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Ethereum Price Technical Analysis – ETH/USD Breaks Key Resistance

Ethereum price technical analysis – eth/usd breaks key resistance

Ethereum Price Technical Analysis – ETH/USD Breaks Key Resistance

Key Highlights

  • ETH price surged higher and broke a major resistance at $535-540 against the US Dollar.
  • There is a major bullish trend line forming with support at $560 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair traded above the $588 level and it seems like it may continue to move higher.

Ethereum price accelerated gains against the US Dollar and bitcoin. ETH/USD traded above the $580 level and it could even break surpass the $600 level.

Ethereum Price Support

The past few sessions were very positive as ETH price broke the $535 and $540 resistance levels against the US Dollar. The price extended gains above the $560 level and traded towards the $600 level. A high was formed recently at $589.08 before the price started a downside correction. It is currently trading near the 23.6% Fib retracement level of the last wave from the $506 low to $589 high.

However, there are many supports on the downside above the $560 level. There is also a major bullish trend line forming with support at $560 on the hourly chart of ETH/USD. The same trend line support is close to the 38.2% Fib retracement level of the last wave from the $506 low to $589 high. Therefore, if the price corrects lower from the current levels, the $560 level will most likely prevent declines. Below $560, the next major support is at $547, which is the 50% Fib level of the same wave.

Ethereum price technical analysis eth usd

Looking at the chart, the price is placed nicely in a bullish trend above $560. It may resume its uptrend soon and it could even break the recent high at $589. A successful break above the $589-590 resistance might open the doors for a push towards or above the $600 level.

Hourly MACD – The MACD is slightly reducing its bullish slope.

Hourly RSI – The RSI is currently correcting lower from the 80 level towards 60.

Major Support Level – $560

Major Resistance Level – $589

Published at Fri, 20 Apr 2018 05:00:20 +0000

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Ripple Price Technical Analysis – XRP/USD Bearish U-Turn

Key Highlights

  • Ripple price extended declines and moved below the $1.80 support against the US Dollar.
  • Yesterday’s highlighted crucial bearish trend line with current resistance at $1.85 is still in place on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price continues to move down and it could soon break the 1.60 low to for more losses.

Ripple price faced a lot of selling pressure against the US Dollar and bitcoin. XRP/USD could accelerate declines and it may soon test or break the $1.50 level.

Ripple Price Decline

It seems like the current bearish pressure is here to stay on Ripple price below $2.00 against the US Dollar. The price was under a lot of pressure and it moved below the $1.80 and $1.70 support levels. The downside move is strong and the price is now below the $1.65 level. Recently, there was a recovery from the $1.6062 swing low with a break of the 23.6% Fib retracement level of the last decline from the $2.38 high to $1.60 low.

However, the upside move was capped by the $2.00 handle. Moreover, the 50% Fib retracement level of the last decline from the $2.38 high to $1.60 low also acted as a resistance. More importantly, yesterday’s highlighted crucial bearish trend line with current resistance at $1.85 is still in place on the hourly chart of the XRP/USD pair. It may continue to act as a strong barrier for buyers above $2.00. As long as the price is below the $2.00 handle, it remains at a risk of more losses below $1.60.

Ripple Price Technical Analysis XRP USD

A break below the $1.60 level could open the doors for a test of the $1.50 level. Below the $1.50 level, there is a chance an extension towards the $1.40 level.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is now placed in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is heading lower towards the 25 level.

Major Support Level – $1.50

Major Resistance Level – $2.00

 

Charts courtesy – Trading View, Kraken

The post Ripple Price Technical Analysis – XRP/USD Bearish U-Turn appeared first on NewsBTC.

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