News Commentary #969 – Arbitrage Invest – ETH and XRP Analysis

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Arbitrage Invest (reviewed here) announced hours ago a price analysis for Ethereum (ETH) and Ripple (XRP). Both cryptocurrencies can be used by investors at the moment in the Arbitrage Invest project. I’m not sure that they are more popular than Bitcoin (BTC), but in any case, most participants do value any reference points or predictions of possible price movements. Let’s see if all that comes true in the next few days…

Here are the two updates:

Ripple (XRP) Price Won’t Go Down Quietly: Risk of Bounce Grows

Ripple is facing hurdles near the $0.2200 resistance against the US Dollar, similar to bitcoin near $8,200. XRP price is declining, but the bulls are likely to protect $0.2080 and $0.2070.

  • Ripple price is correcting lower after it failed to surpass the $0.2200 resistance against the US dollar.
  • The price remains well supported on the downside near the $0.2080 and $0.2070 levels.
  • Recently, there was a break below a connecting bullish trend line with support at $0.2125 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could dip towards the $0.2080 support before it bounces back above $0.2125 and $0.2150.

Ripple Price Remains Supported

After forming a support base near $0.2000, ripple started a steady rise above $0.2100 against the US Dollar. Both bitcoin and Ethereum climbed higher, which helped XRP in climbing towards the $0.2200 resistance area.

However, the bulls failed to push the price above the $0.2200 resistance area. A high was formed near $0.2198 before the price started a downside correction. It broke the $0.2160 and $0.2150 support levels.

Besides, there was a break below a connecting bullish trend line with support at $0.2125 on the hourly chart of the XRP/USD pair. Ripple price is now trading below the 23.6% Fib retracement level of the upward move from the $0.2003 low to $0.2198 high.

On the downside, there are many supports, starting with $0.2100. It represents the 50% Fib retracement level of the upward move from the $0.2003 low to $0.2198 high.

The next key supports are near $0.2080, $0.2070, and the 100 hourly simple moving average. Therefore, XRP is likely to find a strong buying interest if it dips towards the $0.2080 area in the near term.

If there is a downside break and close below $0.2070, it could invalidate the bullish view and ripple is likely to dive towards the $0.2000 support.

Hurdles On The Upside For XRP

The first resistance for XRP is near the $0.2125 area, above which the price is likely to rise above the $0.2150 resistance area. The main resistance is near the $0.2200 level. A successful daily close above the $0.2200 resistance may perhaps open the doors for a fresh rally towards the $0.2320 level.

Looking at the chart, ripple price is correcting lower, but the bulls are still active above $0.2080 and $0.2070. Only a close below $0.2070 might decrease the chances of a break above $0.2200 in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly moving into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level.

Major Support Levels – $0.2100, $0.2080 and $0.2070.

Major Resistance Levels – $0.2125, $0.2150 and $0.2200.

This Scenario Will Trigger A New Ethereum Rally: Key Levels To Watch

Ethereum is showing positive signs above the $142 and $140 supports versus the US Dollar. ETH is likely to smash $148 and $150 to start a new rally, especially if bitcoin rallies above $8,200.

  • Ether price is holding the key $140 and $142 support levels against the US Dollar.
  • The price is struggling to clear $148, but there are high chances of an upside break.
  • There is a key breakout pattern forming with resistance near $147 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct a few points, but the $142 support area is likely to act as a strong buy zone.

Ethereum Price Could Rally Soon

In the past few sessions, Ethereum mostly consolidated in a range above the $140 support against the US Dollar. Moreover, ETH price settled above the $141-142 zone and the 100 hourly simple moving average.

However, the $148 resistance zone is still acting as a key hurdle for the bulls. The last swing high was near $147 and the price is currently correcting lower. It traded below the $145 support level.

Besides, there was a break below the 23.6% Fib retracement level of the recent wave from the $141 swing low to $147 swing high. On the downside, there are many supports, starting with $144.

It seems like the 50% Fib retracement level of the recent wave from the $141 swing low to $147 swing high is likely to act as a support.

On the upside, there are key hurdles forming near $147 and $148. More importantly, there is a key breakout pattern forming with resistance near $147 on the hourly chart of ETH/USD.

Therefore, a clear break above the $148 resistance is likely to set the pace for more upsides above the $150 and $152 resistance levels in the near term. The next key resistance is seen near $158.

What If ETH Fails to Clear $148?

On the downside, the first major support is near the $142 level, below which Ethereum price might retest the $140 support. Any further losses below the $140 support and the 100 hourly SMA may perhaps start a substantial decrease towards the $132 level.

Looking at the chart, Ethereum price is clearly struggling to surpass the $148 resistance. Having said that, the market sentiment is in favor of the bulls, which is likely to trigger a new rally above $148.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving into the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently declining and now below the 50 level.

Major Support Level – $142

Major Resistance Level – $148

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