US-Iran Negotiation Hopes and ETF Inflows… Bitcoin, Ethereum, XRP Reach Weekly Highs

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

As geopolitical tensions in the Middle East show signs of easing, coupled with massive capital inflows from institutional investors, major virtual assets including the leading cryptocurrency Bitcoin (BTC), along with Ethereum (ETH) and XRP (XRP, Ripple), are all staging a strong upward rally near their weekly highs.

According to investment media FXStreet on April 17 (local time), Bitcoin is extending its gains above $75,000, buoyed by the 10-day ceasefire between Israel and Lebanon and the renewed hope for peace talks between the United States and Iran. Despite ongoing concerns surrounding the Strait of Hormuz, the Crypto Fear & Greed Index slightly rose from 16 to 21 last week, indicating a gradual revival of risk asset preference across the market.

The return of institutional investors is clearly evident in the steady inflows into spot Exchange Traded Funds. On Thursday alone, approximately $26 million flowed into US-listed Bitcoin spot ETFs, while Ethereum spot ETFs also attracted $18 million, continuing their bullish trend for the sixth consecutive day. XRP spot ETFs also absorbed $11.87 million, demonstrating strong market demand for large-cap altcoins.

From a technical analysis perspective, Bitcoin has secured strong support above its 100-day Exponential Moving Average (EMA) of $75,277 and its 50-day EMA of $71,468. The Moving Average Convergence Divergence (MACD) histogram on the daily chart shows an upward trend, and the Relative Strength Index (RSI) remains around 64, indicating solid buying pressure without signs of overbought conditions. In the short term, if the weekly high of $76,370 is fully broken, the path to the 200-day EMA at $82,918 is expected to open.

Ethereum is currently trading around $2,353, having successfully reclaimed its 50-day EMA of $2,196, but it faces resistance at its 100-day EMA of $2,356. With the daily chart's RSI at 62 and the MACD maintaining a positive area, the bullish market sentiment is expected to continue as long as the 50-day EMA is firmly held.

XRP is consolidating its support base around $1.44, maintaining above its 50-day EMA of $1.41. The MACD histogram on the daily chart has turned positive, and the RSI is hovering around 61, suggesting a noticeable improvement in bullish momentum. However, for a full trend reversal, it faces the challenge of successively overcoming the strong resistance barriers at its 100-day EMA of $1.55 and its 200-day EMA of $1.81.

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