Ethereum prices have established solid support above $1580 and have made significant progress. ETH's trading price has broken through the resistance level of $1620 and entered a positive zone, similar to the performance of Bitcoin
Ethereum prices have established solid support above $1580 and have made significant progress. ETH's trading price has broken through the resistance level of $1620 and entered a positive zone, similar to the performance of Bitcoin. The current price is close to the critical $1650 level, and once it breaks through, it may trigger more upward momentum. In addition, the trading price of Ethereum has exceeded $1610 and the 100 hour simple moving average, and has exceeded the recent 23.6% Fibonacci pullback from a low of $1582 to a high of $1644.
In addition, the hourly chart of ETH/USD shows a short-term upward channel, with support levels around $1630. The positive scenario is that the price may encounter some resistance around $1645, with the next resistance level around $1650. If the closing price can exceed the resistance level of $1650, it may push the price further up to the resistance level of $1670.
To sustain a stable increase, the price of ETH needs to stabilize above the resistance level of $1670 and face the main obstacle of being around $1750. If the closing price can exceed the $1750 level, it may push Ethereum further up to $1880.
Will ETH fall again?
However, if ETH fails to break through the resistance level of $1650, it may experience another decline. The initial support level for the downward trend is around the $1630 level and the channel trend line. The first key support level is close to $1610, which is the 100 hour simple moving average, and the 50% Fibonacci retracement level, which has recently risen from a fluctuating low of $1582 to a high of $1644. The next key support level is $1580. If it falls below $1580, it may trigger another round of decline.
Technical indicators
- The hourly MACD ETH/USD MACD is located in a bullish region and shows growth momentum.
- The relative intensity index (RSI) of RSI-ETH/USD per hour is currently above the 50 level.
The key support level is $1610, and the main resistance level is $1650.
XRP prices may break through
After experiencing a round of decline, Ripple's XRP exchange rate found support around $0.458 against the US dollar. The price once fell to $0.4589, and then recently began a new round of increase, similar to the performance of Bitcoin and Ethereum.
At present, XRP prices are expected to break through the resistance level of $0.480, further rising to a fluctuating high of $0.5490 and a 23.6% Fibonacci retracement level at a low of $0.4589. In addition, the 4-hour chart of the XRP/USD currency pair shows that it has broken the main downward trend line, with resistance around $0.4840.
However, the current price is still below $0.505 and the 100 hour simple moving average, which may create resistance around $0.505.
The next important resistance level is around $0.5145, which is the 61.8% Fibonacci retracement level formed by a downward trend from the fluctuating high of $0.5490 to the low of $0.4589. The main resistance level is around $0.525. If we successfully break through the resistance level of $0.525, it may trigger a strong rebound, and the target may be a resistance level of $0.570. To further increase, it may be necessary to test the resistance level of $0.600.
Will XRP fall again?
If the Swiss dollar cannot break through the resistance of $0.5145, it may experience a decline. The initial support level is at $0.484, with the main support level at $0.458. Falling below $0.458 may lead to further price declines.
Technical indicators
- The 4-hour MACD XRP/USD MACD is currently in a bullish region and showing signs of acceleration.
- The relative strength index (RSI) of 4-hour RSI-XRP/USD is currently above the 50 level.
Key support levels are $0.484, $0.458, and $0.432. The main resistance levels are $0.505, $0.515, and $0.525.
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