- Upward Pressure on ETH/USD to Exceed $160.
- BTC/USD remains in a lateral range waiting for its moment.
- XRP/USD faces great challenges on the bullish side.
It is becoming complicated to pass the current resistance levels.
Ethereum's uptrend, which sustains the market as a whole, still has a long way to go. There are more than ten days left before the Constantinople event, and during that time it is quite possible that money will continue to come in on its side.
Bitcoin, the King of Crypto World, will have his chance in the last phases of the current bullish trend. The current movement of Ethereum is an excellent opportunity to scratch some good Satoshis to Bitcoin, but when the time comes, it will be necessary to pass it on to Bitcoins to realize the gains. That will be the critical moment for the King.
If it seizes the opportunity, we can see the beginning of a considerable uptrend. Otherwise, it is very likely fresh lows will follow. Of course, with more Bitcoins in the portfolio.
The ETH/BTC chart clearly shows us the breaking point at the end of December. The pair is currently trading at 0.0399 BTC per ETH. It has room to continue its trend to around 0.065 BTC per ETH.
Do you want to know more about my technical setup?
BTC/USD Daily Chart
BTC/USD is currently trading at the $3.785 price level, further narrowing the daily range and showing little sign of trend strength.
It is likely that if the ETH/USD manages to jump above $156, the BTC/USD price attacks the $3.925 level (price congestion resistance), then heads towards the EMA50 at $4.150 and as the next stop point is the significant resistance line of $4.400 (price congestion resistance).
On the downside of the chart, the most critical support is right now the first one, which is at the $3,600 price level (price congestion support). This level represents the frontier between the hope of having already seen the floor of the bearish trend and the nightmare of seeing new lows. The second support level is at $3,265 (price congestion support). Finally, the third support level is at the recent lows of $3,126.
-636821954488427078.png)
The MACD in the daily range continues to flatten, slightly below the zero levels. This technical structure is ambiguous, and anything is possible in the medium term.
The DMI in the daily range reinforces the scenario posed by the MACD. There is an absolute uncertainty on both sides of the market. Bears and bulls move at the same level with a tiny advantage for the bullish team.
ETH/USD Daily Chart
ETH/USD trades at the price level of $154.5, after hitting the $158.5 level during the Asian session. The Ethereum is blocked at the $160 level, and if it does not beat this level quickly, the ETH/USD will have to add the resistance of the SMA100 approaching the $165.88 price level to its to-do list.
Above the current price, the first resistance is at those mentioned above $160. The second resistance beyond the aforementioned SMA100 is at $170 (price congestion resistance). The third resistance level is $180 (price congestion resistance). Above this third resistance level, the long-term bearish channel ceiling at $185 awaits.
Below the current price, ETH/USD has a bit more room than Bitcoin. The first support level is at the EMA50 at $135.67. The second support level is at $125 (price congestion support). The third level of support is at $95 (price congestion support).
-636821955400643844.png)
The MACD in the daily range shows a clear bullish profile. The indicator shows a good uptrend and distance between lines. On the negative side, the magnitude of movement from the lows may require a consolidation process.
The DMI in the daily range shows us how the bulls continue to control the situation. Bulls are not showing extreme strength, but they do stay comfortably above the bears. The bearish side of the market does not see opportunities for now and continues to diminish its trend strength.
XRP/USD Daily Chart
XRP/USD is currently trading at the $0.359 price level.
Above the current price, the first resistance is $0.369 (price congestion resistance). Just above this level is the EMA50 at $0.3763. The second resistance level is at $0.4147 (price congestion resistance and SMA200). The third resistance level is at $0.4276 (price congestion resistance and SMA100).
As we can see, the upside challenges for Ripple are very complex.
Below the current price, the first support level is $0.3449 (price congestion support). The second support level is $0.3200 (price congestion support), and the third support level is $0.295 (price congestion support).
The bullish momentum remains above $0.3449.
-636821956208562662.png)
The MACD in the daily range shows a completely flat profile, with no distance between the lines. This is a message of uncertainty that only improves when you see that it is slightly above the midpoint of the indicator.
The DMI in the daily range still shows that the bulls have a slight advantage over the bears but this is decreasing with each passing day. The bulls, on the other hand, remain in expectation and slightly increase their strength.
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
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.