Ethereum May Initiate a Parabolic Rally; Ripple (XRP) Buyers Focus on $0.22

News / 24.04.2020

ETH/USD Pair Price Analysis

Yesterday, we mentioned the possibility of the ETH/USD to incur a huge rally above $180. It was able to follow a bullish path over $180 and the 100 hourly SMA. It incurred an upsurge over $188 barrier zone and attained a fresh weekly high close to $193.

In recent times, the pair retraced to the downside beneath $188 and $185. Nevertheless, on the way to the downside, it secured support close to $182.

A look at its hourly chart shows the formation of a key bullish trend line with support close to $184. At the moment, it is rising and its performance is with a bullish angle over $185.

A look at the upside shows the first resistances at $188 and $190. If it breaks over $190, it could pave the way for an upsurge towards $195.

The main resistance remains close to the $200 handle, over which there is likelihood that buyers will focus on a huge rally to $225, $240 and $250 in the days ahead.

It is clear that the ETH/USD pair is trading in a bullish trend over $182 and $180. The failure to incur an upsurge over $195 and $200 barriers puts it at risk of a declining reaction.

On the downside, the main support is close to $175 and the 100 hourly simple moving average, under which there could be a dip towards the $165 support area.

XRP/USD Pair Price Analysis

Over the previous few sessions, the XRP/USD pair was able to follow a bullish path over $0.1850, just like BTC and ETH. The pair was able to gain bullish momentum, thereby clearing the key barriers at $0.1900 and $0.1920.

It closed over the $0.1900 pivot level and the 100 hourly SMA. This paved the way for additional upsides and the pair incurred an upsurge towards $0.2000. It was able to form a high close to $0.2000 and then retraced lower.

Nevertheless, it did not move below $0.1920. A look at its hourly chart shows the formation of a major bullish trend line with support close to $0.1900.

At the moment, the pair is on the way to the upside and moving towards the barrier at $0.1965. The main barrier remains close to $0.2000. If the pair closes over $0.2000, there is likelihood of having an upsurge towards $0.2050 and $0.2120. Any additional increment could call for a visit to $0.2200.

It is clear that the pair is following a modest bullish path over the support at $0.1920. The main support is currently close to $0.1880 and the 100 hourly SMA.

The occurrence of a bearish move beneath the $0.1880 support area could make the pair to resume its dip. The immediate key supports are close to $0.1800 and $0.1780.

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.