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While Ethereum (ETH) can form a new annual high and thus outperform Bitcoin in a year-on-year comparison, Ripple (XRP) has also entered a bullish price rally. Only IOTA (MIOTA) is still not moving and is trading within its sideways range.
Ethereum (ETH): The outbreak is picking up speed
- Rate : $ 506.27 (Previous week: $ 464.31)
- Resistors / Targets: $ 488, $ 515, $ 549, $ 608, $ 678, $ 720, $ 841
Price analysis based on the value pair ETH / USD on Bitfinex
- Ether price reaches new high at 502 US dollars.
- $ 440 area now as strong support.
- $ 515 first major bullish price target.
The development of the ether price is to be rated very bullish. Ethereum was able to stabilize above $ 440 this trading week and can build a new annual high at $ 503 this Friday morning. This increases the chances of a subsequent rise towards the first price target at $ 515. A comparison of the 52-week performance of Bitcoin and Ethereum shows that the Ether price has even outperformed the reserve currency and also offers higher price potential for the coming weeks and months.
If the bulls manage to stabilize the ether price above 488 US dollars in the next few days, the first target price at 515 US dollars should be reached soon. If investors can generate enough purchasing power, the price will likely rise to the 61st Fibonacci retracement at $ 550. If the ether price can dynamically overcome this important resistance, a march through to the resist area between 608 US dollars and 630 US dollars must be planned. If the overall market continues to develop bullishly, an increase to the 78th Fibonacci retracement at 678 US dollars is also conceivable in the coming weeks. In the medium term, the overarching price target of $ 720 is moving into the focus of investors.
The last attempts by the bears to push the ether price back below $ 460 and, in particular, below $ 440, failed. As long as these supports are not significantly undercut, a major correction is not to be expected. However, if the bears manage to move the course back towards $ 420, the chances of a temporary consolidation of the ether course increase. Only when this support is broken dynamically, however, should a price decline to the green upward trend line at 409 US dollars be planned. The supertrend also runs here in the daily chart. If this strong support by the end of the day is also sustainably undershot, the horizontal support at 384 US dollars comes back into focus.
The EMA100 (yellow) runs in this area. Falling below this support increases the likelihood of a correction widening towards USD 370/363. Increased resistance from the cops is to be expected in this area. A relapse below this strong support improves the bears’ chance of longer ether consolidation. A further decline in the price to the US $ 341 would be likely as a result. The EMA200 (blue) is currently running here. Should there also be a break in this chart mark, a price decline up to the maximum bearish price targets between 318 US dollars and 310 US dollars should be planned. However, this bearish scenario is still only given a subordinate probability.
Both the RSI and the MACD indicator continue to have long signals on a daily basis. The same picture emerges when looking at the weekly chart. Both indicators have an active buy signal and support the bullish price interpretation for Ethereum.
Ripple (XRP): Ripple price started bullish Rallye
- Course : 0,302 US dollars (previous week: 0,257US dollars)
- Resistors / Targets: $ 0.296, $ 0.331, $ 0.346, $ 0.398, $ 0.437, $ 0.463, $ 0.492
Price analysis based on the value pair XRP / USD on Bitfinex
- XRP price overcomes downtrend line.
- $ 0.283 now as the first major support.
- Year high of $ 0.327 within reach.
After its dynamic breakout from the week-long sideways phase, the XRP price is increasingly bullish. The cross resist at $ 0.277 was formally pulverized. This has significantly improved the chart situation at Ripple. A price increase towards the highs from August 2020 is increasingly likely.
If the bulls manage to stabilize the XRP price sustainably above the red upward trend line, a timely increase of up to 0.318 US dollars should be planned. If this resist is also overcome, investors will focus on the highs of 0.331 US dollars and the high for the year from February 2020 at 0.346 US dollars. If the XRP price also skips this strong resistance, the chart image brightens significantly. A price jump of up to 0.397 US dollars should then be planned in the near future. If the mood remains positive in the coming weeks, the price rally should continue to gain momentum and rise towards the medium-term price targets of $ 0.437 (Fibonacci 138 extension) and $ 0.463. The 161 Fibonacci extension at $ 0.492 is to be seen as the maximum price target for the time being.
If, on the other hand, the XRP price falls below the breakout level at $ 0.277 and thus also below the EMA20 (red), the bears can regain some courage. However, only when a daily closing price below $ 0.267 can be generated does the probability of a false breakout on the upside increase. If Ripple slips back into the blue sideways trend channel and subsequently falls below the strong support at $ 0.256, another test of the EMA200 (blue) should be planned.
If the bulls give up this support via the daily closing price, the current rally is abruptly stopped. A new test of the trend channel bottom edge at $ 0.228 would be increasingly likely. The 50s Fibonacci retracement also runs here. If this support is also dynamically undercut, the correction is likely to extend to around $ 0.207. For the time being, however, a price decline to the low of September 2020 is to be regarded as unlikely. Only when the overall market comes under sustained pressure should Ripple correct more clearly.
The indicator (Ripple)
The RSI as well as the MACD indicator are still bullish this week. Both indicators have still activated a buy signal. The same can now be seen with a look at the weekly chart. The strong price development at Ripple caused both indicators to generate new long signals this week. The chances of further price increases in the coming days and weeks are therefore increasingly good.
IOTA (MIOTA): Directionless trading in sideways range continues
- Rate : $ 0.261 (Previous week: $ 0.250)
- Resistances / Targets: $ 0.266, $ 0.280, $ 0.295, $ 0.307, $ 0.322, $ 0.370, $ 0.408
Price analysis based on the value pair IOTA / USD on Bitfinex
- Supertrend at $ 0.282 as the first bullish price target.
- MIOTA still fails to break EMA200 at $ 0.267.
- Support at $ 0.228 as a major support level.
The MIOTA price has not yet been able to transform the bullish mood on the overall market into a price rally. IOTA continues to trade below the major moving averages EMA100 (yellow) and EMA200 (blue) this week. As long as the MIOTA price cannot break out of the US $ 0.266 at the daily closing price, the chances of a positive price development are still limited. Investors should still wait for the EMA200 to regain its position before making the first long investments.
If the bulls can move the MIOTA price above the sliding resistances and the 65th Fibonacci retracement at $ 0.266, a subsequent rise towards $ 0.280 (supertrend) and the upper edge of the trend channel at $ 0.295 should be planned. If the 78 Fibonacci retracement at $ 0.307 is subsequently breached, Ripple should quickly rise to the horizontal resistance at $ 0.322. Only when this strong area of resistance is sustainably overcome, however, will the old annual high of $ 0.370 move back into the focus of investors. If IOTA can also break through this resist at the daily closing price, an increase to the maximum price target of $ 0.408 is conceivable.
Currently the bears still have an advantage. As long as the price moves within its sideways range and especially below the EMA100 and EMA200, a price setback can be expected at any time. If the price drops below the support at $ 0.250, another test of $ 0.237 should be planned. If the bears manage to push the MIOTA rate below the low of $ 0.228, this would be interpreted as a clear sign of weakness. Correction to $ 0201 is likely. If the green support area is also undercut at the daily closing rate, a correction expansion up to 0.188 US dollars should be planned. The 38 Fibonacci retracement runs here. A retest of the gray support area at $ 0.175 is also conceivable.
The RSI as well as the MACD indicator reflect the current chart situation at IOTA very well. Both indicators are still trending sideways and are not providing any fresh impetus. A similar picture emerges from a weekly perspective. The RSI indicator runs in a narrow range in its neutral zone between 45 and 55.
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