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Ethereum price prediction: Set to test descending channel support near $ 260

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  • Ethereum wavers in descending channel, bias remains bearish near-term.
  • Upside attempts capped by a cluster of resistances near 270/271 region.

The second most favorite cryptocurrency keeps its weekend bearish bias intact, having lost about 2% over the last 24 hours, as the bears continue to guard the key 270 level amid a broader market sell-off. The No. 2 digital currency market value, stand at a market capitalization of $ 28.55 billion.

In the day ahead, the ETH/USD pair looks poised to test the 260-support area, as observed in the hourly chart that shows prices maintaining its range in a descending channel. Overall, the coin is trending lower amid moderate volatility, with the upside attempts unable to clear the stiff hurdles placed 270 region, where the descending channel resistance and downward sloping 21-hourly Simple moving average (HMA) coincide.

Hence, the lower targets at the bottom of the channel near 260 levels appear more likely to be tested, with the hourly Relative Strength Index (RSI) inching lower from the overbought territory.

Only a heavy rush of sellers or buyers will determine a breakout in either direction, until then the prices will continue to wave in a $ 10 range, with the immediate bias shifting in the favor of the bears.

ETH/USD, 1-hour chart

Levels to watch

ETH/USD

OVERVIEW
Today last price265.37
Today Daily Change-3.38
Today Daily Change %-1.26
Today daily open268.75
TRENDS
Daily SMA20297.36
Daily SMA50277.06
Daily SMA100231.66
Daily SMA200181.65
LEVELS
Previous Daily High275.52
Previous Daily Low261.54
Previous Weekly High318.46
Previous Weekly Low262
Previous Monthly High363.54
Previous Monthly Low226.48
Daily Fibonacci 38.2%266.88
Daily Fibonacci 61.8%270.18
Daily Pivot Point S1261.68
Daily Pivot Point S2254.62
Daily Pivot Point S3247.7
Daily Pivot Point R1275.67
Daily Pivot Point R2282.59
Daily Pivot Point R3289.66

source:.fxstreet.

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Ethereum

Ripple vs Ethereum: XRP and ETH Gearing Up for Much Awaited Price Recovery

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After a week-long bearishness, the crypto market seems to be witnessing a mild rise in its valuation. Yesterday, Bitcoin had dropped heavily below $10,000 and its price is still below $10,000 but is on the way of price recovery.

Major altcoins, Ripple and Ethereum are also taking an uptrend but a bit slowly as ETH is still below $230 but has moved up notably from yesterday’s low price at $193.99.

Meanwhile, XRP has also crossed the price barrier near $0.30 and has been trading above $0.30 since 12:28 UTC yesterday. The coin is consolidating near $0.31 at present.

Current Statistics:

StatisticsRipple (XRP)Ethereum (ETH)
Price (USD)06:59:17 UTC$0.3162$219.59
Market Capitalization$13,514,051,762$23,377,710,762
24h Volume$2,589,553,304$9,520,238,610
Circulating Supply42,832,704,971 XRP106,946,048 ETH
Return on Investment (ROI)5,271.41%7,619.73%

XRP/ETH Price Chart:

XRP vs. Ethereum Price Chart - July 18
XRP/ETH Chart by TradingView

Yesterday morning, XRP was as low as $0.29 and it gradually rose above $0.30 and then reached to $0.32. It then corrected down to $0.31 and has been remaining above $0.30. Since today morning, the coin has been traded above $0.31 except one low swing near $0.308. In the last 24 hours, XRP has increased to 6.21%. ETH was already below $200 and it managed to reach above $219 and then pulled back to $210. The coin is currently correcting up above $215.

Conclusion:

XRP may see further resistance at $0.3236 and $0.3367 and, while it will see support levels at $0.296 and $0.2815. Also, Ethereum’s immediate resistance can be at $221.64 and $231.81, and support levels at $197.65 and $183.83.

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Ethereum (ETH) More Likely To Rise To A New Yearly High Than Bitcoin (BTC)

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Ethereum (ETH) is more likely than Bitcoin (BTC) to rise to a new yearly high. ETH/USD has found support on the key 61.8% fib extension level and is expected to rally hard from here if it closes the week above this level. Ethereum (ETH) has seen a brutal correction and might finally get some time to stage a relief rally now. Investors have long been waiting for an altcoin season in this market.

They may finally get it if Ethereum (ETH) continues to outpace Bitcoin (BTC) like it has been doing since it completed the correction. The price eyes further upside from here and it would not be surprising to see Ethereum rise past $250 and potentially to a new yearly high this year.

Ethereum is still better positioned for thar type of rally compared to Bitcoin. Moreover, the market makers need to convince retail traders that the bear market is over. This kind of narrative would be helped a lot by rise in altcoins. If Ethereum and other altcoins begin to rally, investors might finally be convinced that the bull market has indeed begun and ETH/USD is headed towards a new high.

This is nothing new and we saw the same happen during the previous bear market. Investors bought the dip thinking the bear market was over when it was only getting started. So, considering Ethereum’s long term outlook, yes it is a mistake to buy and think the bear market is over. The price is heavily overbought on larger time frames and even though it could still see a relief rally to the upside, it is falling hard once that rally is complete.

If we take a look at the weekly chart for ETH/BTC, we can see that the price broke an important support and is now attempting a retest of this support turned resistance. As long as this resistance is not broken, we do not expect an altcoin season. Certainly, we could see a mini altcoim season short term but it will be very short-lived. On the other hand, it ETH/BTC does break past this support turned resistance, we could see a sustained altcoin season as alts rally hard against Bitcoin (BTC). 

Ethereum (ETH) like most altcoins dances to the tune of Bitcoin (BTC) but it is known for making independent moves at times. This could be another one of those moments where the price just rallied harder compared to Bitcoin (BTC) with no significance. If it ends up closing above that support turned resistance, then it will be significant.

The reason we expect Ethereum to rally hard and even harder than Bitcoin is because we expect a short term trend reversal. Ethereum has been pushed around hard in the past few months.

The market has been brutal on it and imvestor focus shifted from major altcoins like Ethereum to Bitcoin. Just when everyone is giving up on Ethereum, I think it could be the time we might see a strong rally in the price not only against the US Dollar but also against Bitcoin (BTC).

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Ethereum technical analysis: Bears step in to negate bullish movement

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  • ETH/USD is currently trading for $210.15.
  • Relative strength index (RSI) is creeping right next to the oversold zone.

ETH/USD  daily chart

ETH/USD is currently trading for $210.15 in the early hours of Thursday. This Wednesday was bullish for ETH/USD as its price went up from $200 to $211.The price is trending above the 200-day simple moving average (SMA 200) while below the SMA 50 and SMA 20 curves. The SMA 50 is looking to cross over the SMA 20, which is a bearish sign. The relative strength index (RSI) is creeping right next to the oversold zone.

ETH/USD 4-hour chart

The 4-hour chart shows a spike in the ETH/USD value where it went up from $196.15 to $213. Since then, the bears took over and the price is trending in a downward channel. The price chart is trending below the green Ichimoku cloud. The moving average convergence/divergence (MACD) indicator shows four straight bullish sessions of increasing intensity.

ETH/USD hourly chart

The hourly ETH/USD price is trending in the upper half of the 20-day Bollinger band having found support on the upward trending line and the SMA 20 curve. The market sees immediate resistance at the SMA 50 curve. The Elliot oscillator shows four straight bearish sessions.

Key Levels

ETH/USD

OVERVIEW
Today last price212.98
Today Daily Change1.66
Today Daily Change %0.79
Today daily open211.32
TRENDS
Daily SMA20277.84
Daily SMA50273.08
Daily SMA100233.63
Daily SMA200183.29
LEVELS
Previous Daily High220.02
Previous Daily Low192.1
Previous Weekly High318.46
Previous Weekly Low262
Previous Monthly High363.54
Previous Monthly Low226.48
Daily Fibonacci 38.2%209.35
Daily Fibonacci 61.8%202.76
Daily Pivot Point S1195.6
Daily Pivot Point S2179.89
Daily Pivot Point S3167.68
Daily Pivot Point R1223.52
Daily Pivot Point R2235.73
Daily Pivot Point R3251.45

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