Ethereum Buyers Aim Higher; Ripple (XRP) Could Correct In Short-Term

News / 23.04.2020

ETH/USD Pair Price Analysis

Yesterday, we mentioned the need for the ETH/USD pair to surge over the 100 hourly SMA to incur a new rally. The pair did not move below $170 and was able to surge over the 100 hourly simple moving average.

The buyers took over thereby clearing some critical barriers close to $175 and $180. Further, a look at the hourly chart of the pair revealed that it was able to surge over a major bearish trend line with barrier close to $177. It was able to test the $185 barrier zone and it is now consolidating gains.

The first support is close to $180 on the downside. The initial key support is observed close to $178 area which is the recent breakout area as well as the 100 hourly simple moving area.

The main support is close to $175. Any additional declines could pave the way for a huge fall towards the $165 support area.

The pair is currently trading well in an uptrend over $180. A first barrier is close to $185 on the upside.

The initial major barrier is close to $190, over which the buyers could focus on testing $195 and $200 in the near-term.

XRP/USD Pair Price Analysis

The XRP/USD pair corrected lower before it secured support close to $0.1800. It was able to form a support base over $0.1820 and in recent times began a modest upside move, just like BTC and ETH.

The upside move led the pair to levels over $0.1850 barrier and the 100 hourly SMA. It paved the way for additional increase over $0.1880 barrier. Currently, it is trading over a major bearish trend line at $0.1880.

The buyers are striving to take the pair over the barrier zone between $0.1910 and $0.1920. At the moment, the pair is retracing lower beneath $0.1900 and visiting the 100 hourly simple moving average.

The pair’s hourly chart shows the formation of a robust support close to $0.1850. There is likewise the formation of a connecting bullish trend line with support close to $0.1850.

The failure to remain over the $0.1850 support zone could lead to a negative area. Any additional declines could call for a visit to $0.1800.

The pair is likely to stay over $0.1850 support and the trend line. The buyers need to secure momentum over $0.1900 and $0.1920 on the upside.

If successful, there are high chances of additional upsides to $0.1950. The main barrier is close to $0.2000 on the upside.

Featured image courtesy of Shutterstock. Source: Cryptopress.

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.