Ether (ETH) has been a star among the biggest cryptocurrencies in recent days, since the gain has not diminished. The second largest cryptocurrency by market value today crossed $ 3,300, increasing the market value of projects to $ 381.6 billion.
According to the Infinite Market Cap, Ether is the 24th largest asset in the world, surpassing well-known companies such as Mastercard, NVIDIA, Walt Disney, Bank of America and Home Depot. This high performance in the air also led to a rumor mill that Ethereum is turning to Bitcoin (BTC).
Daily indicators in the cryptocurrency market. Source: Coin360
However, Ether has a lot to catch up on if it wants to turn Bitcoin around, as the market dominance of 16.4% is much lower than Bitcoin’s 47%. However, an increase in Ether is positive for the cryptocurrency sector, as it is more likely to attract the attention of institutional investors.
It will be difficult for fund managers to ignore the two leading cryptocurrencies because their market value exceeds the common names on Wall Street. This may continue to attract new money to the crypto sector and increase prices.
Let’s analyze charts of the top 10 cryptocurrencies to determine their potential trends and goals.
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BTC / USDT
Bitcoin recovered from the 20-day exponential moving average ($ 55915) today, indicating that the bulls are building up in deflation. Buyers will now try to push the price towards the upper resistance zone from $ 61,825.84 to $ 64,849.27.
Daily chart BTC / USDT. Source: TradingView
However, the week in the light of day shows that the bulls are struggling to keep the price above $ 58,000 dollars. If buyers do not do so, the bears will try to push the price below the moving average of 20 days.
If successful, the BTC / USDT pair may begin to correct to $ 52,323.21 and then to $ 50,460. A bounce from this level can keep the couple in a confined area for a few more days.
Alternatively, if the bulls defend the 20-day EMA, it will indicate strength. If buyers manage to keep the price above $ 58,000, the couple can start a gradual encounter into the superior territory. The next phase of the uptrend may begin after the pair rose above $ 64,849.27.
ETH / USDT
Ether has been trading in a bullish channel in recent days. On May 1, the bulls pushed the price above the channel resistance line, and increased progress. Ether can now go up to $ 3,513.
ETH / USDT daily chart. Source: TradingView
Both moving averages slope upwards, which indicates that the bulls have gained the upper hand. However, the RSI above 80 indicates that the rally is overbought in the short term, and the ETH / USDT pair may soon enter into a minor correction or consolidation.
If the bulls do not allow the price to re-enter the channel, this means that traders are buying during deflationary periods as they expect the rally to continue. On the contrary, if the bears fall and the price continues below $ 2850, the pair may fall to the 20-day moving average ($ 2586).
BNB / USDT
After forming a Doji candlestick pattern on May 1st and 2nd, Binance Coin (BNB) resumed its bullish trend today. Both moving averages have a bullish slope, and the RSI is in the overbought zone, indicating that the bulls have surpassed the bears.
BNB / USDT daily chart. Source: TradingView
If the bulls manage to keep the price above $ 639, the BNB / USDT pair can start the path towards the target trend of $ 808.57.
Contrary to this assumption, if the bulls fail to keep the price above $ 639, the bears will try to push the price back to the 20-day moving average ($ 552). A bounce from this support will keep the top intact.
However, if the price falls below the 20-day moving average, the pair may fall to the triangle support line and then to the 50-day simple moving average ($ 421).
XRP / USDT
XRP decreased from $ 1.66 and formed a candlestick pattern during the day on May 2nd. The day followed a doji candlestick pattern, indicating hesitation among the bulls and bears.
XRP / USDT daily chart. Source: TradingView
If the uncertainty reverses, the XRP / USDT pair may correct to the 20-day moving average ($ 1.36), which is likely to provide strong support.
The strong bounce of the 20-day moving average indicates that traders are buying into recessions. If the bulls push the price above $ 1.66, the pair can rise to the 78.6% Fibonacci retracement level of $ 1.73 and then test the 52-week high of $ 1.96.