Crypto Today: Bitcoin, Ethereum and XRP recovery loses momentum as capital inflows return

• Spot ETF inflows help absorb selling pressure as Bitcoin’s rebound pauses below $81,000.
• With ETF inflows of $53 million providing backing, Ethereum bulls look to the 50-day EMA for near-term support.
• Despite subdued ETF activity, XRP trades above $1.32 as its run of gains reaches three consecutive days.

Bitcoin (BTC) is trading near $80,600 on Thursday, with its recent rebound having faltered below $81,000 as cryptocurrency prices broadly consolidate. Above $2,400, Ethereum (ETH) retains a neutral-to-bullish bias, although the recovery is losing momentum. Ripple (XRP) is trading above $1.32, showing signs that its upward trend is continuing for a third consecutive day.

The United States (US) midterm elections, which left the Democrats with a majority in Congress, helped the crypto market gather momentum. However, macroeconomic uncertainty persists despite the prospect of a recovery. Market participants assign a 79% probability to a 25 basis point interest rate increase by the Federal Reserve (Fed) in December.  Just 21% of traders anticipate that the central bank will leave rates within the 3.75-4.00% range.

Crypto ETFs attract renewed inflows

After the market absorbed the Binance hack, demand for digital investment products, including spot exchange-traded funds (ETFs), started to recover. The attack affected approximately $6.3 billion in assets, prompting concerns over the security of investors’ funds held on centralised exchanges (CEXs).

Wednesday brought around $75 million of inflows into Bitcoin spot ETFs, ending a three-day bearish run. The reversal alone, however, offers insufficient evidence to assess institutional appetite. Whether the current bullish outlook holds or is invalidated will depend heavily on flows over the coming days and weeks.

Following seven consecutive days of outflows, Ethereum spot ETFs attracted approximately $53 million on Wednesday. This renewed investment suggests investors may be prepared to take on more risk in anticipation of a gradual rise towards short-term resistance at $2,600 and the medium-term barrier at $2,800.

Activity in XRP spot ETFs, by contrast, has remained subdued for two days, following modest outflows of $530,000 on Monday and $497,000 last Friday. Nevertheless, cumulative inflows are still positive at $1.8 billion, while net assets under management stand at $1.5 billion. These figures suggest investors retain a bullish long-term view of the underlying XRP token.

Bitcoin technical analysis: Bullish momentum returns

At $80,615, Bitcoin retains a modest upward bias, trading above its 50-day, 100-day and 200-day exponential moving averages (EMAs). Having regained the short-term EMA cluster, the pair is now consolidating. The 50-day EMA at $80,166 supports the advance, but the SuperTrend line at $82,920 limits further upside.

A positive turn in the Moving Average Convergence Divergence (MACD), alongside a Relative Strength Index (RSI) just above 50, points to strengthening momentum. Buyers appear to hold the near-term advantage, though conviction behind a breakout remains limited.

A daily close above the immediate SuperTrend resistance around $82,920 would pave the way for a more sustained extension of the uptrend. Support initially sits near $80,166 at the 50-day EMA, ahead of the 100-day EMA at $77,901 and the 200-day EMA around $76,555. Should price slip back below the 50-day EMA, the positive outlook would weaken, leaving scope for a deeper retreat towards the longer-term averages.

Ethereum technical analysis: Recovery pauses as bulls seek further upside

Trading at $2,423, Ethereum maintains a positive bias above the cluster of 50-day, 100-day and 200-day EMAs between approximately $2,400 and $2,310. The broader upward trend therefore appears intact. Rather than signalling a reversal, the recent retreat from the highs looks like consolidation above the longer-term base near the 200-day EMA at $2,316.

With the MACD turning positive and crossing above the zero line, momentum favours the upside. Meanwhile, an RSI reading near 54 points to modest buying pressure, rather than overbought conditions.

The former rising trend support, now a barrier near $2,463, presents the first resistance. Beyond it lies the SuperTrend line at $2,490, where sellers may seek to limit further advances. Initial demand on the downside coincides with the 50-day EMA at $2,411, followed by support at the 100-day EMA at $2,354 and the 200-day EMA at $2,316. Only a decisive move below all these EMAs would bring a deeper decline towards the second, lower uptrend line around $2,211 into consideration.

XRP technical analysis: Recovery stretches into a third day

A third successive day of modest gains leaves XRP trading at $1.32. Although the token has regained the 100-day EMA as nearby support, the 50-day and 200-day EMAs remain above price and continue to constrain the advance. Momentum is improving: the MACD has moved slightly into positive territory, while the RSI, at around 51, has entered neutral-to-bullish territory. Even so, the prevailing technical structure suggests rallies will encounter selling at the overhead moving averages and the active SuperTrend line.

The 50-day EMA around $1.34 is the first resistance, with the 200-day EMA near $1.36 adding to a wider supply zone. A more significant threshold for confirming the bullish outlook lies at the SuperTrend line near $1.40. Immediate support is provided by the 100-day EMA at $1.32. A sustained fall below it would leave the previous trendline break area near $1.27 as the next significant zone of demand.

(The technical analysis of this story was written with the help of an AI tool. Know more.)