Bitcoin and Ethereum Rebound, but Ripple Falls for Third Consecutive Day

▲ Bitcoin (BTC), Ethereum (ETH), XRP (XRP)/ChatGPT generated image ©

Bitcoin (BTC) and Ethereum (ETH) showed signs of recovery on expectations of negotiations between the US and Iran over the Strait of Hormuz, but XRP (Ripple) fell for three consecutive days amid technical weakness. Market fear has somewhat eased, but investor sentiment has not improved enough to break through major resistance levels.

According to investment media FXStreet on August 5 (local time), Bitcoin continued its short-term rebound near $64,000, and Ethereum moved towards $1,900. In contrast, XRP showed structural weakness, dropping to around $1.07.

U.S. President Donald Trump stated that negotiations with Iran are proceeding smoothly and that additional information would be disclosed within 48 hours. Expectations that the U.S. is pushing for an agreement to reopen the Strait of Hormuz supported risk asset sentiment. The Crypto Fear & Greed Index rose from 25, indicating 'extreme fear' the previous day, to 28, in the 'fear' zone, but the improvement was limited.

Bitcoin traded below its 50-day Exponential Moving Average (EMA) of $64,656 and the descending resistance trendline of $64,578, maintaining a short-term bearish structure. The Relative Strength Index (RSI) remained near the neutral line of 50, and the Moving Average Convergence Divergence (MACD) stayed in negative territory. A breakthrough above $64,656 could test the 100-day line at $67,132 and the 200-day line at $72,676, respectively.

Ethereum traded at $1,871, holding above its 50-day line of $1,852 and the ascending trendline of $1,849. The Relative Strength Index was 52, showing slight bullishness from neutral, but the Moving Average Convergence Divergence remained in negative territory. The 100-day line at $1,927 is the first resistance, and if crossed, the 200-day line at $2,147 is the next hurdle. If daily trading closes below $1,849, the short-term bullish structure could be compromised.

XRP remained in a medium-term downtrend, trading below its 50-day line of $1.12, 100-day line of $1.20, and 200-day line of $1.40. The Relative Strength Index was 43, indicating a bearish bias, and the Moving Average Convergence Divergence also dropped slightly into negative territory. On the upside, $1.12 is the first resistance; on the downside, defending the psychological support levels of $1.05 and $1.00 is crucial.

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