Bitcoin, Ethereum, Bitcoin Cash, Ripple: Daily Price Analysis And Prediction, May 2

Upside Trend Expected

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Many organizations have been adopting crypto or the use of Blockchain technology to do various tasks. Firms have also made investments in the mining operations in different countries. However, through the price analysis, yesterday was tough due to the fact that there was a slight drop in prices in each of the cryptocurrencies. However, after some hours, the price regained and the cryptocurrencies were involved in an upside. We expect the bullish trend to take effect this week.

Therefore, let’s see the current price of the cryptocurrencies from the price analysis.

Bitcoin BTC

Bitcoin was experiencing stability just above the $9,300 price level for about two days. However, on May 1, the cryptocurrency was subjected to a fall in price which saw it drop slightly below the $9,000 price level and regained after a few hours. Currently, it is trading just above the $9,000 price level.

Bitcoin seems to be gaining stability at this level. Therefore, Bitcoin could be subjected to trading just above the $9,000 price level for some time before facing the $9,200 and the $9,400 resistance levels. On the downside, dropping below the $8,900 price level might attract more losses.

Support level: $8,900

Resistance level: $9,200

Ethereum ETH

Ethereum has been trading above the $650 price level. However, recently, the cryptocurrency dropped below this price level and attained the $640 low this week. However significant improvements have been noticed above the $660 price level which is a good bullish sign.

Since Ethereum seems to be gaining improvement from time to time, we might expect the cryptocurrency to rally slightly to the $670 price level and then the $690 price level. On the downside, dropping below the $640 price level might attract losses.

Support level: $640

Resistance level: $670

Bitcoin cash BCH

Just recently, on 30th April, Bitcoin cash was trading above the $1,400 price level and was steady in these positions until it was subjected to a downside. The downside saw the cryptocurrency reach the $1,274 low and then rallied close to the $1,300 price level. Currently, it has just crossed the $1,300 level.

According to the current market state, we might experience this level for some time before being subjected to the $1,400 resistance level. On the downside, the $1,250 price level might attract more losses to the investors.

Support level: $1,250

Resistance level: $1,400

Ripple XRP

Ripple has maintained its price level above the $0.80 price level. However, it was subjected to a drop from the $0.86 price levels and went ahead to attain the low of $0.80. This being a strong support level, the cryptocurrency did not drop below this point and has now slightly rallied to the $0.838 price levels in a few hours.

Therefore, Ripple might experience the $0.850 resistance level and also the $0.87 resistance level later. Therefore, going above the resistance level might attract profits. On the downside, dropping below the $0.80 price level might attract losses.

Support level: $0.80

Resistance level: $0.850

Baseline

According to the price analysis, all the cryptocurrencies were involved in a downside yesterday but have since recovered slightly. Therefore, they might experience the bullish trend or rather maintain the same price ranges. However, an upside is possible as discussed in the price analysis of each coin.

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