Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) halted their two-day recoveries on Thursday as Vanguard Group lifted its ban on crypto exchange traded funds (ETFs). Institutional support for Ethereum and XRP remains stable, while Bitcoin ETFs recorded outflows on Wednesday after five consecutive days of inflows. The technical outlook for all major cryptos remains mixed, with key resistance levels emerging.
Institutions support Ethereum and XRP while ignoring Bitcoin
Ethereum and Ripple spot ETFs recorded inflows of $140.16 million and $50.72 million respectively on Wednesday, building on the pro-crypto shift among traditional financial institutions seen this week.
However, Bitcoin ETFs recorded slight outflows of $14.90 million on the same day, ending a streak of five consecutive trading-day inflows. Overall, institutional support for Bitcoin and Ether fluctuates, while confidence in XRP remains strong.
Bitcoin rises above newly found support
Bitcoin has risen above $93,000 after a two-day recovery, successfully marking a daily close above the $92,800 resistance level, which aligns with the April 28 low. This marks a bullish breakout, which could extend the rally to the June 22 low at $98,200.
According to the Supertrend indicator, if BTC breaks above this range, it will confirm a fresh bullish trend and trigger a buy signal.
Momentum indicators on the daily chart show a continued decline in bearish pressure, with the Relative Strength Index (RSI) reaching 48 after being oversold in late November.
On the same lines, the moving average convergence divergence (MACD) maintains a steady uptrend, with green histogram bars rising above the zero line, indicating increasing bullish momentum.
If Bitcoin slips below $92,800, it could extend the decline to the demand zone between $84,700 and $80,600.
Ethereum remains strong due to increasing demand
Ethereum’s on-chain demand has been surging this week, with transactions per second (TPS) hitting a record high of more than 34,000 as the Fusaka upgrade went live on Wednesday.
Additionally, Sentiment data shows that network growth – a metric that tracks the number of new addresses based on their first transaction – is at a five-month high.
At the time of writing, Ethereum was trading above $3,200 on Thursday, holding steady after recovering more than 14% over the past two days. Ether is approaching an important resistance trend line formed by connecting the October 7 and 27 highs near $3,250 on the daily chart.
If ETH clears this trendline, the 50-day and 200-day exponential moving averages (EMA) at $3,361 and $3,475, respectively, will serve as dynamic resistance ahead of the supply zone near $3,650.
Similar to Bitcoin, the RSI and MACD are showing a steady increase in buying pressure.
Looking below, the round figure of $3,000 and the low of $2,623 on November 21 could act as support levels.
Ripple risks losing profits this week
Ripple is down 1% at press time on Thursday after two consecutive bullish candles on the daily chart. Upside pressure near $2.20 limits XRP recovery, with a risk of a possible reversal below the $2.00 round figure if bears achieve negative daily closing levels.
Additionally, the RSI at 47 falls below the halfway line, indicating renewed headwinds. Nevertheless, the MACD and signal lines continue to move upward.
If XRP falls below $2.00, it could test the $1.90 support level, which marks the June 22 low.
Looking ahead, if XRP extends the recovery, it may face immediate resistance at the 50-day EMA at $2.31.
