- Ethereum benefits from recent gains and holds out in a quiet area.
- The market is bearish in the short term, although there is low likelihood of a bullish reaction.
- XRP continues to pay the price for uncertainty between coin or equity.
Bitcoin has not taken advantage of the bullish window that appeared last week and moves downward – dragging the entire sector with it – although with different impacts.
Ethererum has been behaving better than the market in recent days and shows strength by falling slightly. On the other hand, XRP has been severely punished and returns to the $0.25 zone – risking losing support and inaugurating new minimum levels for the year.
The emotional tone of the market continues to be bullish. An example of this is the popping up of new Bitcoin mining installations that raise the hash rate or calculation rate of the Bitcoin network to 98 THs. This hash rate is three times higher than on December 18, when the lead cryptocurrency ended the bear market.
The correlation between computing power and the price is not linear, but it is clear that new technical installations in an upward projection of the price in the future.
ETH/BTC Daily Chart
The ETH/BTC cross is currently trading at 0.0175 after failing to breach the 0.018 level and suffered its first day in red after four days of gains.
The main moving averages remain very downwardly inclined, so it is not easy to see significant rises in the relative value of Ethereum versus Bitcoin.
Above the current price, the first resistance level is at 0.0180, then the second at 0.019 and the third one at 0.020. The positive data for ETH/BTC is the large amplitude between price levels so that a strong bullish impulse could reach unexpected price levels.
Below the current price, the first support level is at 0.017, then the second at 0.0155 and the third one at 0.013.
The MACD on the daily chart continues showing the openness and inclination gained in the 4-day rally, but this may change rapidly if today's value continues to fall. For a possible bullish development, the presence of the neutral level of the indicator is a threat.
The DMI on the daily chart is at a critical point. Bulls are taking advantage of the recent upside and are positioned slightly above level 20 – 20.6 to be precise – while bears mark a 21.
BTC/USD Daily Chart
BTC/USD is currently trading at $10,146, heavily penalized by losing the support of the 50-period exponential moving average and the 100-period simple moving average.
Below the current price, the first support level is at $9,670, then the second at $9,175 and the third one at $8,830.
Above the current price, the first resistance level is at $10,330, then the second at $10,640 and the third one at $11,240.
The MACD on the daily chart shows the total loss of the bullish structure in the short term. The quick average is losing steam and is heading for a bearish cross tomorrow. The situation of the indicator – just below the neutral line – gives a small chance of a surprise bullish move.
The DMI on the daily chart shows a tie between the two sides of the market, but unlike ETH/BTC, here both bulls and bears move below the 20 levels. The most likely scenario is of soft falls with possible upward bounce.
ETH/USD Daily Chart
ETH/USD is currently trading at $178 and shows fragility after failing to conquer the $180 level. It has twice failed to find support at $170.
Above the current price, the first resistance level is at $180, then the second at $190 and the third one at $194.5.
Below the current price, the first support level is at $170, then the second at $162 and the third one at $155.20.
The MACD on the daily chart shows a loss of bullish strength, although it retains an uptrend and openness between lines – but only just.
The DMI on the daily chart shows that bears are losing strength while the bulls remain at levels similar to those of recent weeks.
XRP/USD Daily Chart
XRP/USD is currently trading at the $0.2532 price level after four consecutive days of declines. There is a very high risk of losing this support zone, which could lead to panic sales and bring the price to the $0.22 area.
Below the current price, the first support level is $0.238, then the second support level is $0.22, and the third one is $0.192.
Above the current price, the first resistance level is at $0.256, then the second at $0.258 and the third one at $0.267.
The MACD on the daily chart shows a slight bullish profile, although it loses openness between the lines and appears to be looking for a bearish cross. XRP/USD shows a fragile structure in the short term.
The DMI on the daily chart shows bears losing strength slowly but steadily over time. The bulls, on the other hand, make the opposite path and are gaining strength slowly but steadily. This indicator gives us a divergent signal with the rest of the analysis.
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