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Ripple, Ethereum Face Key Technical Levels- XRP/USD & ETH/USD Prices Outlook

Ripple, Ethereum Face Key Technical Levels- XRP/USD & ETH/USD Prices Outlook

Mahmoud Alkudsi, Analyst

XRP/USD & ETH/USD Technical Forecast

  • Ripple and Ethereum price action
  • XRP/USD & ETH/USD price charts and technical analysis

Ripple, Ethereum – Multi- Week High

Last week, Ripple rallied to its highest level in four weeks at $0.226. The price closed the weekly candlestick in the green with nearly 8.8% gain. On Tuesday, the crypto currency resumed trading higher and peaked at $0.245. Similarly, Ethereum rallied then closed the weekly candlestick with 8.5% gain. Yesterday, the price rose to $171.8 – its highest level in eight weeks.

This week, the Relative Strength Index (RSI) has remained above 50 reflecting that buyers were in control.

Ripple Daily PRice CHART (AUg 8, 2018 – JAn 16, 2020) Zoomed Out

Ripple daily price chart 16-01-20 Zoomed out

Ripple Daily Price CHART (Sep 25 – JAn 16, 2020) Zoomed in

Ripple daily price chart 16-01-20 Zoomed in

Looking at the daily chart, we notice that on Sunday Ripple closed above the 50-Day average producing a bullish signal. Thus, the price could be on its way for a test of the high end of current trading zone $0.174 - $0.280.

A close above the high end of the zone may convince buyers to push XPR/USD towards $0.311. Further close above this level might cause more bullishness towards $0.375. In that scenario, the weekly resistance levels underscored on the chart (zoomed in) should be kept in focus.

On the other hand, a close below the low end of the zone could resume bearish price action towards $0.128 contingent on clearing the weekly support level underlined on the chart.

Ethereum Daily PRice CHART (OCt 20, 2018 – JAn 15, 2020) Zoomed Out

Ethereum daily price chart 16-01-20 Zoomed out

Ethereum Daily PRice CHART (AUG 25 – JAn 15, 2020) Zoomed In

Ethereum daily price chart 16-01-20 Zoomed in PNG

From the daily chart, we notice on Jan 10 ETH/USD closed above the 50-Day Average generating a bullish signal. In the following week, the crypto currency rushed to a higher trading zone $152.17 - $186.98.

A close above the high end of the zone could lead more buyers to join the market and rally the ETH/USD towards $203.42. Yet, the weekly resistance levels underlined on the chart (zoomed in) should be considered as some traders may exit/join the market nearby these points.

On the flip side, a close below the low end of the zone may lead buyers to exit the market. This could reverse the price’s direction towards $125.86. Further close below this level opens the door for sellers to press towards 100.34. Nevertheless, the weekly support levels marked on the chart should be monitored.

Just getting started?See our Beginners’ Guide for FX traders

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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