Bear market, what’s next for ETH, XRP and HNT?
On October 21, Ethereum (ETH) hit a high of $ 4,371. That’s just below the current all-time high of $ 4,380. However, it sank almost immediately afterwards.
After regaining its position, ETH hit a slightly lower high of $ 4,313 on October 27th. This resulted in two highs that are seen as a bearish pattern. In addition, the spikes are associated with a bearish divergence in the RSI.
This means that although the price is back at the old levels, the momentum is already significantly lower than the first time. This usually signals a major reversal.
There is strong support at $ 3,710 and $ 3,510. The first level is the 0.382 Fibonacci retracement support while the latter is the 0.5 Fib retracement support.
In addition, the first level coincides with the previous resistance line of the ascending parallel channel, while the latter coincides with the center line of the channel.
After the outbreak, ETH twice confirmed the channel as support (green symbol) on October 11 and 13. Hence, the channel is expected to act as a support again.
ETH / USDT 6-hour chart | Source: TradingView
XRP broke the descending resistance line on October 9th. This is a sign that the previous fix is over.
However, the price was unable to move above the 0.618 fib retracement resistance level at $ 1.20.
Since then, the price has bounced off this resistance line twice and appears to confirm it as support (green symbols).
Even so, the price is currently about to collapse. Whether the token jumps below this line or breaks through will likely determine the direction of the short-term trend.
If it is broken, the next support will be at $ 0.85.
XRP / USDT 6-hour chart | Source: TradingView
On August 17th, the HNT broke above a descending resistance level present from the previous all-time high. A sign that the previous correction is over.
HNT confirmed this line as support (green symbol) on September 22nd and hit a new all-time high on August 22nd.
After that, the price broke above the short-term descending resistance line (dashed line) and confirmed it as support (green symbol). Since then, prices have risen.
Both the long-term (black) and short-term (white) external Fib levels offer a target near $ 33.
HNT / USDT daily chart | Source: TradingView
You can see the ETH price here.
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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.