Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are showing signs of stability as the new week begins, recovering from the volatility caused by Donald Trump’s recent announcement of 50% tariffs on the European Union. This news initially sent shockwaves through the cryptocurrency market, but instead of a sharp decline as seen in the first quarter, the market has shown resilience in the second quarter.
As we approach the end of the second month of Q2, Bitcoin is trading at $109868, up 2.6% from its recent low of $107278. Ethereum is at $2569, recovering 3.6% from $2525, and XRP is at $2.34, up 3.2% from $2.29. While the gains are modest, they reflect a sense of optimism in the market despite the external threats.
Bitcoin, after reaching a new all-time high, experienced a slight pullback but managed to find support and is now on a path to recovery. If it continues to climb and closes above its previous all-time high, we could see a push towards the key psychological level of $120,000. However, a break below the current swing low around $107K could result in a retest of support at $100,000.
Ethereum faced resistance at a significant supply level but found support around its 200-day EMA band at $2,447.82. If this support holds, we may see ETH price retesting its daily resistance at $2,728. On the flip side, a break below the 200-day EMA could lead to a decline towards the next support level at $2,000.23.
XRP price found support at the dynamic 50-day EMA band and is currently trading between the 20-day and 50-day EMA bands. If the 50-day EMA continues to hold, we may see a retest of the daily resistance at $2.6607. However, a break below the 50-day support could push XRP price down to $2.06 by the end of May.
Overall, the cryptocurrency market is showing resilience in the face of external pressures, with Bitcoin, Ethereum, and Ripple all displaying signs of stability and potential for further recovery. Stay tuned for more updates on the latest trends in the crypto world.