of $73,815 and its 100-day EMA of $75,751, with its daily Relative Strength Index (RSI) also at 58, indicating a positive trend. However, the Moving Average Convergence Divergence (MACD) has fallen below its signal line, suggesting a short-term correction phase, and a complete rally would require breaking above the 200-day EMA near $82,658.

On the other hand, Ethereum, the leading altcoin, remains stagnant, failing to break the $2,300 barrier. Ethereum spot funds have seen continuous outflows throughout the week, recording a total net outflow of $183.65 million over four consecutive days until Thursday. However, with cumulative inflows reaching $11.91 billion and total assets under management at $13.25 billion, long-term institutional confidence remains strong. Technically, Ethereum is finding shallow support above its 50-day EMA of $2,245, but its upside is limited as it remains trapped below the 200-day EMA of $2,560.

XRP is also trading around $1.38, showing a slight intraday gain, but it has not fully shaken off the effects of the four-day downtrend. XRP spot funds saw an outflow of $5.83 million on Thursday, reversing all weekly inflows. Currently, XRP's total assets under management are $1.04 billion, with cumulative inflows recorded at $1.29 billion.

According to chart analysis, XRP's short-term outlook is rather gloomy. It currently maintains a bearish bias, staying below its 50-day EMA of $1.4089 and its 200-day EMA of $1.7645. The Relative Strength Index remains around 46, and the Moving Average Convergence Divergence is also in negative territory, indicating fading upward momentum. The media warned that XRP must break through key resistance levels to achieve a meaningful rebound; otherwise, there is a risk of further decline to the support levels of $1.2500 to $1.2700.

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