Ethereum is Ready For an Upsurge Towards $220; Ripple (XRP) at the Upside

News / 29.04.2020

ETH/USD Pair Price Analysis

Over the previous few sessions, the ETH/USD pair has been performing within a wide range over $190. The pair tried severally to surge under the supports at $190 and $188, but could not make it happen.

The pair was able to form the recent swing low close to $188 prior to regaining bullish momentum. It surged over $190 and the 100 hourly SMA. The buyers took the pair above the $195 barrier for a change in trend.

Further, the pair’s hourly chart revealed a break over a major contracting triangle with barrier close to $197.

The pair is currently close to $200 barrier and trying an upside break. The buyers’ ability to secure strength could make the pair to keep up the upside move. The next barrier is close to $208.

Any additional gains over $208 may take the pair towards the immediate key barrier close to $220 in the near term. The intermediate barrier could be at $212.

If the pair keeps struggling close to $200 barrier, there may be a downside retracement. The first support is close to $195 and the triangle lower trend line.

The immediate major support is close to $193 and the 100 hourly simple moving average. The sellers need to take the pair beneath $190 and $188 for a remarkable decline.

XRP/USD Pair Price Analysis

Over the previous few days, the XRP/USD pair tried severally to surge over the barrier at $0.2000. The pair was able to form a robust support base over $0.1920 and eventually rose over the $0.2000 barrier as discussed yesterday.

The pair’s hourly chart revealed that it was able to breach a major contracting triangle with barrier close to $0.2020 to initiate the latest rally. The pair was able to break numerous barriers on the way to the upside, as well as $0.2120 to settle well over the 100 hourly SMA.

BTC/USD pair is coming up with the same pattern and may surge above the $8k barrier. The pair attained a fresh monthly high at $0.2185 and it is now consolidating gains.

The initial major support is close to $0.2120 and $0.2110. There is the formation of a main uptrend support close to $0.2100, which is the latest breakout area. Any additional declines could bring about further losses towards $0.2000 pivot level ahead.

It is clear that the pair is retracing lower from the $0.2185 high. Nevertheless, the pair is well supported close to $0.2120.

The first barriers on the upside are 0.2175 and $0.2180. The main barrier is close to $0.2200, over which the bulls could focus on another upsurge.

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.