Last week, Ethereum (ETH) showed some near-term recovery against the US dollar with the ETH/USD pair forming a support base above $200 before showing signs of upside correction. On the other hand, Ripple (XRP) did not perform well last week with prices falling by over 7%, but in Monday’s session, the coin has been rather stable.
Ethereum Price Analysis
For the better part of the week, ETH was trading above the $208 and $216 resistance levels. Additionally, the coin saw a break above the Fib retracement level of 23.1% for the downward movement to a $192 low from the $279 high. Equally, XRP had a break above the main bearish trend line with its resistance nearing $212.
The ETH/USD pair managed to trade above the $200 level but could not go beyond the 100 simple moving averages. Strong resistance was established for Ethereum at the $228 level, which eventually prevented more gains. Rejections were witnessed at the $227 level prior to the price dropping below $220.
Ripple (XRP) Price Analysis
Relative to previous XRP/USD trade plans, each drop presents a buying chance for aggressive investors. However, the condition applies only when the price trend is above $0.30, which is the Q1 2019 support level as well as a crucial reaction point in the first half of 2019. Otherwise, if there is a dip below the mark, all buys should target $0.41.
Since there is limited enthusiasm regarding the coin, conservative traders should wait until there is a break below $0.29 or above $0.41. In the latter case, XRP is expected to surge to $0.48–0.52 and eventually $0.68, thus attracting bulls in a trend continuation stage.
If bears take control, then high trading volumes are expected below the $0.30 meltdown, which will surpass the 50 million reported on July 10. Equally high participation, as well as rejection and support of lower lows at $0.30, will confirm the primary trend for Ripple that defines the bar of the buyers of September last year.
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Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.