[Ripple Price Analysis]

Ripple price climbed sharply and tested the $0.3750 resistance before correcting lower against the US dollar.
The price corrected below the $0.3600 and $0.3480 support before buyers appeared near $0.3280.
Yesterday’s highlighted important bullish trend line was breached with support at $0.3600 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair must stay above the $0.3300 support and the 100 hourly SMA to bounce back.
Ripple price corrected lower sharply after a strong rise against the US Dollar and bitcoin. XRP tested a crucial support area and it remains well bid on the downside above $0.3300.

Ripple Price Analysis

There was a strong upward move above the $0.3480 resistance in ripple price against the US Dollar. The XRP/USD pair surged above the $0.3500 and $0.3600 resistance levels. The price traded close to the $0.3750 resistance and settled well above the 100 hourly simple moving average. Later, there was a downside correction, but the $0.3480 support acted as a buy zone. There was a fresh increase, but the price failed again near the $0.3750 resistance area.

As a result, there was a sharp decline below the $0.3600 and $0.3480 support level. Moreover, yesterday’s highlighted important bullish trend line was breached with support at $0.3600 on the hourly chart of the XRP/USD pair. The decline was such that the price even spiked below the $0.3400 level. It tested the $0.3280 support area and the 100 hourly simple moving average. A strong buying interest emerged near $0.3280, resulting in a rebound above $0.3400. The price broke the 23.6% Fib retracement level of the recent decline from the $0.3746 high to $0.3281 low.

However, the previous key support near $0.3480 is currently acting as a strong resistance. The next key resistance is near the $0.3500-0.3510 area. Besides, the 50% Fib retracement level of the recent decline from the $0.3746 high to $0.3281 low is also near the $0.3510 level. Therefore, a break above the $0.3510 level is needed for buyers to regain control in the near term.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price could decline once again towards the $0.3300 support and the 100 hourly SMA. However, downsides could be contained as the price is likely to bounce back as long as it is above $0.3280 and the 100 hourly SMA. If there is a close below the 100 hourly SMA, the price might slide back towards the $0.3000 support area.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD declined sharply below the 50 level and it is currently near 40.
Major Support Levels – $0.3320, $0.3300 and $0.3280.  
Major Resistance Levels – $0.3480, $0.3500 and $0.3510.  

[Ethereum Price Analysis]

ETH price rallied in the past few days and broke the $139 and $144 resistances against the US Dollar.
The price is currently correcting lower, but it could find a strong support near the $139 zone.
There is a major ascending channel in place with support at $140 on the 4-hours chart of ETH/USD (data feed via Kraken).
The pair remains in an uptrend as long as there is no daily close below the $139 support zone.

Ethereum price is placed in a solid uptrend versus the US Dollar and Bitcoin. ETH/USD could test the $139 support area before it starts a fresh bullish wave above $144.

Ethereum Price Analysis

This past week, ETH price formed a solid support base near the $137 level against the US Dollar. The ETH/USD pair started a solid upside move and traded above the $139 and $142 resistance levels. There was a successful close above the $139 level and the 100 simple moving average (4-hours). It cleared the path for more gains and the price traded above the $144 resistance area. It traded close to the $146 resistance level and later started a substantial downside correction.

The price traded below the $142 level and the 50% Fib retracement level of the last wave from the $137 low to $145 swing high. However, the price found a strong buying interest above the key $139 support area. Moreover, there is a major ascending channel in place with support at $140 on the 4-hours chart of ETH/USD. The 61.8% Fib retracement level of the last wave from the $137 low to $145 swing high also acted as a support. The price recovered, but the $142 area is acting as a hurdle.

It seems like there could be another dip in ETH price below the $140 level. However, the $139 support zone is likely to act as a crucial buy zone. As long as there is no daily close below the $139 level, the price is likely to bounce back in the near term.

Ethereum Price Analysis ETH Chart

The above chart indicates that ETH price is clearly placed in an uptrend, but bulls need to prevent the $139 support area. On the upside, a break above the $142 and $144 levels is needed for more gains. The next key resistance is near $146, above which the price is likely to test the $150 resistance level.


Technical Indicators

4 hours MACD – The MACD for ETH/USD is slowly moving in the bearish zone, with a few negative signs.

4 hours RSI – The RSI for ETH/USD is currently correcting lower from the 75 level and it could test 55.

Major Support Level – $139

Major Resistance Level – $144

 

Bitcoin is gaining momentum after a strong bounce off the rising channel support visible on the 1-hour chart. Price has climbed past the first two Fibonacci extension levels and could be looking to test the swing high next.

This is in line with the 61.8% Fibonacci extension level at $4,125. The channel resistance is closer to the 78.6% level at $4,177 and the full extension is at $4,242.3. However, 100 SMA is still below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, there’s still a chance that bearish momentum could stay on.

Then again, the gap between the moving averages is narrowing to signal weakening selling pressure and a potential bullish crossover. If so, more buyers could be encouraged to jump in and sustain the climb. A break past the channel resistance could spur a steeper climb for Bitcoin.

RSI is heading lower from the overbought zone to signal that selling pressure is just about to pick up. Similarly stochastic has just recently turned lower from the overbought zone and has plenty of ground to cover before reaching the oversold region, which suggests that sellers could stay in the game for much longer. In that case, another test of the channel bottom around $4,000 could be underway, and a break below this might still spur a reversal.

BTC/USD Chart - TradingView

The strong rebound off the $4,000 key area of interest seems to have been enough to revive confidence in the coin, as well as other cryptocurrencies. Many are still predicting that Bitcoin could reach as high as $5,500 in May when more developments kick in and central banks are rumored to be stocking up on digital assets as well.

However, this move seems to have been accompanied by low volumes and no actual industry developments, so profit-taking could be as quick as in previous instances.