Rajarshi Mitra
Independent Analyst
- ETH/BTC has charted a bearish cross with SMA 50 crossing above the SMA 20.
- BTC/USD has failed as it neared the $10,025 resistance level.
- ETH/USD has dropped below the $200 level.
ETH/BTC daily chart
-637251107315085924.png)
ETH/BTC went up from 0.0207 to 0.02010 in the early hours of Friday. This followed four straight bullish days, after failing at the 0.02117 resistance line. The SMA 50 has crossed over the SMA 20 to chart a bearish cross. RSI has bounced up from the edge of the oversold zone to 37.50.
On the upside, ETH/BTC has strong resistance at 0.02116 and 0.02117. On the downside, healthy support lies at 0.02044
BTC/USD daily chart
-637251108058251867.png)
BTC/USD dropped from $9,792.80 to $9,495.55 in the early hours of Friday. The price lost steam as soon as it neared the $10,000 psychological level. This means that the bulls probably won’t have the momentum required to break past crucial resistance at $10,025, which has thwarted the price twice before. On the downside, healthy support levels lie at $9,540 and $9,171.
The MACD indicates an upcoming reversal of bearish momentum. Finally, William’s %R is trending around -12.80 inside the overbought zone, indicating that the price is currently overvalued and will face short-term bearish correction.
ETH/USD daily chart
-637251109184110018.png)
ETH/USD bears took control following three straight bullish days as the price fell from $203.33 to $199.90. The price has faltered after encountering resistance at the SMA 20 curve, The MACD shows decreasing bearish momentum, while the Elliott Oscillator has had a green session following 11 straight red sessions.
If the bulls somehow manage to break past the SMA 20, there are two strong resistance levels at $212.50 and $218.25. On the downside, there are healthy support levels at $197.50 and $187.65.
XRP/USD daily chart
-637251109777894016.png)
XRP/USD fell from $0.2040 to $0.2007 as it neared the red Ichimoku cloud. The MACD indicates sustained bearish momentum, while the Elliott Oscillator has had a green session following 12 consecutive red sessions.
XRP/USD bulls will want to take the price up to $0.212 to conquer the strong resistance level and cross above the SMA 20. Beyond that, another strong resistance lies at $0.218. On the downside, healthy support levels lie at $0.196 and $0.182.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ethereum has lost its “ultra” sound money status, faces key rectangle resistance hurdle
Ethereum is up 0.5% on Thursday following a recent analysis showing that the top altcoin lost its "ultra" sound money narrative. Meanwhile, ETH ETFs recorded net inflows for the first time after nine days of consecutive outflows.
Solana bears dominate market as SunPump has potentially led to less demand for SOL
Solana is down 2.5% on Thursday following bearish signals across its funding rate and total fees captured. SOL's weak performance could also be linked to the declining traction seen in its meme coin generation platform Pump.fun.
AI tokens see narrow gains as Wall Street banks raise price targets on NVDA
AI tokens NEAR, ICP, RENDER and TAO briefly traded in the green on Thursday following Wall Street banks' positivity toward Nvidia's earnings report. While a correction followed, these tokens could rally if NVDA meets expectations.
XRP back above $0.57 even as Ripple traders take $8 million in profits
Ripple (XRP) traders have consistently taken profits on their holdings in the last two weeks, per Santiment data. Once again, traders have grabbed $8.36 million in profit so far on Thursday. Typically, profit-taking negatively influences the asset as it increases the selling pressure.
Bitcoin: Will BTC continue its ongoing decline?
Bitcoin (BTC) trades above $59,000 on Friday, but it has lost 7.5% this week so far after being rejected around the daily resistance of $65,000. The decline is supported by lower demand from the US spot Bitcoin ETFs, which registered a net outflow of $103.8 million, falling Bitcoin's Coinbase Premium Index, and a spike in Network Realized Profit/Loss. However, some investors seem to be taking the chance to buy BTC amid this price dip, as shown by the Exchange Netflow data.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.