will be successful, according to $650 billion asset manager Bernstein, who said the US SEC will likely approve a spot Bitcoin, in a recent note.Conversely, early profit-taking could cut the rally short, sending Bitcoin price back into the fold of the flag pattern. In a dire case, BTC could lose the support offered by the lower boundary of the flag at $29,578 before a possible trend reversal.Ethereum price is on a course north, joyriding the Bitcoin rally.
An increase in buying pressure from the current level could see the Ethereum price rise around 2%, crossing into the $2,000 zone. In a highly bullish case, ETH could reprint the mid-April highs around $2,120, denoting a 7.95% ascent from the current price.Conversely, a rejection from the $2,000 level could send Ethereum price back to the 50- and 100-day EMA at $1,842 or $1,809, respectively. In the dire case, ETH could tag the 200-day EMA at $1,747, constituting a 10% downswing.
This optimistic outlook draws support from the up-moving RSI and green-flashing AO histograms, suggesting increasing buying activity among XRP bulls.On the other hand, day traders looking to make a quick profit could interrupt the rally by selling XRP at its current market value. The ensuing selling pressure could send Ripple price back under the foothold of the 100-day EMA at $0.472 or lower, below the 200-day EMA at $0.456.
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