- XRP confirms predictions and surprises with impressive gains.
- Ethereum bulls are at their highest level since December 2018.
- Bitcoin supports the market while enduring itself.
The Altcoin market has quickly confirmed Tuesday’s analysis with flashing rises in the last 24 hours.
The two eternal aspirants to lead the crypto market – Ethereum and XRP – are rising sharply against Bitcoin and increasing its value rapidly.
If Ethereum had already been showing signs of bullish potential for days, XRP hinted that the bearish trend was coming to an end early on Tuesday.
The average yield of a portfolio composed of the main Altcoins exceeded the 10% gain in Bitcoin value.
The technical metrics of Ethereum, as provided by Coinmetrics, confirm the return of the good times for Vitalik Buterin’s project. At the beginning of the week, the cost per transaction in the Ethereum network surpassed that of Bitcoin.
Other metrics confirm this information – GAS used by the Ethereum network hit historical highs, the hash rate at six-month highs (shows the bullish sentiment of miners), and the number of active wallets at six-month highs.
ETH/BTC Daily Chart
The ETHBTC cross is currently trading at the price level of 0.0209, progressing firmly upwards. Just remember that less than two weeks ago this pair was trading at 0.016.
Above the current price, the first resistance level is at 0.021, then the second at 0.022 and the third one at 0.023.
Below the current price, the first support level is at 0.020, then the second at 0.0191 and the third one at 0.0187.
The MACD on the daily chart shows a definite increase in both the slope and opening between the lines. With this setup, the bullish potential improves and proposes a persistent bullish trend over time.
The DMI on the daily chart shows the bulls at positive levels not reached since December 2018, critical data. Bears also reach significant levels, although in this case the contrary. The ADX is still at low levels. The scenario shows a high probability of having an upward market in the medium term.
BTC/USD Daily Chart
The BTC/USD pair is currently trading at the $10.187 price level, the same price level as in recent weeks. The most serious difficulty for Bitcoin is the low volatility, after many days in the same price range, strength and speed indicators are at minimum levels. It will not be easy to start again.
Above the current price, the first resistance level is at $10,400, then the second at $10,700 and the third one at $11,200.
Below the current price, the first support level is at $9,700, then the second at $9,150 and the third one at $8,800.
The MACD on the daily chart clearly shows a lack of strength and direction. It reinforces the idea of weakness in the indicator's situation – incapable of breaching the zero level.
The DMI on the daily chart shows how bears have a minimal advantage over bulls. The ADX below level 20 confirms the lack of trend.
ETH/USD Daily Chart
The ETH/USD pair is currently trading at $214.1 after five consecutive days of gains.
Above the current price, the first resistance level is at $216, then the second at $225 and the third one at $230.
Below the current price, the first support level is at $208, then the second at $200 and the third one at $195.
The MACD on the daily chart improves on both the bullish slope and the opening between the lines. Ethereum shows less bullish potential against the US Dollar than against Bitcoin.
The DMI on the daily chart shows the bulls taking control and beating the ADX line. The setup is significantly positive for the medium term.
XRP/USD Daily Chart
XRP/USD is currently trading at $0.3055, after two days of substantial gains. The upside potential for XRP is considerable.
Above the current price, the first resistance level is at $0.308, then the second at $0.316 and the third one at $0.329.
Below the current price, the first support level is at $0.30, then the second at $0.297 and the third one at $0.289.
The MACD on the daily chart opens up and directly attacks the middle line of the indicator. The upside potential is vast as it still has the whole positive zone of the indicator to develop.
The DMI on the daily chart shows the existing bullish strength. The bulls manage to pass the ADX line almost vertically, a fact that can cause a rebound in the short term. The bears retreat and look for levels not seen since May.
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