update 10 October 2021

Ethereum Needs to Surge Above 100 SMA; Ripple (XRP) is Ready to Move Below $0.18

ETH/USD Pair Price Analysis

The ETH/USD pair declined steadily from $185 in the previous few sessions. It continued beneath the key $175 support as well as the 100 hourly SMA.

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.

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Featured image courtesy of Shutterstock. Source: Cryptopress.