- Ethereum’s outperformance of its peers is positive for the market.
- Ripple shows strength and holds up well against market pessimism.
- Bitcoin pays dearly for its passivity during the previous bullish moment.
The Crypto market continues to move downward as a whole. This scenario of weakness will extend over the next few days.
If volatility does not increase, it is essential that falls are significant. However, you have to be careful because if the speed of the price accelerates the falls can get worse.
The ETH/USD chart in the weekly range indicates that prices will tend to rise in the medium term. In the short-term, some obstacles would technically lead to strong downward rejection movements. Also, according to this analysis, the turning point will occur in approximately two weeks.
As we will see in the detailed analysis, Ethereum is better placed than Bitcoin to cope with falls.
Today it is also interesting to note how more and more countries are establishing specific taxes on Cryptocurrencies operations. The last case in France, which has created a tax rate of 30%. Taking this factor into account strengthens the assessment that the turning point will occur in approximately two weeks.
Do you want to know more about my technical setup?
BTC/USD 240-Minutes.
At this time the BTC/USD trades at the price level of $6.341, dropping 1.01% on the day.
Below the current price, there is only one price level to look at. This support level is at $6,300, where the price congestion level meets a bullish trend line from October’s lows.
If the BTC/USD breaks this support, all gains will be lost and we will enter a new bearish phase in the medium term. As for the price target, it would set $4,500 as a reasonable target. This situation would repeat the structure already given in 2014 that gave way to a long-term bullish trend.
Above the current price, the first resistance in the moving averages zone is at $6,400. The second price zone to conquer is $6,550 that would open a new upward scenario with a price target above $6,900.
-636773584251406534.png)
The MACD at 240-Minutes continues to cross down but above the zero line. This situation provides some bullish support, but we cannot rule out a downward break.
The DMI at 240-Minutes shows us how the bears are above the bulls, which are losing momentum significantly. Both sides are below the ADX line, a situation conducive to violent changes of direction.
ETH/USD 240-Minutes.
The ETH/USD is currently trading at the $209.8 price level, suffering a 0.62% drop from yesterday's close.
Below the current price level, the ETH/USD has all moving averages as support lines and with some distance between them. This situation is the big difference from the BTC/USD situation. The first support is at $209.4 (EMA50). The second support level is $206.4 (SMA200 and support by price congestion). The third support level at $204.23 (SMA100).
Above the current price, the first resistance is at $215 (price congestion resistance). The second resistance is at $224 (price congestion resistance). Exceeding this price level would reinforce the bullish movement. The third level of upward resistance awaits $236 (price congestion resistance).
-636773585165809639.png)
The MACD at 240-Minutes shows a cross profile on the downside but above the zero line. This line can support the price when the indicator reaches the equilibrium zone.
The 240-Minute DMI shows a situation of total equality between bears and bulls. Unlike the BTC/USD, here it is still not clear who will take the lead.
XRP/USD 240-Minutes.
The XRP/USD is quoted at $0.504 at the time of writing. Its structure shows much more solidity than Bitcoin or Ethereum.
Below the current price, the first support is at $0.494 (EMA50). The second support awaits at $0.474 (Trendline). This second level of support should not be broken down. The third support at $0.471 (SMA100). This moving average of 100 periods, is inclined to the rise and should surpass the trend line mentioned in the next few hours. This situation would bring even more strength to the XRP/USD.
Above the current price, the first resistance at $0.55 (price congestion resistance). The second resistance is at $0.585 (price congestion resistance). The target for a new bullish tranche is above the last relative maximum of $0.764.
-636773585980501744.png)
The MACD at 240-Minutes is crossed down but above the zero line. It has room to continue falling until it finds support at the equilibrium level of the indicator.
The 240-Minute DMI shows us that bears and bulls fully matched. Both are below the ADX line, which facilitates abrupt changes of direction.
Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Vitalik Buterin slams controversial gambling project ZKasino following scam allegations
Ethereum founder Vitalik Buterin took to Warpcaster, a new type of social network, to condemn ZKasino, a decentralized gambling platform based on Layer 2 Ethereum protocol zkSync.
Starknet jumps 2% after notice inviting specific groups to claim STRK airdrop
Starknet Foundation addressed the groups within the STRK community that were unable to receive the token’s airdrop during the first round. The Layer 2 chain organized an airdrop event in February.
XRP price capped at $0.55 despite retail holdings nearing all-time highs
Ripple price (XRP) failed to break resistance at $0.55 early Wednesday as traders continue to digest Ripple’s recent response to the Securities and Exchange Commission’s (SEC) allegations of illegally selling XRP as a security.
Binance founder Changpeng Zhao could face three-year jail time
US prosecutors are requesting Binance founder and former CEO Changpeng Zhao (CZ) to serve a three-year jail time, according to a Reuters report published Wednesday.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?