Risks of Bounce Increase for Ethereum; XRP is at Risk of a Huge Decline
ETH/USD Pair Analysis
A look at the pair’s hourly chart shows the formation of two major declining trend lines with barrier close to $161 and $165.
The pair was able to form a swing high close to $163 and the pair fell heavily. The latest fall led to a break of the $150 support and the pair attained a fresh monthly low at $148.
The next barrier on the upside is close to an area between $154 and $155. The key barrier remains close to $162 and the 100 hourly SMA.
If the pair closes over $162 barrier area, there will be a powerful upsurge in the sessions ahead. The immediate key barrier is observed close to $168 and $170.
They key support on the downside is waiting close to $145 zone. The occurrence of a declining break beneath the$145 support could take the pair towards $120.
On the contrary, it is possible for the buyers to focus on a powerful recovery wave over $162 if the pair does not move below $145.
XRP/USD Pair Analysis
It was able to break a major support at $0.1900 to enter a declining area. The pair’s sellers pushed to it beneath the $0.1880 pivot and the 100 hourly SMA.
A look at the pair’s hourly chart shows a break under a key ascending channel with support close to $0.1900. It was able to break the last swing low close to $0.1820 and attained a fresh weekly low at $0.1812.
The pair is now into consolidation of losses over the $0.1812 low. The first barrier is close to $0.1850.
The initial key barrier is close to $0.1880, and then $0.1900. If the pair closes over $0.1900, it could take the pair towards the 100 hourly SMA. Any additional upsides could bring on more chances an upsurge over the $0.2000 barrier.
A look at the downside shows the first support close to $0.1810 and $0.1800. If the pair is unable to recover over barriers at $0.1850 and $0.1880, it could lead to more downsides.
If the pair surges beneath $0.1800 support zone, it could lead to support levels at $0.1720 and $0.1680 in the near-term.
Featured image courtesy of Shutterstock. Source: Cryptopress.