The cryptocurrency markets rebounded on June 16, 2020, after BTC prices briefly touched lows of $8900 for the first time in June during Monday trading.
The king crypto recovered to trade above the $9500 zone, while ETH and XRP also managed to reverse some of yesterday’s losses.
ETH Reaffirms its Bullish Posture
Ethereum has astonishingly defied earlier projections of a downtrend by surging from the $219 zone of support on June 15 to reaffirm its bullish posture. The crypto has since risen by 7.4% as it seeks to retest the $250 level of resistance over the next few days.
In the last few hours, the second-largest digital coin has gained approximately 5% amid the global recovery after Monday’s sell-off, with fresh buying interest helping to propel ETH/USD pairs above $230.
ETH is changing hands at $233 during press time, and despite the recovery, the top altcoin is still trading within a short-term bearish trend.
As long as it trades beneath $250, the coin remains in a neutral zone where it remains susceptible to a potential move to the downside.
On the bright side, if ETH can close a daily or weekly candle above 0.025BTC, it would confirm a breakout with a rally likely extending to as far as 0.03BTC, which has not been tested since June of last year.
In June 2019, Ethereum rallied to $365 as optimism returned to the market in light of Facebook’s Libra cryptocurrency. A return to 2019’s yearly high would mark a 55.3% rise from its current valuation.
Ripple Price Recovers By 4%
Ripple has gained more than 3% to trade above $0.1900 against the US dollar, having recovered from its May 15 low of $0.182.
In the last few hours, there has been a key breakout above a bearish trendline around the resistance level at $0.1901, with XRP managing to clear numerous hurdles near this crucial psychological zone.
The XRP/USD pair is trading around $0.1909 at press time, and it is likely to test the $0.1950 resistance. If the four-largest digital asset manages to surpass that upcoming resistance, it is likely to test the $0.2000 resistance level to complete a double bottom pattern.
XRP seems to be gaining a foothold on the crypto markets, with a recent survey on twitter revealing that local Japanese investors prefer Bitcoin, which is quite natural, along with Ripple’s XRP.