Ethereum
XRP Reversal Might Be Closer Than You Think, Crucial Solana (SOL) Support Level Is Here, Ethereum (ETH) on the Verge
Arman Shirinian
Despite some upward trend, the market is still far from being fully recovered.
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XRP is closer to a reversal than you might think, given the asset’s current state. With the market boom we saw following the “approval” of the Ethereum ETF, some assets were not capitalized. Unfortunately, XRP is one of them. However, after three days of consecutive losses, the asset is finally making a comeback.
The 50, 100, and 200 day moving average, as well as other important moving averages, have been surpassed by XRP during the recent price action, which has been lackluster. As a result, the price of XRP fell as low as $0.50, creating bearish sentiment around the cryptocurrency. Even though the approval of the Ethereum ETF caused a market rally, overall XRP has been in a downtrend due to its inability to break above resistance levels.
XRP needs to break through the immediate resistance at $0.55 in order to verify a reversal. If volume continues to increase and price breaks this barrier, it may indicate a change in market sentiment and attract more buyers.
The 200-day EMA is currently at $0.57, so this would be the next important resistance level to watch. Staying above $0.50 is key for downside support. XRP may test lower support levels if it falls below this level, which could lead to further declines. But while the overall market remains supportive, current indicators point to a greater likelihood of a reversal.
Solana’s near-term progress
Solana has landed on a solid near-term support level, which could play favorably in the current market environment. Given that many assets are oversold and overall sentiment remains positive, this support level could be crucial for SOL’s price action in the near future.
From the chart, SOL’s current price is just above its 50-day moving average ($163) at $167. This level has been a major source of support over the past few weeks, halting further declines and serving as a basis for future upward moves. Slightly below $152, the 100-day EMA offers more support if the price declines further.
GROUND is not in overbought territory, as indicated by the Relative Strength Index (RSI), which is hovering around 58. This implies that there could be more growth, especially if market sentiment remains generally optimistic. The RSI’s position suggests that buying pressure can build without entering overbought territory too soon.
Ethereum balance
Ethereum is currently on the brink, with the price consolidating at around $3,730, which is a crucial threshold. A break below this level could lead to a potential fall towards $3,200, an important historical price level.
ETH is currently trading slightly above its 50-day EMA at $3,495 and its 100-day EMA at $3,224, based on current price action. In order to avoid further losses, ETH must hold these moving averages as crucial support levels. If the price declines significantly, the 200-day EMA at $2,915 provides a final line of protection.
There could be some room for improvement for ETH because the Relative Strength Index (RSI), which is currently around 64, shows that the cryptocurrency is not in overbought territory.
But since the RSI is not in the oversold zone, which generally denotes a better buying opportunity, its current level also suggests caution. Volume analysis shows that there was no notable increase in buying or selling pressure, indicating a moderate level of trading activity. This lack of volume could have two consequences.
Watch out around $3,495 and $3,224 as the next major supports if Ethereum fails to hold above $3,730. If these levels are breached, ETH could test $3,000 and possibly even lower as $2,915 is a crucial support level. ETH, on the other hand, could regain bullish momentum if it manages to maintain its current level and move above immediate resistance at $3,800.
About the Author
Arman Shirinian
Arman Shirinyan is a trader, crypto enthusiast and SMM expert with over four years of experience.
Arman strongly believes that cryptocurrencies and blockchain will be of constant utility in the future. Currently, it focuses on news, articles with in-depth analysis of crypto projects and technical analysis of cryptocurrency trading pairs.