 ▲ Bitcoin (BTC), Ethereum (ETH), and XRP / ChatGPT-generated image © |
As the war between the United States and Iran intensifies, triggering an oil shock that has pushed international crude prices above $100 for the first time since 2022, major cryptocurrencies such as Bitcoin (BTC) and XRP (Ripple) are demonstrating strong resilience, drawing significant attention from investors.
According to investment media outlet FXStreet on March 9 (local time), tensions in the Middle East have reached a peak as the United States and Israel step up attacks against Iran, with the first war-related casualty reported in Saudi Arabia. Additionally, Iran’s Assembly of Experts has elected Mojtaba Khamenei, the son of the late Ali Khamenei, as the country’s third Supreme Leader, while the Strait of Hormuz has been closed, sending global oil prices, including Brent Crude, soaring above $100.
Despite the geopolitical crisis, Bitcoin is trading above $68,000, with buying pressure building to weaken resistance at its February 8 peak of $72,271. On the daily chart, the SuperTrend indicator has flipped below the spot price, supporting a bullish bias, while the Moving Average Convergence Divergence (MACD) remains above the signal line, indicating stable momentum. The Relative Strength Index (RSI) is also recovering toward the neutral level, suggesting that a breakout above $70,000 could pave the way toward the 50-day Exponential Moving Average at $73,280.
Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is moving sideways around $2,000 while showing cautious upward momentum. Although the MACD remains above the signal line and the RSI is climbing from around 46 toward neutral territory—indicating weakening selling pressure—ETH continues to trade below its 50-day, 100-day, and 200-day Exponential Moving Averages, signaling that the broader downtrend remains intact. A breakout above short-term resistance at $2,165 could open the path to $2,241, but failure to do so may lead to a retest of support between $1,930 and $1,950.
XRP is currently edging higher near $1.35 as buyers strive to gain control. However, layered resistance levels, including the 50-day Exponential Moving Average at $1.53 and the 100-day Exponential Moving Average at $1.75, continue to cap upside momentum, maintaining a short-term bearish bias. The contraction of the green histogram bars on the MACD suggests that any short-term rally remains fragile.
To ease immediate downward pressure, XRP must decisively close above $1.40 on a daily basis, while reclaiming the 50-day Exponential Moving Average is essential to reverse the broader downtrend. If the initial support at $1.33 breaks, the door could open for further declines toward the February 28 low of $1.27, warranting heightened caution among market participants.
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