Players in the cryptocurrency market are currently pessimistic about the movement of these three digital currencies. It’s not as if things are bad, but they are afraid that the table may turn any time soon. Many traders are still thinking about their bearish market experience in December. Well, the truth is that things have turned to normal and even leaning towards a bullish outbreak, but traders are still unsure.
Let’s recall that after the plunge last December, Ethereum turned things around by raising its value and others followed suit. In early January, the digital currency’s bullish trend ended and remained stable until early February. Afterward, there was another price spike in Ethereum which lasted for two weeks before it consolidated at that mode until now.
According to analysts on the daily chart of ETH/BTC on the 12th of March, 2019, things are looking promising. There is a probability of a new bullish trend coming soon for this digital currency. Ethereum resistance level was at 0.0355. Above that level, the bullish turn started to consolidate and closed above 0.0382 level.
The BTC and USD traded at $3,857 price level above moving averages. Bitcoin tested the up and down zone with many obstacles. Above the $3,857, the 1st resistance level was at $3900; the 2nd was at $4,050 while the 3rd was at $4,190.
Below the price of $3,857 which was its current price that day, the 1st support level was $3,800. Any movement below this support, it had a reinforcement support level at $3.750. If it had moved down below the 2nd support level, there would have been a bearish scenario. Bitcoin had a 3rd support level at $3,695.
Notice the MACD on the four-hour chart. It indicates a bullish setup which confirms that a breakout may occur soon.
The ETH/USD traded at a price level of $134.6. Above this price, the 1st resistance level took it to $136.9 (SMA200) after moving from $135. The 2nd resistance level got to the price of $142, and the 3rd was $150.
On the downside of its current price, ETH/USD landed at $133. The 2nd support level was $120, and the 3rd support level was at $115 which would have proved critical if it got there.
Studying the MACD on the four-hour chart, there was an indication of a bullish setup.
XRP/USD traded at $0.3118 level below 3 moving averages. These averages were between SMA100 at a price level of $0.315 & SMA200 at the price of $0.313 and EMA50 at $0.3139. There was a congestion resistance of $0.317 being the first resistance level. The XRP/USD 2nd resistance level was at $0.328, and the 3rd resistance level fell at $0.335.
Looking below the current price analysts noticed that the 1st support level was at $0.308 being the price congestion support. The 2nd support level for XRP/USD was at $0.300 also a price congestion support. The third price congestion support level for the pair was at $0.293.
Studying the MACD on the XRP/USD 4-hour chart, there was a bullish cross profile. However, there was a slight tendency that the bullish cut may face some obstacles. Well, the DMI on the XRP/USD four-hour chart showed a promising neutral profile. The ADX on this pair was at the lowest level which showed that there was indecision about the XRP. Well, the analyst believes that Ripple may not be showing any movement at all for now.
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