Bitcoin, Ethereum, Ripple rebound together... Will an upward rally begin?

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

As Bitcoin (BTC) continues its rebound, exceeding $61,000, Ethereum (ETH) and XRP (Ripple) are also rising together, driven by institutional fund inflows and a recovery in investor sentiment. However, an analysis suggests that since they are trading below major moving averages, a trend reversal depends on breaking key resistance levels.

According to investment media FXStreet on July 3 (local time), the cryptocurrency market has recently seen investor sentiment shrink due to macroeconomic uncertainties and geopolitical risks, but it is showing signs of recovery. The Crypto Fear & Greed Index rose from 19 to 21 the previous day but still remained in the 'Extreme Fear' zone. The media analyzed that if the recovery in investor sentiment continues, fund inflows into risky assets could gradually expand.

Institutional funds are also flowing in again. According to SoSoValue, Bitcoin spot ETFs recorded a net inflow of $221 million on July 3, breaking a nine-trading-day streak of net outflows. Cumulative net inflows reached $51 billion, with average net assets at $74 billion. Ethereum spot ETFs also continued net inflows for two consecutive days, with $29 million flowing in on July 3, a significant increase from $15 million the previous day. Cumulative net inflows totaled $11 billion, and average net assets were recorded at $9 billion. XRP spot ETFs recorded a net inflow of approximately $7 million, breaking free from two consecutive days of net outflows, but cumulative net outflows remained at $1.48 billion, and average net assets stood at $988 million.

Bitcoin continued its upward trend for three consecutive trading days from $61,725. However, the price remained below the 50-day Exponential Moving Average (EMA) of $66,025, the 100-day EMA of $69,818, and the 200-day EMA of $75,952, indicating that the mid-to-long-term bearish trend persists. The Parabolic SAR (Stop and Reverse) is acting as overhead resistance near $62,200, and the Relative Strength Index (RSI) remained in the mid-40s, indicating limited rebound momentum. Above, the Parabolic SAR and the 50-day EMA are identified as major resistance levels, while below, $60,000 and $58,000 are presented as key support zones.

Ethereum rose for three consecutive trading days, exceeding $1,700. The RSI slightly surpassed 50, and the Moving Average Convergence Divergence (MACD) also remained in positive territory, suggesting an easing of selling pressure. However, the price is still trading below the 50-day, 100-day, and 200-day EMAs, indicating that the mid-to-long-term downtrend continues. XRP maintained a bullish trend from $1.10, with buying pressure entering based on the $1.03 support level. The RSI recovered to 46, and the MACD also showed a buy signal, indicating an improvement in technical trends. The media suggested the Bollinger Band midline at $1.11 as XRP's first resistance level, with the area where the downtrend line and the 50-day EMA are located expected to act as additional resistance thereafter.

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