Ethereum
XRP’s Battle for $0.5 Begins, Here’s Why Solana (SOL) Can’t Hit $150, Ethereum (ETH) Is About to Hit That Level
Arman Shirinyan
The market has reached some levels that could push it towards a reversal
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XRP is still actively fighting to reach the $0.5 threshold, but the momentum is not there. So the question is: will it be able to cross it at the current pace?
Currently, XRP is trading just below the crucial $0.5 threshold at around $0.47. XRP is struggling to muster enough buying pressure to break through this key resistance level, as illustrated in the chart.
The 100 EMA at $0.52 and the 200 EMA at $0.53 are other hurdles, with the 50 EMA serving as near-term resistance at $0.50. A strong breakout is unlikely given the relatively low trading activity indicated by the volume bars. XRP does not appear to be in oversold territory, the RSI of 40 indicates that there is not much buying interest in the stock.
This neutral RSI could indicate that more substantial price movements for XRP require a catalyst. A significant increase in trading volume is needed for XRP to make a clear move above $0.5. With the price breaking above the 50 EMA, there could be an opportunity for further gains, as this increase would indicate significant buying interest. Lower support levels around $0.45, where XRP has already found some stability, could be retested if the market is unable to break above $0.5.
Solana’s Rush to $150
Solana Bitcoin has been trying to break through the $150 threshold in recent days, but each attempt has ended in failure, with the asset’s price climbing back towards $140. We are now seeing another attempt to break through.
Solana is trading at around $147, slightly below the critical $150 level. There is a notable resistance level above the 50 EMA, which currently sits at $155. Solana appears to be locked in a battle between resistance and support, as indicated by the slight dip to the 100 EMA below the current price.
It is clear that there has been no consistent buying pressure despite multiple attempts. The volume bars indicate that there is not enough trading activity to allow Solana to break above $150.
The RSI at 51 suggests that the market is neither overbought nor oversold, but this neutrality does not support the recent price rally. Solana requires a significant increase in buying volume to move above $150.
Recent price action indicates that even with the interest generated, the high prices are not being sustained. The asset is being prevented from falling too low by the strong support offered by the 200 EMA at $131.
The next resistance, located at $155, the 50-point exponential moving average, could be Solana’s target if it manages to break and hold above $150. On the downside, if it fails to hold these levels, it could return to the $131 mark, which coincides with the support level of the 200-point exponential moving average.
Ethereum at a pivotal level
Ethereum ETH has failed to regain its footing above $3,500 and the current difficulty it is showing in the market is clearly a bearish sign. Without many buyers in the market, ETH is more likely to struggle to gain traction. The lack of trading volume suggests that we are in for a longer consolidation.
ETH is trading at around $3,445, just above its 100 EMA, which is at $3,359. The fact that the 50 EMA is still below the 200 EMA suggests that the overall trend is still negative.
ETH is hovering around these important moving averages, which may be a sign of hesitation among traders. There are some encouraging indicators despite the gloomy forecast. ETH Bitcoin price is not in an oversold zone as the RSI is slightly above the 44 mark. However, a reversal can only occur if there is a substantial increase in buying support.
The volume bars imply that trading activity has not increased significantly, which is necessary for a bullish breakout. For ETH to move to a more bullish scenario, a break above $3,500 with significant volume support is needed.
About the Author
Arman Shirinyan
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 use in the future. Currently, he focuses on news, articles with in-depth analysis of crypto projects, and technical analysis of cryptocurrency trading pairs.