- Ethereum is in better shape and may behave better than Bitcoin.
- Prices do not reflect improved sentiment regarding the Blockchain industry.
- XRP continues to suffer in its umpteenth attempt to jump to the precipice.
The Blockchain industry is living the best moments of the year.
Although prices are not reflecting this, there is confidence that the adoption by the traditional industrial base will finally accelerate sharply.
In Germany, the banking lobby demands to work towards the creation of a programmable digital Euro and the English bank Standard Chartered joins the Enterprise Ethereum Alliance.
The possibilities of creating new solutions based on programmable tokens are almost endless.
Blockchain technology allows the traceability, collateral verification, and unmediated title deeds, also the authentication of absolutely anything without intermediaries, fast and at a little cost.
The Blockchain universe is practically infinite, and most of us get our hopes up just by reaching the Moon. Perhaps we fall short of understanding the potential of creating and distributing the wealth that this technological advance holds.
ETH/BTC Daily Chart
The ETH/BTC pair is the main beneficiary from the current technical moment. With a board dominated by red, Ethereum benefits and behaves better than Bitcoin.
The asset suffers a firm price compression between the EMA50 above at 0.0205 and support by price congestion at 0.020.
Above the current price, the first resistance level is at 0.0205, then the second at 0.021 and the third one at 0.022.
Below the current price, the first support level is at 0.020, then the second at 0.0195 and the third one at 0.0219.
The MACD on the daily chart shows a perfect bullish cross. It is too soon to see this event reflected in the price of the ETH/BTC pair, but I do not doubt that it will.
The DMI on the daily chart remains in a total tie between the bulls and the bears. The ADX line continues to fall as a result of the compression of ETH/BTC’s price.
BTC/USD Daily Chart
At the time of writing these lines, BTC/USD loses the $9,000 level and directly hits the EMA50 at $8,934. Immediately there, it has recovered that returns the price above the 9K psychological level.
Above the current price, the first resistance level is at $9,150, then the second at $9,650 and the third one at $10,600.
Below the current price, the first support level is at $8,940, then the second at $8,800 and the third one at $8,400.
The MACD on the daily chart confirms the bearish cross that has been forming over the past few days.
The DMI on the daily chart clearly shows the bears increasing their strength, while the bulls decrease it when they see that they are not able to break the $9,500 price level.
ETH/USD Daily Chart
ETH/USD is currently trading at $184.1 and retains support at the EMA50 level. Ethereum appears to consolidate above $180, but the slope of the moving averages augurs a few more days in this price environment.
Above the current price, the first resistance level is at $188, then the second at $190 and the third one at $195.
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 a decrease in the bullish momentum that for bulls fortune occurs within the bullish indicator zone. It is entering a lateral bullish phase.
The DMI on the daily chart shows how the bears manage to beat the ADX line upwards, which frees them from bondage and adds bearish strength to ETH/USD. Bulls lose power, and the bears could quickly overtake them.
XRP/USD Daily Chart
XRP/USD is currently trading at $0.279 and extends the declines that began a few hours ago. XRP loses the support of the leading moving averages and jeopardizes all gains since the recent lows below $0.22.
Above the current price, the first resistance level is at $0.282, then the second at $0.285 and the third one at $0.289.
Below the current price, the first support level is at $0.27, then the second at $0.26 and the third one at $0.24.
The MACD on the daily chart crosses downwards from a high level on the bullish side. This fact is the only positive thing of the entire analysis, as it puts underlying bullish strength in the XRP/USD pair.
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.