- The market rewards Ethereum with Constantinople in mind.
- XRP points to the upside as the next move.
- Bitcoin stays behind with a negative note and shows weakness.
A vast majority of analysts, each of them following their own analysis systems, agree that the crypto market has yet to bottom out and that it will not be until after the second quarter that a new bullish macro trend will begin that would lead to new historical highs, and according to some of these analysts, stratospheric highs.
Strategically there is a high probability of continuing in a bullish mode in the Altcoins until the ETH/BTC pair reaches the level of 0.054 ETH/BTC. That price level can be achieved either due to significant rises in Ethereum or because the Bitcoin depreciates strongly.
Today, we see how the BTC/USD pair has difficulty holding above $3,600 while the ETH/USD pair rises to $124 and the XRP/USD pair is technically configured for a seemingly upward movement.
The best way to take advantage of this movement is to look for those assets that will behave better than Bitcoin in the coming weeks and move the capital back to Bitcoin at the time that it nears the level mentioned above of 0.054 ETH/BTC.
ETH/BTC 240 Minute Chart
The ETH/USD pair is currently trading at the price level of 0.03407 ETH/BTC, once again beating the uptrend line lost in January and thus increasing the uptrend potential. The first resistance is at the price level of 0.035 ETH/BTC. The first support level is at 0.0338.
The DMI on the 4-hour chart clearly shows how the bears are not interested in increasing their sales levels and are going to minimum levels not seen for weeks. The bulls, on the other hand, regain strength and rely on today's bullish movement.
BTC/USD 240 Minute Chart
The BTC/USD is currently trading at the $3,583 price level after failing to consolidate the support level at $3,600 (price congestion support). Bitcoin shows weakness in the last few hours, unlike Ethereum and XRP, and can continue to drop in search of a support level at $3.525 price level through which the SMA200 and EMA50 pass.
The BTC/USD pair has a second support level at $3,464 (price congestion support and SMA100), with the third support level at $3,400 (price congestion support).
Above the current price, the first resistance level is at $3,600 (price congestion resistance). Above this level, the next resistance level is at $3,680 (price congestion resistance), a price level that the top line of the long term down channel also passes through. If the BTC/USD manages to break higher, this channel could move quickly to the next resistance level at $3,900 (price congestion resistance).
The MACD on the 4-hour chart continues to cross downward but with a minimum distance between the lines. There is no signal to warn us of a possible change of direction in the price.
The DMI on the 4-hour chart shows how the bears have slightly increased their selling positions in the BTC/USD pair, while the bulls continue to lose ground and appear to be heading towards a possible change of leadership.
ETH/USD 240 Minute Chart
The first support level is $120 (price congestion support), while the second support level is between the $117 and $115 price levels, where the EMA50 and the SMA200 converge with a price congestion support of $115. If the ETH/USD pair were to pierce this last support level, Ethereum would not find technical support up to the $109.5 price level (price congestion support).
Above the current price, the first resistance level is at $127 (price congestion resistance), with the second resistance level at $131 (price congestion resistance). If Ethereum manages to pierce this resistance level upwards, it will enter an obstacle-free zone that would make it easier to move quickly up to $142.5 (price congestion resistance).
The MACD on the 4-hour chart attempts a new bullish cross and brings the lines together very closely. The indicator maintains a slight favorable upbeat profile for the price in the next few hours.
The DMI on the 4-hour chart shows bears at very low levels not seen for weeks, while bulls continue to move at high levels of activity, a situation that reflects in the price.
XRP/USD 240 Minute Chart
The XRP/USD is currently trading at the $0.305 price level after dropping from as high as $0.313 during the Asian session. The XRP situation is halfway between Bitcoin and Ethereum. It shows a more lateral behavior although as we will see next, with high probabilities of moving to the upside in the next hours.
Below the current price, the first level of support is at $0.3015, where the EMA50 and the SMA100 converge, a level that is reinforced by the presence of support for price congestion at $0.30. The second support level is $0.293 (price congestion support), while the third support level is $0.2889 (price congestion support).
Above the current price, the first resistance level is $0.308 (price congestion resistance), while the second uptrend obstacle is at the SMA200 level of $0.312. If the XRP/USD pair manages to overcome this second resistance level, it will enter a clean zone that would allow it to move quickly all the way up to $0.334.
The MACD on the 4-hour chart crosses the bullish channel after reaching the 0 levels. This structure is a bullish continuation that is very conducive to the development of a new uptrend.
The DMI on the 4-hour chart shows bulls rising sharply and crossing the ADX upwards. This structure is robust and promises climbs as long as this configuration is maintained. On the other hand, the bears hardly react and remain at low levels of activity.
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.