Ethereum May Attain Levels Above $175; XRP is at Risk of Remarkable Retracement

News / 09.04.2020

ETH/USD Pair Price Analysis

The ETH/USD pair retested the barrier at $175 before a little correction. The pair attained levels beneath $170, but still over $168.

The pair formed the latest high close to $173 and it is now consolidating gains. Nonetheless, a powerful support is being formed close to $170. The pair’s hourly chart shows the formation of a key contracting triangle with barrier close to $174.

The ability of the pair to surge over the triangle barrier may initiate a new upsurge above $175. The next barrier is close to $180, over which the buyers could focus on a huge upward move to $195 and $200 barrier.

The first support on the downside is close to $170 as well as the triangle lower trend line. If the pair succeeds in closing beneath the triangle support, it could initiate a declining wave beneath $168.

The immediate support is close to $165, beneath which the sellers could focus on testing $162 support zone. The 100 hourly SMA is likewise close to $162 and it could become a powerful support in the near term. Any additional declines may lead to $158 support.

XRP/USD Pair Price Analysis

Over the previous two days, the XRP/USD pair tried severally to surge over $0.2025 and $0.2050 barrier. Nevertheless, the pair could not secure momentum over $0.2025 and was trading within a range.

The pair was able to form the latest high close to $0.2026 and it is now retracing lower. The pair’s hourly chart shows a move beneath a major contracting triangle with support close to $0.2000. it is now revealing a few declining signs beneath the $0.2000 pivot level.

If the pair breaks beneath $0.1980, it could move to the downside in the near term towards the $0.1920 support zone. The 100 hourly SMA is close to $0.1920 to support the pair. Any additional declines could prompt a visit of the main $0.1880 support.

A look at the upside shows two key barriers close to $0.2025 and $0.2050. The pair needs to secure bullish pace over $0.2025 as well as $0.2050 for a convincing upsurge.

If XRP/USD pair closes over $0.2050 barrier zone, it may pave the way for additional upsides to reach $0.2100 and $0.2150 in the near term.

Source: Cryptopress.

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Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.