ETH, XRP, ETC – do they outperform Bitcoin?

Ethereum (ETH) is likely to complete a pullback with wave 4 and has created a short-term bullish pattern.

XRP (XRP) broke long-term descending resistance line but was rejected by the 3,700 satoshi resistance area.

Ethereum Classic (ETC) is trading above the horizontal support area of ​​hỗ0.00125.

This article covers BTC pairs. To learn more about USD pairs, click here.

ETH

ETH has been steadily declining since July 7th. It bounced twice at 0.786 retracement FIb support on July 13-20, when the most recent part of the rise was measured at ₿0.058.

It is likely that a false bottom will be created in the support zone. This pattern is associated with a bullish divergence in both the RSI and the MACD. This is an indication that the token is likely to rise to the July high of ₿0.069 and a breakout is likely.

ETH / BTC 6-hour chart | Source: TradingView

The daily chart shows that ETH is likely to complete a pullback with wave 4. If so, two potential targets for the top of wave five are 0.094 and ₿0.117. This target is found using a Fib projection on waves 1-3.

In contrast to the six-hour timeframe, technical indicators are relatively neutral. The MACD is near the 0 line while the RSI is near the 50 line.

ETH / BTC daily chart | Source: TradingView

Highlights

• The ETH has reached a double floor for a short time.
• It completes a pullback that includes wave 4.

XRP

Since September 2018, XRP has been moving along a descending resistance line. After three unsuccessful attempts, it finally broke out in April 2021. However, the upward trend could not be sustained as XRP was rejected by the horizontal resistance area of ​​3,700 satoshis. This is the third cancellation from the region since October 2019.

Technical indicators in the weekly timeframe are neutral. The MACD is at 0 and the RSI is at the 50 line. While the stochastic oscillator has created a bullish cross, it has started to move down.

Despite breaking above the resistance line, the long-term trend cannot be viewed as bullish until XRP recovers to the 3700 satoshis region.

XRP / BTC weekly chart | Source: TradingView

The daily chart shows that XRP has fallen below the Satoshis zone of 1,880, which is now acting as resistance. While XRP initially seemed to conquer this again due to a lack of purchases at higher levels, the token fell below this zone again at the beginning of July.

The closest support is at 1,330 satoshis, FIb support at 0.786 retracement.

Technical indicators in the daily timeframe are falling sharply. This becomes particularly clear when the stochastic oscillator has generated a retrograde cross (red symbol).

Hence, the most likely scenario is that XRP falls into the 1,330 Satoshi support area.

XRP / BTC daily chart | Source: TradingView

Highlights

• XRP broke a descending resistance line.
• It faces long-term resistance at 3,700 satoshis.

ETC

ETC has fallen since hitting ₿0.0031 high on May 6th.

Despite the decline, it is still above the ₿0.00125 support area. Holding above this level is critical to the continuation of the uptrend as this area acted as resistance in January 2020.

Technical indicators are relatively neutral. The MACD is in positive territory and the RSI is above 50 but both are falling. Similarly, the stochastic oscillator has created a bullish cross but is bearish.

The closest resistance is at ₿0.0028.

Weekly ETC / BTC Chart | Source: TradingView

The shorter-term six hour chart shows that the ETC has broken a descending resistance line. It is currently trying to find support above ₿0.0013. The RSI has created a bullish divergence and the MACD is turning up.

Therefore, an upward move from the current level seems possible.

The closest resistance is at ₿0.00207.

ETC / BTC 6-hour chart | Source: TradingView

Highlights

• ETC is trading above the ₿0.00125 support area.
• It broke out above a descending line of resistance.

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 the Leg crypto

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