ETH May Test Levels Above $175; Possibility of Huge Decline For XRP
The $175 barrier mark was tested by the ETH/USD pair just before a subsequent minor correction. While the pair dropped below $170 as a result, it still was over $168.
The latest high attained by the pair was close to $173 and it is now consolidating gains. Powerful support is however being formed at around $170. The hourly chart shows the formation of a key contracting triangle with the barrier near the $174 mark.
If the ETH/USD pair can surge over the triangle barrier, a new upsurge above $175 may be consequently kickstarted. The next barrier is naturally at around $180, above which the buyers could focus on a huge upward gain towards the $195 and $200 barriers.
On the downside, the initial support lies near $170 as well as the triangle lower trend line. If the price drops below the triangle support, it could initiate a declining wave lower than the $168 mark.
In the event of such a decline, the immediate support is close to $165. Any further drops below it and sellers could focus on testing a possible $162 support zone. The 100 hourly SMA is in turn near $162 and it could offer a key support base in the near term. Further declines may lead to a $158 support.
XRP/USD Pair Price Analysis
The last two days have seen several attempts by the XRP/USD pair to surge above the $0.2025 and $0.2050 barrier. The pair was however unable to gain momentum to cross above $0.2025 and was trading within a lower range.
After forming the latest high close to $0.2026, the pair is now retracing to lower levels. Their hourly chart shows a drop beneath a major contracting triangle with support of around $0.2000. Signs point to a possible decline below the $0.2000 pivot level.
A drop below $0.1980by the pair may result in a downside in the near term towards a $0.1920 support zone. The 100 hourly SMA is consequently near the $0.1920 support mark for the pair. Any further declines could prompt a drop to the main $0.1880 support.
When viewing the upside, two key barriers close to $0.2025 and $0.2050 can be observed. The pair will have to establish a bullish run over $0.2025 as well as $0.2050 for a convincing upsurge.
If the XRP/USD pair swings above the $0.2050 barrier, additional upsurges to $0.2100 and $0.2150 may be possible in the near term.