ETH, XRP, DOGE Analysis For February 16th

Crypto Price Predictions: The cryptocurrency market has experienced a significant bullish trend over the past two weeks, driven primarily by the rising value of Bitcoin. This increasing demand is largely due to the substantial inflow of investments into spot Bitcoin ETFs.

In a recent analysis by Santiment, a prominent cryptocurrency analytics platform, the Bitcoin ETF market has exhibited significant trading activity. The data indicates a resurgence in trading volumes in mid-February, surpassing $1.8 billion per day across the seven most notable ETFs: GBTC, IBIT, FBTC, ARKB, BTCO, BITB, and HODL. This uptick coincides with the price of Bitcoin crossing the $50,000 mark earlier in the period.

The sentiment surrounding Bitcoin’s performance is notably optimistic, as highlighted by the peak trading volume recorded on January 22, 2024, which reached $3.89 billion, marking the highest single-day volume thus far for the year. The graph provided by Santiment underscores the volatility and the rapid increase in trading volume, reflecting a growing interest and potentially increased liquidity in the Bitcoin ETF sector.

📊 #Bitcoin‘s #ETF trading volume has began thriving once again here in mid-February. Over $1.8B of trading volume per day is occurring between the 7 most notable ETF’s (GBTC, IBIT, FBTC, ARKB, BTCO, BITB, HODL). Particularly as $BTC crossed above $50K earlier

(Cont) 👇 pic.twitter.com/4f3ZJjyZLz

— Santiment (@santimentfeed) February 16, 2024

However, the BTC price struggling to surpass the $52000 barrier signals signs of exhausted bullish momentum. In case of potential retracement, the interested trade can find a pullback opportunity in the below coin.

Also Read: 5 Altcoins To Buy Likely To Outperform Bitcoin In 2024

Why Ethereum Price is Poised to Hit $3000

Ethereum, the second-largest cryptocurrency by market cap, has experienced a significant surge in value over the past two weeks. The ETH price climbed approximately 31% from a base of $2,160, reaching a 21-month peak at $2,866. 

During this upward movement, the buyers successfully surpassed the previous swing high resistance at $2,700, indicating a stronger signal of recovery. However, as the Bitcoin price hovers around the $52,000 mark, altcoins, including Ethereum, are facing resistance due to an influx of supply.

In the last 48 hours, the Ethereum price has seen a slight decrease of 2%, suggesting a potential retracement towards the $2,700 mark. This pullback may present a favorable moment for investors to acquire more Ethereum, especially with the most-awaited Dencun upgrade scheduled for implementation on the Ethereum mainnet on March 13.

Additionally, the progress toward launching the first Spot ETH ETF further supports a positive outlook for Ethereum in the near future. Should the investors manage to maintain the momentum above the recently surpassed level, Ether could potentially extend its rally, targeting prices of $2,900 and then $3,175.

Also Read: Ethereum Price Analysis As ETH Tops $2,800, Is $3,000 The Immediate Next Stop?

XRP Price Poised for 6.5% Jump in Coming Week; But There’s a Catch

The XRP price behavior in 2024 has been mainly bearish under the influence of a descending triangle pattern. The downsloping trendline bolstered sellers to lead a downfall from $0.658 to $0.5, registering a 24% Loss.

However, with the renewed recovery in the market, the XRP price managed to escape this bearish pattern with an upside breakout. The post-breakout rally has surged the coin price 7.65% within two weeks to currently trade at $0.553.

Under the influence of this pattern, the positive upturn may push altcoin another 6.5% to hit a multiple resistance trendline around $0.59. This overhead resistance carried the mid-term downtrend in the XRP price and could recuperate the prevailing selling pressure.

Thus, a possible reversal from this trendline may trigger a new correction in the XRP coin.

Also Read: Jupiter Withdraws XRP ETP Investment Amid EU’s Regulatory Woes

Reversal Pattern Sets the Dogecoin Price Rally to $0.1

Amid the last correction trend in the market, Dogecoin demonstrated resilience by maintaining its position above the $0.075 support level. With renewed buying interest at this support and a wider market recovery, the DOGE price experienced an 8.9% increase over two weeks, bringing it to the current level of $0.0844.

The recent uptrend on the daily chart has revealed a bullish reversal pattern known as a double bottom, typically found at significant market lows, signaling a potential trend change. Influenced by this pattern, the Dogecoin price is expected to rise by 6.75%, aiming to breach the neckline resistance at $0.09. 

Overcoming this hurdle could significantly boost buying momentum, potentially driving the Dogecoin price up by 16.75% to reach $0.105.

Related Articles: Crypto Prices Today: Bitcoin Nears Drop Below $52K, ETH, SOL, XRP, PEPE Decline

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.