The number two Ethereum (ETH) is also emulating the key currency Bitcoin (BTC) this week and is only trading not far from its annual high. Ripple (XRP) and especially IOTA (MIOTA) are still struggling and cannot initiate a break out of their sideways range.
- ETH rate: $ 464.31 (previous week: $ 443.53)
- Resistors / Targets: $ 476, $ 488, $ 515, $ 549, $ 608, $ 678, $ 720
Price analysis based on the value pair ETH / USD on Bitfinex
- Ether price continues to benefit from Bitcoin rally and climbs to a weekly high of $ 476.
- The $ 420 area acts as the first major support.
- $ 515 first major bullish price target.
Even if the ether price cannot currently follow the price development of Bitcoin, the trend is still bullish. The price of Ethereum managed to reach a new high of 475 US dollars this week and is currently trading at 464 US dollars. With this, Ethereum has managed to stabilize above the important price level at 420 US dollars for the time being. The chances are good that Ethereum will reach its annual high of 488 US dollars and target higher prices in the future.
Although the key currency Bitcoin continues to rush to new annual highs, Ethereum also continues to show a clear bullish tendency. If the bulls manage to start at $ 488 and skip the daily closing rate, a subsequent rise to $ 515 can be expected. If Ethereum also skips this resistance, a price explosion up to the 61er Fibonacci retracement at 550 US dollars is to be planned. Profit-taking can be expected from this resistance in the short term. However, as soon as the ether price dynamically overcomes this mark, the resistance area between USD 608 and USD 630 comes into focus.
Should the bulls pulverize this area as well, a move to the 78 Fibonacci retracement at $ 678 is likely. A sustained rally in the overall market is likely to push Ethereum up to $ 720 in the medium term. If the Ether price survives the statistically weakest phase of the calendar year by the end of the year without major price drops, a march to the 2018 high of 842 US dollars is also conceivable.
The bears can still do little to counter the bulls. The attempt to push the ether price back below the cross support from EMA20 (red) and horizontal support at 420 US dollars has so far failed. Only when this support is undercut dynamically, there are chances of a slight correction of the ether price. If Ethereum subsequently falls below $ 406, and especially $ 396, this would be an important point win for the sellers. The support from the supertrend and the green uptrend line plays a key role.
If the daily closing price undercuts 396 US dollars, the probability of a correction widening towards 370/363 US dollars increases. Only a relapse below this strong support increases the likelihood of a longer consolidation of the ether price. A further decline in the price to around $ 332 would be likely as a result. The EMA200 (blue) is currently running here. If the ether price does not show a bullish backlash at this price mark, a price decline up to the maximum bearish price targets of between 318 US dollars and 310 US dollars should be planned. However, as long as the price of Ethereum can maintain itself above the 440 US dollar and especially the 420 US dollar, the bulls are clearly on the trigger.
Both the RSI and the MACD indicator continue to have buy signals active on a daily basis. The same applies to the weekly chart. Both indicators still have a buy signal here and thus continue to have a positive effect on the price development of Ethereum.
- XRP rate : $ 0.257 (Previous week: $ 0.256)
- Resistances / Targets: $ 0.256, $ 0.267, $ 0.277, $ 0.296, $ 0.331, $ 0.346
Price analysis based on the value pair XRP / USD on Bitfinex
- XRP price can assert itself above the EMA20.
- Ripple can stabilize above the EMA200.
- Initial bullish price target at $ 0.277.
The XRP price tried several times in the past few days to break its sideways channel to the upside, but failed again and again on the supertrend at $ 0.262 and trending unchanged at $ 0.256 on a weekly basis. Only a sustained breakout above 0.267 US dollars opens up new price potential.
Should the bulls manage to break through the cross resistance of the supertrend, 65 Fibonacci retracement and history high at 0.267 US dollars per day’s closing price in the course of a bullish altcoin market, Ripple should rise immediately to the next strong resistance at 0.277 US dollars. If the overarching red downward trend line can also be overcome sustainably, a further price increase to the 78th Fibonacci retracement at $ 0.296 is likely. If Ripple overcomes this resistance, the US $ 0.318 will come back into the focus of investors. If the bulls manage to develop further buying pressure, a follow-up rise to the history highs of $ 0.318 and $ 0.331 is conceivable. In the medium term, the bulls should try to reach the annual high of $ 0.346 as well.
The XRP course is currently trading in the area of the upper edge of the developed sideways trend. To increase the chance for falling XRP prices, the bears must first push Ripple’s price below the EMA20 (red) and the EMA100 (yellow) in the area of $ 0.247. Only when the cross-support from EMA200 (blue) and red support line can be undercut at 0.237 US dollars per day’s closing price, a price decline to the bottom of the trend channel at 0.228 US dollars can be expected. If this support is also dynamically undercut, the correction is likely to extend to around $ 0.207. If this chart mark does not stop the XRP price either, a dip to 0.185 US dollars and a maximum of 0.175 US dollars should be planned in the medium term.
The RSI as well as the MACD indicator continue to have fresh buy signals for the time being. As long as the RSI indicator can stabilize above 55 on a daily basis, the upward opportunities predominate. Both indicators did not generate any new signals on the weekly chart. Both indicators continue to trend sideways.
- MIOTA rate: $ 0.250 ( Previous week: $ 0.265)
- Resistances / Targets: $ 0.266, $ 0.280, $ 0.295, $ 0.307, $ 0.322, $ 0.355
Price analysis based on the value pair IOTA / USD on Bitfinex
- Supertrend at $ 0.282 as the first bullish price target.
- MIOTA still fails to break EMA200 at $ 0.267.
- Support at $ 0.228 as a major support level.
The MIOTA price does not manage to overcome the three moving averages EMA20 (red), EMA100 (yellow) and EMA200 (blue) this week and has turned south again in the last few days of trading. As long as IOTA cannot dynamically overcome the strong resistance at $ 0.266, the downside risks will prevail.
If the MIOTA price manages to sustainably break through the sliding resistance and the 65th Fibonacci retracement at $ 0.266, a subsequent rise towards $ 0.280 (supertrend) and the upper edge of the trend channel at $ 0.295 is likely. If the bulls can subsequently also overcome the 78 Fibonacci retracement at $ 0.307, a directional decision will be made at the horizontal resistance at $ 0.322. Only when this strong resistance area is broken through dynamically upwards does the chart image brighten significantly. A subsequent rise into the strong resistance area between $ 0.355 and $ 0.370 should follow soon. Should the MIOTA price continue to show bullish in the coming period, an increase to the maximum price target of 0.408 US dollars is also conceivable.
The bears were able to counter any attempts to climb and again prevented a breakout on the upper side. MIOTA was sold multiple times in the $ 0.266 range. The MIOTA price is currently trading at $ 0.250 and threatens to correct again towards the support at $ 0.237. If the bears manage to push the MIOTA price back to the previous week’s low of $ 0.228 and there is no real stop at this level, the likelihood of a correction to the $ 0.201 increase. If the green support area is also sustainably undercut, the correction will expand to around 0.188 US dollars. If the 38 Fibonacci retracment does not stop either, a consolidation to the maximum bearish price targets at 0.175 US dollars and 0.164 US dollars can be expected.
While the RSI was able to recover to the neutral zone in the previous week, it is currently again tending south and threatens to activate a new sell signal at the end of the day. The MACD indicator also continues to trend weakly and should also activate a short signal when MIOTA prices fall. A similar picture emerges from a weekly perspective. The RSI indicator is again trending south within its neutral zone and is likely to generate a fresh sell signal in the coming week. This would mean that the RSI would follow the MACD indicator, which has already activated a sell signal since last week.
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