Cryptocurreny market update: Major cryptos trade sideways on Saturday

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  • Bitcoin stays flat above $9,300 after failing to break key resistance.
  • Ethereum posts modest daily gains, trades above $180.
  • XRP/USD struggles to find direction, fluctuates below $0.25 handle.

Major cryptocurrencies are trading in relatively tight ranges on Saturday amid a lack of significant market drivers. Despite the subdued trading action, Bitcoin, Ethereum and Ripple all stay close to key levels that could trigger the next decisive move.  

Top-three coins price overview

Bitcoin (BTC/USD) gained nearly $1,000 during the first half of the week but failed to break above a critical resistance and has gone into a consolidation phase since. As of writing, the pair was up 0.6% on a daily basis at $9,380. $9,500 – $9,600 area (static resistance, Fibonacci %78.6 retracement of the Oct. 25 – Dec. 18 drop) seems to be capping the pair’s upside for the time being. With a decisive break above that area, the pair could target $10,000 (psychological level) and $10.400 (Oct. 26 high). On the downside, supports align at $9,000 – $8,900 (Fibonacci %78.6 retracement of the Oct. 25 – Dec. 18 drop, 200-day SMA) and $8,500 (Fibonacci %50 retracement of the Oct. 25 – Dec. 18 drop).

Ethereum (ETH/USD) touched its highest level since November 14 at $187 on Thursday and registered a daily loss of 2.6% on Friday to close at $179.75. As of writing, the pair was up 1.6% on the day at $182.70. $190 aligns as the initial hurdle and the pair could target $195 (November 6 high) and $200 (psychological level/October 26 high). Supports, on the other hand, could be seen at $170 (January 30 low/20-day SMA) and $160 (100-day SMA).

Ripple (XRP/USD) is trading in an extremely tight range on Saturday and looks to post modest weekly gains. Earlier in the day, blockchain transfer monitoring system Whale Alert reported that 500,000,000 XRP tokens, worth around $120 million, left Ripple’s escrow but the market reaction was largely muted as this transfer was part of the Ripple’s scheduled releases. The pair could encounter the first support at $0.2350 (100-day SMA) ahead of $0.2200 (January 26 low). On the upside, $0.2465 (January 20 high) is the first resistance followed by $0.2500 (psychological level) and $0.2550 (January 18 high).

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