- Technical Overview of Altcoins: Ethereum and XRP May Continue to Decline
Ethereum is trading at $2,343, maintaining a short-term bullish trend, as it trades above the 50-day exponential moving average at $2,227. It also broke above a long-term downtrend resistance line, which now acts as a key structural support around $2,108.
Slightly positive MACD readings on the daily chart, along with the RSI close to 57, indicate building bullish momentum, although the high MFI around 74 warns that upward movement may become limited in the short term.
Daily chart of the ETH/USDT pair
On the bullish side, immediate resistance is at the 100-day exponential moving average near $2,354. The 200-day EMA at $2,646, representing a further barrier, defines the broader recovery threshold. On the downside, initial support is observed around the weekly open price at $2,263, followed by stronger support at the 50-day EMA at $2,227. A larger pullback toward the previous downtrend breakout zone near $2,108 is expected to attract buying interest on dips, while the overall bullish trend remains intact.
On the other hand, XRP is hovering around $1.42, holding slightly above the 50-day EMA at $1.41. The remittance token maintains an initial bullish bias, although its overall structure remains confined between the 100-day EMA at $1.54 and the 200-day EMA at $1.78. Momentum shows slight support, with the RSI slightly above the midline near 54 on the daily chart, while the MACD remains in positive territory, indicating ongoing but moderate bullish pressure.
However, the rising Money Flow Index to around 80 suggests overbought conditions, warning that buyers may face exhaustion due to overhead resistance.
Daily chart of the XRP/USDT pair
On the bullish side, initial resistance is at the weekly high of $1.46, followed by the 100-day EMA near $1.54, which protects the path toward the more significant 200-day EMA at $1.78. On the downside, the 50-day EMA at $1.41 provides immediate support. A sustained break below this level could lead XRP into a deeper corrective phase.
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Ethereum is trading at $2,343, maintaining a short-term bullish trend, as it trades above the 50-day exponential moving average at $2,227. It also broke above a long-term downtrend resistance line, which now acts as a key structural support around $2,108.
Slightly positive MACD readings on the daily chart, along with the RSI close to 57, indicate building bullish momentum, although the high MFI around 74 warns that upward movement may become limited in the short term.
Daily chart of the ETH/USDT pair
On the bullish side, immediate resistance is at the 100-day exponential moving average near $2,354. The 200-day EMA at $2,646, representing a further barrier, defines the broader recovery threshold. On the downside, initial support is observed around the weekly open price at $2,263, followed by stronger support at the 50-day EMA at $2,227. A larger pullback toward the previous downtrend breakout zone near $2,108 is expected to attract buying interest on dips, while the overall bullish trend remains intact.
On the other hand, XRP is hovering around $1.42, holding slightly above the 50-day EMA at $1.41. The remittance token maintains an initial bullish bias, although its overall structure remains confined between the 100-day EMA at $1.54 and the 200-day EMA at $1.78. Momentum shows slight support, with the RSI slightly above the midline near 54 on the daily chart, while the MACD remains in positive territory, indicating ongoing but moderate bullish pressure.
However, the rising Money Flow Index to around 80 suggests overbought conditions, warning that buyers may face exhaustion due to overhead resistance.
Daily chart of the XRP/USDT pair
On the bullish side, initial resistance is at the weekly high of $1.46, followed by the 100-day EMA near $1.54, which protects the path toward the more significant 200-day EMA at $1.78. On the downside, the 50-day EMA at $1.41 provides immediate support. A sustained break below this level could lead XRP into a deeper corrective phase.
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