Ripple, Ethereum Face Key Technical Levels- XRP/USD & ETH/USD Prices Outlook
XRP/USD & ETH/USD Technical Forecast
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 (Sep 25 – JAn 16, 2020) 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 (AUG 25 – JAn 15, 2020) Zoomed In
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.
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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.