BTC, ETH and XRP Price Analysis for May 3


The cryptocurrency market is trading sideways today as some coins are going up, while the rates of others are falling.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) is the only coin from the list today that is falling, declining by 0.90%.

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BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the daily chart, nothing has changed as the price keeps trading in a wide channel. In addition, the volume is going down, which means that none of the sides has accumulated enough power for a sharp move. In this case, trading in the range of $38,000-$40,000 is the more likely price action until the end of the week.

Bitcoin is trading at $38,279 at press time.

ETH/USD

Unlike Bitcoin (BTC), Ethereum (ETH) is showing power, rising by 0.19% since yesterday.

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ETH/USD chart by TradingView
ETH/USD chart by TradingView

Despite slight growth, Ethereum (ETH) is still trading below the vital $3,000 mark. If today’s candle fixes near $2,780, there is a high possibility to expect a breakout of the red line soon, followed by a continued price drop.

Ethereum is trading at $2,823 at press time.

XRP/USD

XRP is the biggest gainer from the list today, rising by 0.70%.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

XRP remains bearish despite the rise, approaching the $0.5461 level. If bears’ pressure continues, the decline may lead to a further decrease to the zone around $0.55 until mid-May.

XRP is trading at $0.6150 at press time.


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