What To Expect From ETH and XRP This Week?
On July 20, Ethereum (ETH) at the time of writing was traded near the $1,870 support level, while XRP has returned to the support level at the $0.60.
On May 23, the Ethereum (ETH) rate reached its bottom at around $1,730. After, it began to rise and, three days later, reached its high around $2,915. In the process, the price of Ether tested the $1,870 as a support level.
But on June 16, ETH again dropped to the support level, after which the growth of the rate was not so significant. On June 7, the new high was $2,410.
Now the ETH rate has returned to the support level of $1,870 again.
So far, the bearish sentiment prevails on the market, as evidenced by the decline of MACD and RSI.
If the bears manage to break through, the rate could drop to $1,500.
The 6-hour chart shows that the bulls managed to take over the downside resistance level (dotted line). At the time of writing, Ether was traded in the support area at $1,850 (Fibo level 0.786 retracement). The MACD and RSI indicators are growing.
If Ethereum bounces out of the current area, the rate could rise to $2,500.
XRP peaked at $1.96 on April 12, but then it began to move lower. As a result of the fall, the rate returned to the support level of $0.60.
On the 6-hour chart, XRP has made a bullish breakout of the downtrend resistance line that has been since June 1st as seen on the chart. On July 7, the price tested this area as support level (green icon).
Unfortunately, the coin didn’t manage to bounce, and at the time of writing it went down below $0.59. It looks like bears will continue to dominate the market. But if XRP goes up and breaks the $0.59 level, the situation could change.