Ethereum Needs to Surge Above 100 SMA; Ripple (XRP) is Ready to Move Below $0.18

News / 22.04.2020

ETH/USD Pair Price Analysis

The ETH/USD pair declined steadily from $185 in the previous few sessions. It continued beneath the key $175 support as well as the 100 hourly SMA.

It was able to test the $165 support zone and it is now consolidating losses. A look at the upside on the pair’s hourly chart shows the first barrier close to $173 which is the recent breakdown area. The initial major resistance is close to $175 since it is near the 100 hourly SMA.

On the same chart, an important observation is the formation of a key declining trend line with barrier close to $176. The initiation of an upside retracement could make the pair encounter powerful selling interest close to $175 and $176.

If the pair closes over $175 and the 100 hourly simple moving average there will additional upsides. The immediate key barrier is close to $180, over which the pair could visit the $189 monthly high.

The failure to keep up the uptrend over $175 and $176 barrier levels could initiate a new fall. The first support is close to $167.

The main support is close to $165. If the pair breaks and closes beneath $165, there could be an extended decline towards the $160 support or the $158 pivot level in the near-term.

XRP/USD Pair Price Analysis

The XRP/USD pair closed beneath $0.1900 pivot level prior to the extension of its fall. It was able to break the key $0.1880 support area for more visits to the declining area.

The sellers pushed the pair beneath $0.1850 and the 100 hourly SMA. It was able to form a fresh weekly low close to $0.1783 and it is now retracing higher. It broke above $0.1800 and $0.1820.

A look at the pair’s hourly chart shows that past supports close to $0.1850 and $0.1865 have now become resistances.

An important observation on the same chart is the formation of a major declining trend line with barrier close to $0.1885. The 100 hourly SMA is likewise located close to $0.1900 area to prevent gains.

If the pair closes above $0.1880 barrier, followed by an upsurge over $0.1900, there will be more upsides in the near-term.

There is likelihood that the pair will strive close to $0.1880 and $0.1900 barrier levels. If that happens, the pair could enter a new declining wave beneath $0.1820.

The initial major support is close to $0.1780, beneath which there could be a decline towards $0.1700 in the sessions ahead.

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.