ETH Focusing on Downside Move Prior to a New Upsurge; XRP Seems Primed For a New Surge Above $0.20

News / 28.04.2020

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

In recent times, the XRP/USD pair incurred an upsurge over the barrier zone at $0.1980 and it visited the $0.2000 barrier. It attained $0.1997 but could not move further over $0.2000.

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.

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A creative writer in the field of content writing for the past 7 years. Iulian is passionate about his work and his interest in areas such as technology, travel, sports, literature and gastronomy have aided him to the research quality in articles that reflect these themes. Recently, he discovered the Bitcoin and the blockchain technology and he’s a big fan now.