Ethereum’s (ETH) price continued consolidating for a third consecutive day on Friday after the hefty losses seen at the beginning of the week. Traders continue exercising caution despite news of German asset manager DWS Group launching an Ethereum exchange-traded commodity (ETC) and JP Morgan analysts providing positive updates on Ethereum’s potential security status.
Ethereum’s ETF decision is still one of the major topics surrounding the largest altcoin. While recent moves by key market players provide a positive for its price growth, restaking risks are gradually becoming a major concern.
Ripple (XRP) price is stuck within a tight range between its February 17 low of $0.5643 and March 18 high of $0.6686. On Friday, the altcoin traded below the psychologically important $0.60 level, at $0.5807.
Ripple announced the launch of a 1:1 USD backed stablecoin on the XRPLedger and Ethereum blockchain, to be released in 2024. The announcement failed to catalyze a recovery in the altcoin.
Bitcoin (BTC) price action for the past three weeks has been confusing for sidelined participants. On the one hand, investors are ignoring BTC and trading altcoins, and on the other hand, traders are expecting a potential dip.
On the weekly timeframe, the Momentum Reversal Indicator (MRI) has flashed a sell signal for Bitcoin’s price. This sell signal is noted as a red ‘one’ down arrow above the weekly candlestick and forecasts a one-to-four-down candlestick.
