Ethereum Continues to Consolidate After a Surge While Ripple Sees a Pullback
- The 4-hourly chart of Ripple notes a major pullback; seeks stability above $0.30
- XRP seems to be facing hurdles against U.S.Dollar; seems range-bound below $0.30
- Ethereum gives positive signs as compared to Ripple; remains above $185
- Technical indicators give bullish indications for ETH
The crypto market has been going through the recovery phase for the last 24 hours as the overall market capitalization of it also shows an increase. The top two altcoins, Ripple and Ethereum, are no exception to this as both the coins have witnessed a visible rise in their price trend, but what differs here is how these coins have reacted to the increase.
Ethereum Vs. XRP Price Analysis
While Ethereum has maintained its price range above $185 post the escalation, Ripple has corrected down, notably testing the support levels. XRP was trading with its price at $0.2980 at 8:00 UTC today. The coin steadily rose above $0.30 within half an hour and recorded an increase of more than 1%.
Pulling back, the coin traced a bearish trend line to find support level at $0.2983. Slowly, it managed to momentarily reclaim the price range above $0.30. Now, the coin has corrected a bit down from there and is trading at $0.2989 at 11:59:38 UTC.
Ethereum, which was trading at around $183 at 08:00 UTC today, started a strong upward movement after 9:00 UTC and hit the price mark above $186. Showing its stability, the coin has maintained its price range above $185 since then. Based on Ethereum Price Prediction, the coin’s bullish pace can take it above $190 in a couple of days.
Ripple’s technical indicators are giving mixed signals as the short term SMA line is below the long term SMA line noting a price decline. However, the MACD chart has just traced a bullish cross-over. RSI of the coin is just below 50, showing no extremities.
XRP is likely to see resistance levels at $0.302 and $0.306, and support levels at $0.293 and $0.287.
On the other hand, Ethereum’s technical picture is mostly bullish. The short term SMA line is above the long term SMA line, giving a bullish indication. MACD chart is also in the bullish phase with its MACD line above the signal line with a stable RSI indicator. ETH coin may face resistance at $191.6 and $195.18 if it crosses the barrier at $188.98 at the same pace. The 2nd most prominent altcoin may find support levels at $182.78, $179.2, and $176.58.