ETH Focusing on Downside Move Prior to a New Upsurge; XRP Seems Primed For a New Surge Above $0.20
ETH/USD Pair Price Analysis
The ETH/USD pair tried severally to surge above the barrier zone between $198 and $200, before it began a downside retracement. It appears that it is following a bearish pattern from the $198 barrier.
The recent swing low was close to $188 while the recent high was $195. At the moment, the pair is moving downward and visiting $192.
The immediate key support is close to $190 and the 100 hourly SMA. The failure to remain over the 100 SMA could lead to the $188 support. A look at the pair’s hourly chart shows the formation of a key bearish channel or a bullish flag with barrier close to $195.
Hence, the pair could move downwards towards $188 support or the $185 pivot area in the short term. The failure to remain over $185 support poses the risk of a bigger downside retracement.
The immediate major support beneath $185 is close to $175, where the buyers could defend it in the sessions ahead. The pair is still maintaining a nice uptrend unless it establishes levels beneath $185 support. A look at the upside shows that the buyers need to take the pair above $195 barrier.
The main hurdle is close to $198 and $200, over which the pair may incur an upsurge towards $212 and $215. Any additional gains could lead to $225.
XRP/USD Pair Price Analysis
The pair began a downside retracement and attained levels beneath $0.1965 support. Nevertheless, $0.1950 became a robust support along with the 100 hourly SMA.
The pair was able to form a low close to $0.1944 and it is now following a bullish breakout pattern.
A look at the upside on the pair’s hourly chart shows that the buyers are encountering barriers close to $0.1980 and there is a connecting declining trend line.
If the pair breaks over $0.1980 barrier, it could retest $0.2000 barrier zone. A surge above $0.2000 barrier is required for a fresh upsurge.
The next hurdle over $0.2000 is close to $0.2020, over which the buyers could focus on testing $0.2120.
The pair is moving close to a major support over $0.1955 and the 100 hourly SMA. Its chart also revealed the formation of a critical bullish trend line with support close to $0.1960.
The failure to remain over the trend line and the 100 hourly SMA may bring about more declines beneath $0.1950. The immediate major support is close to $0.1920, beneath which the pair is vulnerable to a robust dip towards $0.1850.
Featured image courtesy of Shutterstock. Source: Cryptopress.