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Ethereum May Initiate a Parabolic Rally; Ripple (XRP) Buyers Focus on $0.22
ETH/USD Pair Price Analysis
Yesterday, we mentioned the possibility of the ETH/USD to incur a huge rally above $180. It was able to follow a bullish path over $180 and the 100 hourly SMA. It incurred an upsurge over $188 barrier zone and attained a fresh weekly high close to $193.
In recent times, the pair retraced to the downside beneath $188 and $185. Nevertheless, on the way to the downside, it secured support close to $182.
A look at its hourly chart shows the formation of a key bullish trend line with support close to $184. At the moment, it is rising and its performance is with a bullish angle over $185.
A look at the upside shows the first resistances at $188 and $190. If it breaks over $190, it could pave the way for an upsurge towards $195.
The main resistance remains close to the $200 handle, over which there is likelihood that buyers will focus on a huge rally to $225, $240 and $250 in the days ahead.
It is clear that the ETH/USD pair is trading in a bullish trend over $182 and $180. The failure to incur an upsurge over $195 and $200 barriers puts it at risk of a declining reaction.
On the downside, the main support is close to $175 and the 100 hourly simple moving average, under which there could be a dip towards the $165 support area.
XRP/USD Pair Price Analysis
Over the previous few sessions, the XRP/USD pair was able to follow a bullish path over $0.1850, just like BTC and ETH. The pair was able to gain bullish momentum, thereby clearing the key barriers at $0.1900 and $0.1920.
It closed over the $0.1900 pivot level and the 100 hourly SMA. This paved the way for additional upsides and the pair incurred an upsurge towards $0.2000. It was able to form a high close to $0.2000 and then retraced lower.
Nevertheless, it did not move below $0.1920. A look at its hourly chart shows the formation of a major bullish trend line with support close to $0.1900.
At the moment, the pair is on the way to the upside and moving towards the barrier at $0.1965. The main barrier remains close to $0.2000. If the pair closes over $0.2000, there is likelihood of having an upsurge towards $0.2050 and $0.2120. Any additional increment could call for a visit to $0.2200.
It is clear that the pair is following a modest bullish path over the support at $0.1920. The main support is currently close to $0.1880 and the 100 hourly SMA.
The occurrence of a bearish move beneath the $0.1880 support area could make the pair to resume its dip. The immediate key supports are close to $0.1800 and $0.1780.
Featured image courtesy of Shutterstock. Source: Cryptopress.