Ethereum (ETH) Gains Strength Before Pectra Upgrade, XRP Breaks Key Levels; See How BlockDAG's 25% Referral Bonus Unlocks Epic Earnings!

The crypto market is showing signs of promise with Ethereum’s technical outlook turning interesting ahead of the Pectra upgrade, while XRP is gaining attention for its rising price and new utility updates.

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XRP Price Poised For More Gains As Token Breaks Key Levels

XRP showed renewed strength as it recovered to $2.30 from lows of $2.24 amid volatility linked to ETF developments.

The bullish outlook for XRP is supported by a strong technical setup, with the token trading above its 50-period EMA and approaching resistance at $2.2613. A breakout could pave the way for a move toward $2.38.

The price remains positive as long as support holds at $2.20, with adoption and new use cases potentially pushing prices higher in the near future.

(Chart: TradingView)

Among the new use cases for XRP is a proposal by Ripple CEO Brad Garlinghouse to introduce the XRP Ledger for real-time salary payments.

In a recent interview, Garlinghouse said that the integration of blockchain technology with the existing financial system could significantly benefit both employers and employees.

He said that tying blockchain to the legal and regulatory framework of a country would be a crucial step.

“If you think about the payroll use case, you couldn’t use a U.S. token like XRP for payroll in France because it wouldn’t be recognized by the French government,” Garlinghouse said.

He added that if a country’s financial regulator approved a tokenized payroll system, it would create a “massive” use case for crypto.

“If you look at the use cases that have traction today, they’re largely limited to cross-border payments. But if you look at the use cases that would create multi-billion-dollar markets, it’s things like payroll, supply chain, and trade finance.”

Ethereum Price Set For Breakout As Pectra Upgrade Approaches

Ethereum (ETH) has bounced back to $1,817 after dipping to $1,737, driven by momentum ahead of its upcoming upgrades.

The Pectra upgrade on May 7 promises improvements in scalability and staking, which could attract interest from both retail and institutional investors.

Ethereum’s price action also shows promising technical signals, such as a Golden Cross on the MACD and a Dragonfly Doji pattern on the monthly chart.

Traders are closely observing the $1,812 resistance level, which could determine the next leg of the move. ETH’s price is currently supported by a parabolic zone, known for triggering major rallies in the past. A breakout depends on continued strong volume.

(Chart: TradingView)

After a period of consolidation, the second-largest cryptocurrency is showing signs of renewed bullish momentum.

As reported by Blockware Solutions, data from Glassnode shows that there has been a significant shift in on-chain derivatives activity, with put options now outpacing call options.

This shift suggests that traders are becoming more pessimistic about the cryptocurrency market and are preparing for potential downside price action.

The ratio of put to call options has risen above one for the first time since November 2022, indicating that traders are placing larger bets on a decline in ETH’s price.

Despite the gloomy outlook, the technical analysis suggests otherwise, with several bullish signals emerging.

A breakout from the parabolic zone, which has acted as a support level throughout 2024, could propel ETH for another rally.

Moreover, the Dragonfly Doji pattern, spotted on the monthly chart, is a bullish technical indicator that occurs when the opening and closing prices are nearly identical, forming a small range-bound candlestick.

This pattern is said to mark a period of indecision among traders, which can lead to a breakout in the opposite direction of the prior trend.

In the case of ETH, this pattern emerged after a strong bearish move, suggesting that sellers may be losing momentum and buyers are stepping in.

Additionally, the MACD has formed a Golden Cross, another bullish technical indicator that occurs when the short-term exponential moving average crosses above the long-term exponential moving average.

This crossover is said to signal a shift in technical momentum in favor of buyers.

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