During the last 24 hours, the top 3 cryptocurrencies by market capitalization have been fairly quiet, with ETH pushing up .50%. We take a look at current technical analysis and further explain why Ethereum might have the best setup at the moment.
Top 3 Cryptocurrencies
Over the last 24 hours ETH, BTC, and XRP have been quiet for the most part. Ethereum has shown slight momentum, making a .50% move to the upside. At the time of this reporting, Bitcoin dominance currently sits at 64.7% which has been stable the last 7 days. Over the last week, Ethereum has seen the most growth compared to Bitcoin and XRP. With Ethereum running +2% over the last week, the technicals seems to be the most favorable at this point. We take a look at all 3 charts below.
Bitcoin Technical Analysis
For the last couple days, Bitcoin has continued to flirt with the 25 day moving average. It’s managed to hold it well, but it will be a crucial support zone looking forward. As Visionary Financial previously outlined, Bitcoin had originally dropped below the 25 day moving average which signaled a potential bearish environment. BTC ended up correcting, and hovering back above the 25 day moving average. Since then, this level has been a very strong support for Bitcoin. We still are making sure it does not close below that zone. In the meantime, Bitcoins price will continue to eye the $10,500 resistance level. As long as the support zone can be maintained, then BTC could experience positive momentum for that $10,500 test.
Ethereum Technical Analysis
As mentioned above, Ethereum is the most appealing right now out of the top 3 cryptocurrencies by market capitalization. Not only has ETH outperformed over the last week, its technicals also look better.
Ethereum price is currently flirting with a strong resistance level around $246. IF ETH can surpass these levels, then we argue it will attempt to test $288 to the upside. IF this were to happen, it would represent potential 14-16% upside from current levels. If you see a strong rejection at the $246 levels, then you could very well see a “cool-off” in ETH price. A $246 rejection could very well send prices back down to the $210 arenas, but as of now technicals are more bullish than bearish. ETH is is holding the 25 day moving average very strongly, and RSI is still fairly bullish, meaning ETH hasn’t reached “overbought” territories just yet. Despite the Ethereum network being congested, it seems like investors believe this fundamental issue will be corrected upon the “ETH 2.0” launch.
XRP Technical Analysis
The XRP atmosphere in general will do just about anything at this point to see the digital asset take off. With many waiting for groundbreaking “utility” to kick in, it’s been a slow and boring year for XRP all-together.
As of now, this continues to be the narrative unfortunately. XRP has been consolidating for a few days now. The .20 cent region it’s been consolidating around is extremely important, as it serves as a strong support zone. XRP really needs to hold .20 cent levels right now to stay afloat. We argue that .25 can be tested in the near term, but this is only if XRP price can hold .20 right now. On a bearish note, if .20 levels are rejected, you could very well see XRP test .17 to the downside which would be ugly. The red line on the XRP chart represents the 100 day moving average ( long term price action ). This also further supports our theory that .20 levels are very important in terms of support. If XRP dips below .20, then there’s a good chance it would also dip below the 100 day moving average.