ETH is Close To Make-or-Break Levels; XRP Buyers Focus on Upside Moves
ETH/USD Pair Price Analysis
The ETH/USD pair incurred bullish moves mostly over $190 in the previous few sessions. The pair is trying to gather momentum over the barrier zone between $198 and $200.
A look at the downside on the pair’s hourly chart shows the formation of a robust support close to $194 and $195. An important observation is the formation of a major bullish trend line with support close to $194.
A look at the upside reveals a critical barrier facing the bulls close to $200. If the pair is able to close (daily) above $200, it will have a sustained upside move. The immediate key barrier above $200 is close to $212. Any additional gains might take the pair towards $220 and $225.
It is clear that the pair is encountering a major resistance close to $200. The pair will be vulnerable to a declining reaction in the near term if the buyers keep struggling close to $200.
If the pair breaks beneath $194 support, there could be a downside move towards $190. The initial key support is close to $188, beneath which the pair might visit $180.
XRP/USD Pair Price Analysis
The XRP/USD pair was able to form a robust support base over $0.1900 and $0.1920, before it began a new upside move.
It broke the $0.1980 weekly barrier zone and established itself in a positive area above the 100 hourly SMA, just like BTC and ETH. It formed a fresh weekly high close to $0.1997 and it is now consolidating gains.
A look the pair’s hourly chart shows that the initial major support is close to $0.1965, which is the recent breakout area. The immediate major support is observed close to $0.1955. There is the formation of a major bullish trend line with support close to $0.1955.
A look at the upside shows an immediate barrier for the buyers close to $0.2000. If the pair breaks and moves above $0.2000, it could initiate a robust upsurge. The immediate barrier is close to $0.2050, over which there could be an upsurge towards $0.2120.
The pair’s support on the downside starts with $0.1965 and $0.1950. The 100 hourly SMA is likewise close to $0.1945 for support.
There is the formation of a main support close to $0.1920, beneath which the pair is at risk of a greater decline towards $0.1880 and $0.1850 in the near-term.
Feeatured image courtesy of Shutterstock. Source: Cryptopress.
by Wayne Jones
by Wayne Jones
by Wayne Jones