Ethereum, Ripple Price Analysis: August 19, 2021
Investors seem to have renewed interest in the larger cryptocurrency market after concentrating on selected altcoins such as Cardano, Solana, and Terra. Bitcoin tumbled, where it tested support at $44,000 before recoiling above $47,000. As discussed, a daily close above $48,000 would clear the path to $50,000.
The pioneer smart contract token rallied above $3,000 in the wake of the London hard fork earlier this month. Buyers took control of the price, aided by a generally bullish crypto market, and pulled the price to $3,350.
However, their bid for $4,000 failed to materialize, resulting in a downswing to $2,950 mid this week. An uptick in prices across the board seems to have bolstered Ether above $3,200.
Meanwhile, bulls are looking forward to lifting to $3,600, a move that will set the precedence for the journey to $4,000. Nonetheless, the 61.8% Fibonacci retracement level must be surmounted for the bullish leg to stretch to $3,600.
On the downside, higher support is needed to keep the uptrend intact in case Ethereum encounters sudden resistance. Meanwhile, the MACD has just flashed a sell signal, implying that the bears’ presence in the market cannot be ignored.
ETH/USD Daily Chart
Ripple managed to hold support at $1.1, allowing bulls to sweep in and pull the price above $1.2. However, the momentum appears short-lived as the price falters on the way to $1.3.
A correction is expected in the European session, which could see Ripple retest support at $1.1. Keep in mind that the 100 SMA is about to cross below the 200 SMA. This bearish pattern, although not a death cross, could reinforce the downtrend in the near term.
Moreover, the MACD’s rise above the mean line seems to have exhausted mojo, and a sell signal could follow. Traders have several levels to watch, most of them pointing toward a correction.
XRP/USD Daily Chart
The support at$1.1 is crucial and must remain intact to keep Ripple’s uptrend on course. Otherwise, the risk will increase if $1 is tested because massive sell orders may be triggered, pushing XRP to $0.9.Source