Ethereum, IOTA and Ripple can break away from the weekly lows for the time being
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After a significant price slump in the entire crypto market, the prices of Ethereum (ETH), IOTA (MIOTA) and Ripple (XRP) can for the time being break away from their lows. The coming days will show whether the correction has already ended or whether the bears will try to depress the market again.
Ether price turns at major support at $ 318.
Bullish target price of $ 439
EMA20 at $ 380 as first strong resistance.
Ethereum fell back to key support at $ 318 this week, marking a new low at $ 310. This was followed by a stabilization in the overall market, which caused the ether price to rise back to 367 US dollars. However, Bitcoin Era is currently trading below its moving average of the last 20 days (EMA20) (red). For now, the bears are still on the trigger.
If the bulls manage to move the Ethereum rate back above the EMA20 at $ 380 in a timely manner, a subsequent increase to around $ 409 should be planned. If the price can overcome this resistance as well, a renewed spike to around $ 440 is likely. Profit-taking should start again here. However, if investors can break this important upside resist, another bullish move to the resistance at $ 489 is conceivable. Only when this resist is dynamically overcome will the medium-term price target of 515 US dollars come back into focus. If the bulls manage to overcome the US $ 515 (resistance from July 2018) at the daily closing price, the Ether price could also approach the maximum price target of US $ 550.
The ether price has been able to recover noticeably in the last few days of trading, but as long as Ethereum is listed below the EMA20, the downside risks continue to outweigh. If the bears manage to cap the price below $ 380, another price drop to $ 318 is possible at any time. The moving average of the last 100 days (EMA100) (yellow) and the red horizontal support line are currently running in this area. If the bears manage to undercut this level at the daily closing price and also break the low of 310 US dollars, the price target is activated at 289 US dollars.
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This area should again call bullish investors on the scene, as the old annual high of February 2020 is here. As already mentioned , the course of Ethereum for the coming days will be decided in this important support area. If the bulls abandon $ 288, the correction is likely to expand. The price of Ethereum should then correct directly to the EMA200 (blue) at 277 US dollars. A break in this important support should cause the Ether price to slide immediately to the upper edge of the trend channel at 252 US dollars. If this support is also abandoned, a correction to the maximum bearish price target of 234 US dollars can be expected.
After a brief breakout below 45, the RSI in the daily chart is again in the neutral zone at currently 46. If the RSI falls below 45 again, this is another indication of a falling Ether price. This evaluation is supported by the activated sell signal in the MACD. From a weekly perspective, the situation is still bullish. Although both indicators are currently tending south, they continue to generate an active buy signal.
XRP price continues to trade in the pink support area.
EMA200 can prevent another price slide for the time being.
A rise above $ 0.255 could provide a boost
The price of Ripple could not escape the sell-off on the market as a whole, but managed to defend the EMA200 (blue) on a daily basis. This means that the XRP price continues to trade directionlessly in the area of the pink resistance area between EMA100 (yellow) and EMA200. At the moment, investors cannot decide which direction the XRP price will take in the coming days. Only when a new low is formed will the bears try again to push the course further.
If the bulls manage to get the price back above the resistance at $ 0.255, a retest of $ 0.283 is likely. If this mark is overcome dynamically and the XRP price rises back above 0.296 US dollars, investors can draw new courage. If the XRP price manages to cross the red downtrend line by the daily closing price, the first price target is 0.326 US dollars. If this strong resistance can also be broken sustainably upwards, a test of US $ 0.346 is conceivable as the maximum price target.
If the XRP price cannot sustainably stabilize above $ 0.256, a retest of the EMA200 (blue) at $ 0.234 is likely. If the bears soften this central resistance further, lower prices are to be planned in the coming days. If the bulls abandon the EMA200 at the close of the day, the bears will continue to attempt to push the price towards $ 0.218 and $ 0.207. If the overall market continues to be weak, a price slide in the direction of the important support areas at US $ 0.185 and a maximum of US $ 0.175 cannot be ruled out.
The RSI and MACD indicators continue to have active sell signals. If the RSI indicator rises back into the neutral area between 45 and 55, the bulls can scratch their hooves. Since further buy signals are also active on both indicators in the weekly chart, higher XRP prices are conceivable in the medium term.