IOTA, Ripple & Ethereum – is the recovery rally coming?
IOTA, Ripple & Ethereum - is the recovery rally coming?
The bears put pressure on the prices of the Altcoins Ethereum, Ripple and Iota on Wednesday morning with further sales.
In the afternoon, the bulls were able to counterattack and generate new daily highs. Despite this bullish counterattack, Ethereum (ETH), Ripple (XRP) and Iota (IOTA) show price losses on a weekly basis.
At least the strong slump in altcoins appears to have stopped for the time being and an upward consolidation of the bearish trends for several days is likely.
Ethereum (ETH): $ 130 as the linchpin for the most important altcoin
Price: $ 131.36 (previous week: $ 143.64)
Resistances / Goals: $ 133, $ 140, $ 149, $ 159, $ 188
Supports: $ 123, $ 117, $ 102, $ 83
- Price target reached on the lower edge of the downtrend channel
- Strong bullish reversal provides relief
- $ 133 now acts as the first crucial resistance
After the key support at $ 140 was abandoned by the bulls over the weekend, the Ethereum rate plummeted at the beginning of the week. ETH’s price dropped a good 20% to the bottom of the blue trend channel at $ 116.83.
Only at this brand did buyers take courage and courageously grab hold of altcoins. The bullish counter-move pushed the price back towards the previous month’s low of $ 133.
As long as the bulls fail to close above the $ 133 and, ideally, the $ 140 mark at the end of the day, there are still significant downside risks.
If the price bounces down in this resistance area, the 2019 lows are likely to start at $ 102. The variant of a recovery up to the top of the trend channel in the range of $ 159 could again call the bears on the plan and initiate another downward wave. The ultimate goal for the bears is still the 52-week low at $ 83.
A first (small) exclamation point from the bulls. The targeted execution of the first price target including bullish reversal provides some courage for the buyers. First, the exponential moving average (blue) of the last 10 days (Ema10) must be broken through on a daily basis. It is currently trading at $ 138.83.
Above the daily supertrend is waiting at $ 149.24, which would also generate a new buy signal if broken.
For the bulls, the goal must now be to make a bullish break out of the trend channel from the corrective countermovement. To do this, the Ethereum price must overcome the resistance consisting of a downtrend line and a horizontal trend line at around $ 160 a day’s closing price. If ETH breaks out of the trend channel, the targets are activated at $ 188 (23 Fibonacci retracement) and $ 200 (horizontal resistance).
Indicators: A buy signal has already been generated in the 4 hour chart in the RSI and MACD indicators. On the other hand, it still takes a day.
The RSI points north, but is still at 36 and thus below the neutral zone at 45. The slower MACD continues to show a sell signal on the daily chart.