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Ethereum Price Moving Towards a Major Resistance; XRP May Retrace To $0.165

ETH/USD Pair Price Analysis

The ETH/USD pair was able to settle beneath $160 before it began a new bearish wave. This led to price levels beneath $155 into a short-term bearish area.

The pair continued beneath $150 and established itself beneath the 100 hourly SMA, thereby attaining a fresh monthly low at $148.

It started retracing after it broke the barrier at $152. Nevertheless, it is currently encountering some barriers close to area between $156 and $157.

On the pair’s hourly chart, there are two active declining trend lines with barrier close to $160 and $164.

If the pair surges over the 100 hourly simple moving average it could visit the upper trend line. If it closes over the barriers at $164 and $165, it will provide a clear direction.

The immediate major barrier is close to $175 and any additional gains might lead to $185 and $188.

The pair’s failure to move over the 100 hourly simple moving average or the barrier at $160 poses the risk of a new declining reaction. The first support is close to $152 and a connecting bullish trend line.

There is the formation of a major support close to $145 zone. The buyers’ failure to hold the $145 support zone poses the risk of additional losses towards $132 and $130.

XRP/USD Pair Price Analysis

The XRP/USD pair incurred additional losses beneath $0.1850. The pair attained a fresh monthly low at $0.1812 and it is now retracing higher.

The pair’s hourly chart shows the formation of a modest support base over $0.1820 and $0.1840. Nevertheless, the pair is currently encountering a robust barrier close to $0.1890 and the 100 hourly SMA.

On the same chart, there is the formation of a major connecting declining trend line with barrier close to $0.1890. The pair could strive close to $0.1890 and $0.1900 in the near-term.

The buyers need to secure momentum over the $0.1920 to enter a positive area. The immediate major barrier is close to the $0.1965 swing high, over which there could be acceleration towards $0.2000.

The pair’s failure to move over the 100 hourly simple moving average or the $0.1900 barrier poses the risk of a new decline in the sessions ahead.

The first support on the downside is close to $0.1850. The key support is close to $0.1810 and $0.1800, beneath which the sellers could focus on testing $0.1650 in the near-term.

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Source: Cryptopress.

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