Ethereum Price Moving Towards a Major Resistance; XRP May Retrace To $0.165

News / 14.04.2020

ETH/USD Pair Price Analysis

The ETH/USD pair was able to settle beneath $160 before it began a new bearish wave. This led to price levels beneath $155 into a short-term bearish area.

The pair continued beneath $150 and established itself beneath the 100 hourly SMA, thereby attaining a fresh monthly low at $148.

It started retracing after it broke the barrier at $152. Nevertheless, it is currently encountering some barriers close to area between $156 and $157.

On the pair’s hourly chart, there are two active declining trend lines with barrier close to $160 and $164.

If the pair surges over the 100 hourly simple moving average it could visit the upper trend line. If it closes over the barriers at $164 and $165, it will provide a clear direction.

The immediate major barrier is close to $175 and any additional gains might lead to $185 and $188.

The pair’s failure to move over the 100 hourly simple moving average or the barrier at $160 poses the risk of a new declining reaction. The first support is close to $152 and a connecting bullish trend line.

There is the formation of a major support close to $145 zone. The buyers’ failure to hold the $145 support zone poses the risk of additional losses towards $132 and $130.

XRP/USD Pair Price Analysis

The XRP/USD pair incurred additional losses beneath $0.1850. The pair attained a fresh monthly low at $0.1812 and it is now retracing higher.

The pair’s hourly chart shows the formation of a modest support base over $0.1820 and $0.1840. Nevertheless, the pair is currently encountering a robust barrier close to $0.1890 and the 100 hourly SMA.

On the same chart, there is the formation of a major connecting declining trend line with barrier close to $0.1890. The pair could strive close to $0.1890 and $0.1900 in the near-term.

The buyers need to secure momentum over the $0.1920 to enter a positive area. The immediate major barrier is close to the $0.1965 swing high, over which there could be acceleration towards $0.2000.

The pair’s failure to move over the 100 hourly simple moving average or the $0.1900 barrier poses the risk of a new decline in the sessions ahead.

The first support on the downside is close to $0.1850. The key support is close to $0.1810 and $0.1800, beneath which the sellers could focus on testing $0.1650 in the near-term.

Source: Cryptopress.

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Sudarshan M is a long time crypto-enthusiast. Pulled in by bitcoin early on, it did not take long for Sudarshan to divert all of his academic attention from business studies to blockchain by doing his Masters and eventually pursuing his PhD in the subject.