ETH, XRP, ETC are struggling to recover while BTC is consolidating
Ethereum (ETH) is trading within the USD 1,870 support area and is trying to initiate an upward move.
XRP (XRP) has returned to the $ 0.60 area that previously acted as resistance. It is now expected to serve as a support zone.
Ethereum Classic (ETC) is trading in a descending wedge that is likely to break out.
On May 23, ETH hit a low of $ 1,730 and rebounded. The rally took the price to a high of $ 2,915 three days later. In addition, it serves to confirm the USD 1,870 area as support.
After returning to the same zone on June 16, ETH started another rally, but it was much weaker than the first. On July 7, it peaked at a high of $ 2,410.
ETH has now returned to the USD 1,870 region.
Technical indicators are falling. The MACD is in negative territory and is falling, the RSI is below 50 and is falling, and the stochastic oscillator has just made a bearish cross.
A potential collapse could trigger a drop to $ 1,500.
ETH / USDT daily chart | Source: TradingView
The six-hour chart offers a slightly more bullish outlook.
ETH has just crossed a descending resistance line (dashed) that has been in place since July 7th. It is currently trading within the $ 1,850 support area, which is the 0.786 Fib retracement level.
In addition, both the MACD and the RSI are rising.
It is possible that the previous upward movement was an incipient diagonal wave. In this case, ETH is expected to recover up to $ 2,500.
For this scenario to occur, however, ETH must recover from the current level of support.
ETH / USDT 6-hour chart | Source: TradingView
- ETH is trading within the USD 1,870 support.
- It broke over a descending line of resistance.
XRP has been down since April 12 after hitting a high of $ 1.96. The downward move brought it back to the USD 0.60 zone.
The same area acted as resistance for 924 days before XRP broke out. Now this zone should serve as a support.
XRP / USDT daily chart | Source: TradingView
The six-hour chart shows that XRP is breaking above a descending resistance line that has been in place since June 1st. On July 7th, the price confirmed the line as support (green symbol).
However, it has failed to sustain the uptrend and has now fallen below the $ 0.59 zone. This level is supposed to act as a resistance.
Until the $ 0.59 zone is restored, the trend cannot be considered bullish.
XRP / USDT 6-hour chart | Source: TradingView
- XRP is trading within the long-term support area of $ 0.60.
- It broke out above a descending line of resistance.
ETC has been trading within a descending wedge since June 30th. On July 16, it touched the wedge’s support line and bounced upward. Additionally, the place to start the bullish move is very close to the 0.786 fib retracement support at $ 38.70.
ETC is currently breaking out of this wedge. . The possibility of a breakout is also supported by the MACD and RSI, both of which are climbing higher.
On a breakout, the ETC is expected to rebound towards the USD 62.65 resistance area.
ETC / USDT 6-hour chart | Source: TradingView
- ETC is trading on a descending wedge.
- There is support and resistance at $ 38.70 and $ 62.65, respectively.
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.
According to Beincrypto