Thursday, 22 August 2019

Ethereum and Ripple Price Indicate Slight Recovery

 Ethereum and Ripple Price Indicate Slight Recovery


Ethereum Daily Technical Analysis


The main trend is still up according to the daily chart. The pair is trading above the main uptrend line which is quite positive. Also, on the RSI, there is a bullish divergence that shows a potential reversal in price, but it needs confirmation from other indicators.

On the other hand, the rebound from the main uptrend line is stopped by both 20-day EMA and the trend line 1 as expected in our last analysis. 
Ethereum needs to scale above 20-day EMA to resume the uptrend. As long as the main uptrend line holds the price, ETH/USD will be bullish in long term. Conversely, if it breaks down, it may indicate a change in trend and a fall to $150 will be in the cards.

ETH Price Slight Recovery

XRP  Daily Technical Analysis


XRP broke down the main support on Aug. 13 which is a negative sign. It was the psychological support since Dec. 13. 2018.      Additionally, it faces stiff resistance from 20-day EMA. Both 20-day EMA and the previous main support are at the same level now. If the pair sustains below the resistance, it may fall to a $0.24 level.

Traders should initiate long positions only if  ripple goes above 20-day EMA. Until then stay in the sideline.

Ripple Dialy Chart Analysis

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