ETH completes correction while XRP, ZEC, AXS drop out of support

Ethereum (ETH) may have completed the ABC correction structure.

XRP (XRP) and Zcash (ZEC) move along the descending support line.

Axie Infinity (AXS) moves along the descending resistance line.

ETH

ETH has been down from its high of $ 4,027 on September 3rd. The decline accelerated on September 7th and resumed after a recovery period on September 16th.

On September 21, ETH hit a low of USD 2,652. The low was formed right at the 0.618 Fib retracement level (white), creating the A: C wave with a ratio of 1: the decline appeared to take the form of a descending parallel channel.

Therefore, ETH could have bottomed out locally.

ETH / USDT 6-hour chart | Source: TradingView

XRP

XRP has fallen since it hit a high of $ 1.41 on September 6th. On September 19, it broke the USD 1.05 horizontal zone that has acted as support since August 16.

On September 22nd, XRP rebounded after hitting the declining support line. This line also coincides with the 0.618 Fib retracement support. In addition, the RSI has created a bullish divergence and the MACD has created a higher momentum bar.

However, the $ 1.05 zone is now expected to act as resistance and until it has recovered the trend cannot be viewed as bullish.

XRP / USDT 6-hour chart | Source: TradingView

ZEC

ZEC has been falling since September 6th. Similar to XRP, it is moving along a descending support line confirmed on September 21st (green icon).

This line also coincides with the USD 105 horizontal support area.

However, the technical indicators on the daily timeframe are still bearish as both the RSI and the MACD are falling.

Daily ZEC / USDT Chart | Source: TradingView

AXS

AXS has been moving along a descending resistance line since September 4th. This resulted in a low of $ 48.1 on September 21.

It then made a strong recovery and is currently breaking that resistance line. An uptrend is initiated by a bullish divergence in the RSI.

This line also coincides with the $ 62.50 horizontal resistance area. If AXS manages to overcome this resistance cluster, it means that the price has bottomed out. In this case, the closest resistance is at $ 77.

AXS / USDT 6-hour chart | Source: TradingView

You can see the coin prices here.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

According to Beincrypto

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page