- The market yields to selling pressure and openly shows its weakness.
- The Ethereum also suffers but is technically better prepared to resist.
- XRP disappoints by always following the bears but not the bulls.
Cryptocurrencies are experiencing sharp falls among the main actors of the top-three cryptos by market capitalization. If in the past few days XRP was the top representative of fear, now red is also the color of Bitcoin and even Ethereum.
The strong sales have dragged Bitcoin and XRP under support levels, while Ethereum resists thanks to the fact that it is moving above critical moving averages.
The most important technical point is precisely in Ethereum, the only one among the top trio that conserves bullish options. These may lead and carry the whole Altcoin segment to the rise.
Bitcoin continues to show weakness, and it seems more and more likely that there will be a new test of the long-term bearish channel ceiling, which is currently at the price level of $7,600, a drop of 11.2%.
ETH/BTC Daily Chart
ETH/BTC is currently trading at 0.0214, the same price seen at the start of the day.
Finally, it seems that crossing from the bearish to the bullish side of the indicators limits the underlying strength of Ethereum against Bitcoin.
Above the current price, the first resistance level is at 0.022, the second at 0.023 and the third one at 0.0235.
Below the current price, the first support level is at 0.0207, the second at 0.020 and the third one at 0.019.
The MACD on the daily chart highlights the reason for the current weakness. The crossing from the bearish to the bullish zone weakens the upside potential and has a direct impact on prices. The key will be to see how ETH/BTC manages the cross.
The DMI on the daily chart shows the bulls controlling ETH/BTC, while the bears give up control and persist in their downtrend. The ADX reacts to the gains from the lows and takes the bullish path.
BTC/USD Daily Chart
BTC/USD is currently trading at $8,631 and plays up and down around the price congestion support at $8,600.
Despite the growing penetration of Bitcoin as a payment system, and its recognition as a market key pillar, the King of the Crypto segment is on track to the third consecutive weeks of sales in a row.
Above the current price, the first resistance level is at $8,800, then the second at $9,150 and the third one at $9,350.
Below the current price, the first support level is at $8,400, then the second at $8,150 and the third one at $8,000.
The MACD on the daily chart does not reflect the fragility seen in the price. The slope continues to be slight, as does the opening between the lines. The short term needs to observe the behavior at the crossing of the zero levels of the indicator.
The DMI on the daily chart clearly shows both sides of the market-facing each other. The exit to the current shock may require some time, but it will define the tone of the market for the final stretch of the year.
ETH/USD Daily Chart
ETH/USD is currently trading at the $185.2 price level and find support at the SMA100 and EMA50 level. The great advantage of Ethereum can stay above these moving averages.
Above the current price, the first resistance level is at $190, then the second at $195 and the third one at $190.
Below the current price, the first support level is at $180, then the second at $170 and the third one at $160.
The MACD on the daily chart shows an entirely flat profile with no gap between the lines. It does not provide information to the analysis beyond the support in staying in the upside zone of the indicator.
The DMI on the daily chart shows bulls leading the pair, but without the bears surrendering to the bullish side's dominance. The situation is unstable and can change quickly.
XRP/USD Daily Chart
XRP/USD is currently trading at $0.268 after losing support for price congestion at the $0.267 price level at the opening of the day.
Above the current price, the first resistance level is at $0.268, then the second at $0.272 and the third one at $0.275.
Below the current price, the first support level is at $0.258, then the second at $0.253 and the third one at $0.237.
The MACD on the daily chart shows more inclination and also an increasing openness between the lines. The bearish movement still has a long way to go.
The DMI on the daily chart shows an acceleration of the bearish trend, while the buyer side could cross the ADX line down tomorrow, which would be very harmful in the medium term.
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