Crypto Today: Bitcoin, Ethereum, XRP gain modestly despite softening institutional demand
- Bitcoin rises above $77,000 as bulls target a potential $80,000 breakout despite ETF outflows.
- Ethereum rebound steadies above $2,300, but the 100-day EMA appears to limit gains amid deteriorating market sentiment.
- XRP nears the $1.40 threshold supported by mild inflows into US-listed ETFs.
Cryptocurrency prices are broadly rising on Wednesday, following a mild correction the previous day, during which Bitcoin (BTC) tested support around $75,600. The Crypto King trades above $77,000 at the time of writing, as bulls tighten their grip on a potential break toward $80,000.
Ethereum (ETH) is similarly ticking up above $2,300, pressing into a critical resistance around $2,350. Meanwhile, Ripple (XRP) is nearing the pivotal $1.40 level, although its upside is broadly limited by major moving averages.
Cooling institutional demand weighs on gains
Institutional interest in Bitcoin spot Exchange-Traded Funds (ETFs) has taken a back seat over the last few days, with outflows nearing $90 million on Tuesday, and approximately $263 million on Monday.
Cumulative inflows now stand at $58.21 billion, with net assets under management averaging $100.39 billion, according to SoSoValue. If the demand continues to soften, it could weigh on gains.
Ethereum spot ETFs also experienced their second consecutive day of outflows totaling $22 million on Tuesday, and roughly $50 million on Monday. Cumulative inflows sit at $12.03 billion, with assets under management totaling $13.57 billion.
XRP spot ETFs, on the other hand, beat the odds to post mild inflows of $2.2 million on Tuesday. This followed muted activity across all five investment products on Monday. Cumulative inflows now stand at $1.29 billion, with net assets under management averaging $1.05 billion.
Chart of the day: Bitcoin gains momentum eyeing $80,000
Bitcoin trades at $77,037, holding a constructive near-term bias as it stays above the 50-day and 100-day Exponential Moving Averages (EMAs) at roughly $73,609 and $75,666, respectively. This positioning keeps the broader uptrend intact despite a loss of upside momentum, with the 200-day EMA near $82,072 acting as the next major cap.
The Relative Strength Index (RSI) around 58 on the daily chart suggests moderate bullish momentum, while the Moving Average Convergence Divergence (MACD) histogram has slipped back below zero, hinting that buyers are losing some traction as price advances into overhead resistance.
On the downside, initial support is seen at the 100-day EMA near $75,666, with a deeper cushion provided by the 50-day EMA around $73,609 should profit-taking extend. On the topside, BTC's weekly high at $79,486 is the first major resistance, followed by the 200-day EMA at about $82,072, which forms the next key resistance. A daily close above this longer-term average would open the door to a renewed leg higher, whereas repeated failure below it would reinforce the risk of a corrective pullback toward the cited supports.
Altcoins technical outlook: Ethereum and XRP test rebound strength
Ethereum trades at $2,324, holding above the 50-day EMA at roughly $2,246 but still capped beneath the 100-day EMA near $2,349 and the broader 200-day EMA around $2,564. This configuration suggests a neutral to mildly constructive bias as price consolidates above the reclaimed downtrend break area around $2,296, while momentum sends mixed signals with the RSI hovering near 54 on the daily chart and the MACD histogram slipping back into negative territory.
On the topside, immediate resistance is seen at the 100-day EMA around $2,349, with a subsequent barrier aligned with the broader descending trendline toward $2,477, ahead of the 200-day EMA near $2,564, which defines a more significant cap. On the downside, initial support emerges at the prior trendline break zone around $2,296, followed by the 50-day EMA near $2,246. A sustained break below this latter level would expose a deeper retracement within the recent range.
On the other hand, XRP trades at $1.39, with price holding below the 50-day EMA at $1.41 and further resisted by the 100-day EMA at $1.52 and the 200-day EMA at $1.75, which together suggest a broader downbeat structure despite the recent bounce.
Momentum signals are mixed, as the RSI sits near a neutral 48 on the daily chart while the MACD histogram has slipped marginally into negative territory, hinting that upside attempts could struggle while the moving averages stay overhead.
On the downside, initial support aligns with the SuperTrend line at $1.30, which acts as the primary cushion before any deeper pullback. On the topside, a daily close above the 50-day EMA at $1.41 would be the first sign of easing bearish pressure, with subsequent resistance layers seen at the 100-day EMA near $1.52 and then the 200-day EMA around $1.75, levels that would need to be reclaimed to shift the broader bias back to constructive.
(The technical analysis of this story was written with the help of an AI tool.)
Crypto ETF FAQs
An Exchange-Traded Fund (ETF) is an investment vehicle or an index that tracks the price of an underlying asset. ETFs can not only track a single asset, but a group of assets and sectors. For example, a Bitcoin ETF tracks Bitcoin’s price. ETF is a tool used by investors to gain exposure to a certain asset.
Yes. The first Bitcoin futures ETF in the US was approved by the US Securities & Exchange Commission in October 2021. A total of seven Bitcoin futures ETFs have been approved, with more than 20 still waiting for the regulator’s permission. The SEC says that the cryptocurrency industry is new and subject to manipulation, which is why it has been delaying crypto-related futures ETFs for the last few years.
Yes. The SEC approved in January 2024 the listing and trading of several Bitcoin spot Exchange-Traded Funds, opening the door to institutional capital and mainstream investors to trade the main crypto currency. The decision was hailed by the industry as a game changer.
The main advantage of crypto ETFs is the possibility of gaining exposure to a cryptocurrency without ownership, reducing the risk and cost of holding the asset. Other pros are a lower learning curve and higher security for investors since ETFs take charge of securing the underlying asset holdings. As for the main drawbacks, the main one is that as an investor you can’t have direct ownership of the asset, or, as they say in crypto, “not your keys, not your coins.” Other disadvantages are higher costs associated with holding crypto since ETFs charge fees for active management. Finally, even though investing in ETFs reduces the risk of holding an asset, price swings in the underlying cryptocurrency are likely to be reflected in the investment vehicle too.
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