Ethereum
XRP Uptrend Depends on This $0.52 Level, Ethereum (ETH) About to Enter a Bullish Phase, Bitcoin (BTC) Gets Squeezed — TradingView News
XRP is currently hovering at a critical support level of $0.51, facing a period characterized by decreasing volumes and technical uncertainty.
When we look at trading volumes, we see a decline, a sign that usually suggests stagnation. Further complicating the outlook is the threat of a “death cross” – a technical chart pattern in which the 100-day EMA crosses below the 200-day EMA, often interpreted as a bearish signal for future moves of price.
The RSI is currently below 50, suggesting that the market may be leaning towards bearish sentiment. Although the current RSI level does not definitively set a bearish trajectory for XRP, it certainly raises some concerns.
Taking a closer look at the price chart, XRP’s ability to hold at the $0.51 support level is crucial; this level has historically served as a significant rebound point. However, there is significant resistance at $0.59, a point that previously served as a barrier to upward moves. Breaking above this resistance could open the way to $0.75.
On the other hand, if XRP fails to hold the $0.51 support, the next target could be the $0.45 support level, a point that marks the lows of previous sell-offs. A decline to this level could intensify selling pressure, potentially leading to further declines.
Ethereum faces pressure
Things could change for Ethereum as recent price chart trends suggest increasing strength in the market trend. We have spotted the so-called “low” on the chart, which is when the price is falling, but not as low as the previous drop, indicating a potential change in bearish sentiment . If Ethereum continues to create these higher lows, it could form a strong trendline that acts as support.
Ethereum is buoyed by growing trading volume, a sign of growing interest and a bullish indicator, meaning more traders are getting involved and could potentially drive prices higher.
Going forward, if Ethereum maintains this trajectory and its support remains firm, we could see it aim for higher resistance levels. The next key resistance lies around $3,400, a breakout of which could open the way towards the $3,500 mark and beyond.
In this scenario, the new trendline will help Ethereum price, provided the buying momentum continues. This potentially bullish phase would require sustained trading volumes and overall positive market sentiment.
Bitcoin is in a tight range
Bitcoin is currently caught in a tight trading range, between its 50 and 100 day EMAs. This technical situation can often portend a surge in volatility, suggesting that Bitcoin could soon experience significant price movements.
Currently, Bitcoin is trading between the 50-day EMA at around $64,000 and the 100-day EMA at around $59,500. These levels act as short-term resistance and support levels, respectively.
The decline in trading volume seen in recent days adds to the potential for volatility. Lower volume indicates that there are fewer transactions, which can sometimes lead to more dramatic price changes if a large order hits the market. This decrease in volume could also signal a decrease in investor interest or uncertainty about the future direction of Bitcoin, potentially leading to a substantial outflow from the asset.
If Bitcoin can sustain a breakout above the 50-day EMA, it could target higher resistance near the $70,000 mark. Conversely, a drop below the 100-day EMA could see it test additional support around the $50,000 level. These moves will be key in determining the direction of Bitcoin in the near term.
However, if Bitcoin fails to maintain its position above the $65,500 support level, it could enter a bearish phase, potentially falling towards lower support at $59,000, exacerbated by the outflow of investments.