Crypto Market Sees Relief as Ethereum Surges by 3%

The crypto market has been experiencing some relief in recent days, with several top assets showing signs of recovery. Ethereum (ETH), for instance, surged by 3% this week as buyers took control of the price action since late June. The support at $1,500 was tested and held, marking a significant milestone in the asset's trajectory.

However, despite this positive development, analysts caution that ETH remains in a macro downtrend. Sustaining gains beyond $2,000 is considered a big ask for now, and only if $2,000 turns into support does ETH have a good shot at breaking the prevailing downtrend.

Ripple (XRP) also managed to book a 3% gain this week, with buyers keeping the price well above the key support at $1. But despite this consolidation, XRP lacks momentum for a major breakout, and market participants seem to have retreated since the drop in February.