What to Expect in BTC, ETH, XRP Price This Week Ahead of 2 Key Economic Events

Bitcoin (BTC), Ethereum (ETH), and XRP traded lower on Monday during the Asian trading session despite a shift in sentiment from the “extreme fear” territory to “fear”. The drop comes amid uncertainty about the US-Iran war after the latter turned down attempts for a second round of talks. As this happens, traders are closely watching two economic events in the US this week that could cause a spike in volatility for the price of BTC, ETH, and XRP.

Retail Sales and Jobless Claims Could Move Prices This Week

Data from MarketWatch shows that the US will release the retail sales report for March on Tuesday, April 21. This data assesses consumer spending, and its release will show a clear picture of how much the US-Iran war has affected the purchasing power.

In February, retail sales came in at 0.6%, and according to forecasts, March data could jump to 1.5%. If the actual data meets this expectation or comes in higher, it will show that US consumers spent more in March. As a result, it will reinforce the consensus that there will be no rate cuts at the April 28 FOMC meeting.

At the same time, US jobless claims will be released on Thursday. Last week, claims came in 207,000, which was lower than estimates. This week, markets are expecting a hike to 210,000, and this will likely influence the price of BTC, ETH, and XRP.

After the release of the jobless claims data last week, Bitcoin price reacted with a small decline. This is because when the labour market is strong, the Fed has no reason to lower rates. Therefore, traders should expect this data to stir volatility later this week.

BTC Price Defends 150-day Weekly SMA as Momentum Builds

Bitcoin’s weekly chart shows bulls clearly defending the 150-day SMA support level at $72,848. At press time, BTC price traded at $74,832, suggesting that the support could hold this week if there is weak sell-side pressure.

It is also worth noting that the RSI has been making higher lows. This shows that sellers are gradually leaving the market and buyers are stepping in. If the RSI breaks above 50 this week, it will be a confirmation that the uptrend is gaining steam, and after that, Bitcoin will eye the 100-day SMA at $87,735.

A previous analysis recognized the formation of a double bottom pattern on Bitcoin’s daily chart that may push the price towards $85,000. This means that if this week’s economic indicators fuel a risk appetite among traders, gains could be imminent.

ETH Price Forms Rounding Bottom Recovery as Sentiment Shifts

There has been a shift in market sentiment from the “extreme fear” territory to “fear,” and this may influence ETH price this week as economic events also come into play. Unlike Bitcoin, Ethereum has yet to break its 150-day weekly SMA at $2,700. This makes it the most pivotal target this week for bulls to sustain a strong uptrend.

The AO bars support a bullish long-term Ethereum price forecast that extends beyond the week. For the last four weeks, the AO bars, despite being negative, have turned green, which is a sign that the bearish sentiment is becoming weak.

This week, traders should watch whether the AO bars can flip positive. If this happens and the US retail sales and jobless claims data favor risk assets, including BTC price, Ethereum might kickstart a breakout rally to $2,700. A recent report also revealed a surge in Ethereum institutional inflows that further supports this forecast.

XRP Price Quietly Forms a Cup and Handle Pattern

A recent analysis observed that XRP is stuck at $1.40, an event caused by sellers taking profits whenever the price approaches this resistance level. However, amidst this, XRP has now formed a cup and handle pattern on the daily chart, suggesting that a breakout is near.

The cup and handle usually signals that a bullish continuation is about to happen. However, this is only possible if bulls not only break resistance at $1.40, but also the pattern’s neckline at $1.47.

The ADX line favors the possibility of this bullish continuation by tipping north. This is a sign that the downward reversal seen in the pattern’s handle is short-lived.