Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $2,120 trillion. Bitcoin is up by nearly 4% in comparison with last Sunday. Ethereum lost 2% in value over the week. XRP is down by roughly 4% after a troublesome week. Most altcoins, except Avalanche, have traded in the red for most of the week. The DeFi sector gained almost $1.4 billion from the…
ETH/USD Pair Price Analysis
It was able to test the $165 support zone and it is now consolidating losses. A look at the upside on the pair’s hourly chart shows the first barrier close to $173 which is the recent breakdown area. The initial major resistance is close to $175 since it is near the 100 hourly SMA.
On the same chart, an important observation is the formation of a key declining trend line with barrier close to $176. The initiation of an upside retracement could make the pair encounter powerful selling interest close to $175 and $176.
If the pair closes over $175 and the 100 hourly simple moving average there will additional upsides. The immediate key barrier is close to $180, over which the pair could visit the $189 monthly high.
The failure to keep up the uptrend over $175 and $176 barrier levels could initiate a new fall. The first support is close to $167.
The main support is close to $165. If the pair breaks and closes beneath $165, there could be an extended decline towards the $160 support or the $158 pivot level in the near-term.
XRP/USD Pair Price Analysis
The XRP/USD pair closed beneath $0.1900 pivot level prior to the extension of its fall. It was able to break the key $0.1880 support area for more visits to the declining area.
The sellers pushed the pair beneath $0.1850 and the 100 hourly SMA. It was able to form a fresh weekly low close to $0.1783 and it is now retracing higher. It broke above $0.1800 and $0.1820.
A look at the pair’s hourly chart shows that past supports close to $0.1850 and $0.1865 have now become resistances.
An important observation on the same chart is the formation of a major declining trend line with barrier close to $0.1885. The 100 hourly SMA is likewise located close to $0.1900 area to prevent gains.
If the pair closes above $0.1880 barrier, followed by an upsurge over $0.1900, there will be more upsides in the near-term.
There is likelihood that the pair will strive close to $0.1880 and $0.1900 barrier levels. If that happens, the pair could enter a new declining wave beneath $0.1820.
The initial major support is close to $0.1780, beneath which there could be a decline towards $0.1700 in the sessions ahead.
Featured image courtesy of Shutterstock. Source: Cryptopress.