Ethereum, Ripple Price Analysis: August 19, 2021

Ethereum, Ripple Price Analysis: August 19, 2021
  • Ethereum almost erases all the losses incurred in the last few days in a bid to close the week in the green.
  • Ripple rebound above $1.2 runs out of steams as technical levels remain drab.
  • 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.

    Ethereum:-

    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:-

    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.

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