This week saw a surge in the cryptocurrency market following reports of a potential approval for an Ethereum ETF in the US.
As a result, the market capitalization rose from $2.31 trillion to $2.59 trillion over the week. Bitcoin and Litecoin gained approximately 5%, Ripple saw a 2.40% increase, while Ethereum led the way with a gain of over 26%.
Bitcoin
Bitcoin experienced a rise amidst favorable developments for Ethereum, briefly surpassing $70,000 per coin (61.8 Fibo Expansion).
Despite later dipping below this level and downtrend resistance, the primary cryptocurrency still stands above the horizontal mark of 68,976. Should this level maintain as support, BTCU/SD might climb to a new all-time high around $73,000.
Conversely, an alternative scenario could involve Bitcoin retracing to the support level of $64,728 per coin.
Ripple
Ripple ascended beyond the support range between 0.5089 and 0.5865, presenting technical recovery prospects for its price within this range.
Notably, an ascending triangle appears to be taking shape on the chart.
Following a period of trading within it, XRP/USD could potentially breach the resistance at 0.5865 and extend its ascent towards the level of 0.6729.
Ethereum
Following this week's upward movement, Ethereum has reached the midpoint of the trading range between 3586.13 and 3992.43, currently trading below the highs of May 21 (3844.14). Sustained consolidation above this level could prompt second-largest cryptocurrency to further bolster its position towards the 3992.43 level.
Litecoin
Litecoin experienced an increase, reaching a resistance point at 88.12, followed by a retreat. Presently, LTC/USD has potential for a decline towards the support level of 81.76, and should consolidation occur below it, towards the dotted level of 76.95.
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