update 6 October 2021

ETH Could Incur a Rally While XRP is Ready for one

ETH/USD Pair Price Analysis

The ETH against the USD pair experienced a modest recovery over the barrier at $155 within the previous three sessions. The pair settled well over $155 pivot level as well as the 100 hourly SMA.

As it continued to the upside, it was able to test the initial major barrier close to $160. Nevertheless, a look at the pair’s hourly chart shows two active declining trend lines in the week with barrier close to $160 and $162. The initial trend line became a major hurdle and did not allow additional move to the upside over $160.

A look at the downside shows that the past barrier close to $155 and the 100 hourly SMA are now offering support.

The pair’s buyers need to attain price levels over the trend lines and $164 for the initiation of a powerful rally. If they succeed over $164 and $165 barrier levels, it could bring about a robust move to the upside. The immediate major barrier is seen close to $175 barrier level.

A look at the downside shows the formation of a critical support close to $155 and a connecting bullish trend line. The pair’s failure to sustain price levels over $155 and $154 support levels may take it to the downside.

The next support is close to $150 level, beneath which the sellers could focus on testing the $145 support zone in the sessions ahead.

XRP/USD Pair Price Analysis

The XRP against the USD pair tested the support zone between $0.1800 and $0.1810, before it began an upside retracement. The pair retraced over two barrier levels ($0.1840 and $0.1850) to enter into a short-term positive area.

The pair was able to close over $0.1850 as well as the 100 hourly SMA. Nevertheless, it appears that the pair is encountering a powerful barrier close to $0.1890 and $0.1900.

The pair is likewise striving to remain over the 100 hourly SMA at $0.1880. A look at the pair’s hourly chart shows the formation of a key contracting triangle with barrier close to $0.1890.

The pair’s buyers need to take it over the $0.1920 barrier level to initiate a powerful upward move. If successful, the pair could move higher to the $0.1980 and $0.2000 barrier levels in the near-term.

If the pair strives to secure momentum over the 100 hourly simple moving average or the $0.1900 barrier, the pair might initiate a new fall beneath $0.1860.

The first support on the downside is close to a connecting bullish trend line at $0.1850. If the pair moves beneath $0.1850 support level, it could initiate a remarkable fall towards $0.1810 and $0.1780.

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Source: Cryptopress.