XRP Gets Squeezed, Can Ethereum (ETH) Break $4,000? 

XRP is currently facing what we call a “squeeze.” This technical phenomena happens when an asset’s price consolidates, resulting in a war between buyers and sellers for control of market direction within a limited price range.

XRP’s squeeze is seen as the price approaches a convergence of its moving averages, which are key indicators of both support and resistance. The 50-day moving average (orange line) and the 100-day moving average (blue line) converge around $0.55 to $0.58, forming a critical zone where XRP must remain positive. A break below this level may indicate a bearish decline, as these averages would then function as resistance.

Source: News BTC
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The short-term resistance level for XRP is currently at around $0.63. This level has recently stymied rising movements, and a break above could clear the door for further bullish momentum. If XRP’s price fails to remain above the moving averages, the next level of support is near $0.50, where buyers may step in to stabilise the price.

The probability of a price reversal looms, especially given that the RSI (relative strength index) is in a neutral zone, indicating market uncertainty. A strong rise in either direction, accompanied by significant volume, is likely to set the tone for XRP’s price in the next days or weeks.

Major Ethereum test

Ethereum is showing strong bullish behaviour as it approaches the critical $4,000 price level. This mark, seen as an important psychological and technical barrier, is within reach, based on the present momentum on the TradingView chart. Here, we look at the chances of a breakout and the price movement surrounding this increase.

The current price chart shows Ethereum’s determined advance, as seen by a series of rising lows and bullish candles. The immediate support for Ethereum is solidly established above $3,400, which coincides with the 50-day moving average, a crucial indicator that frequently serves as dynamic support in an upswing. This level was recently tested and held, indicating that there is substantial buying demand at present prices.

Looking at resistance levels, $4,000 stands out. It is a round number that has historically proven difficult to crack. However, pressure is increasing as volume and price action show sustained demand for Ethereum. Breaking through this level will likely usher in a new surge of optimism and could spark a rally to new highs.

Ethereum’s fundamentals, such as continuing network upgrades and a thriving decentralised finance (DeFi) ecosystem, are supporting a jump towards $4,000 in value. Furthermore, since Bitcoin’s market dominance fluctuates, investors frequently look to Ethereum as a predictor of altcoin potential, increasing its value.

However, the chance of a price reversal is always present. The relative strength index (RSI) is currently overbought, suggesting a possible retreat or consolidation before further higher momentum. Traders and investors will be keenly watching this, as any indication of a reversal might lead to short-term profit-taking.

Bitcoin costs $70,000

Despite its recent bullish behaviour, Bitcoin is sending forth signs that indicate caution. Investors and technical analysts are keeping a careful eye on the charts to see what the future holds for the world’s leading digital currency.

As we analyse the BTCUSD pair on TradingView, we see Bitcoin lingering around the $69,000 resistance level. In recent years, attempts to break through have met stiff resistance at this price bracket.

The market’s constant pursuit of this barrier suggests strong positive sentiment, but failure to break through it may result in a building of selling pressure.

Support levels for the current surge have been created around $59,586, which coincides with the 50-day moving average. This moving average has historically served as a reliable support in uptrends, but a break below may indicate fading momentum and the possibility of a larger price fall.

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