IOTA, Ripple & Ethereum – is the recovery rally coming?

IOTA, Ripple & Ethereum - is the recovery rally coming?

By Joao J. Last updated Dec 21, 2019

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.

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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

IOTA, IOTA, Ripple & Ethereum - is the recovery rally coming? — Exchange rate analysis based on the pair of values ETH/USD on Bitfinex

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.

Bearish variant:

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.

Bullish variant:

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.

Ripple (XRP): It won’t work without bull power

Price: $ 0.187 (previous week: $ 0.222)

Resistances / Goals: $ 0.202, $ 0.225, $ 0.235, $ 0.274

Supports: $ 0.182, $ 0.175, $ 0.149, $ 0.128

IOTA, IOTA, Ripple & Ethereum – Kommt nun die Erholungsrallye? — Exchange rate analysis based on the XRP/USD pair on Bitfinex

Ripple’s price breaks out of trend channel below and marks new year’s low at $ 0.175.
Former support at $ 0.202 is now a key resistance.
The green support area at $ 0.149 is still in the room.
Relief for the bulls only above the $ 0.235.

Ripple, too, was unable to escape the weakness of the overall market, fell out of the blue trend channel and hit a new annual low for 2019 at $ 0.1757.

The price almost reached the blue downtrend line at $ 0.172 before that Buyers came back to the market. Despite a brief rally in Altcoins’ recovery yesterday, the price is trading at $ 0.187, below the key $ 0.202 mark

Bearish variant (still preferred):

After XRP’s price failed to break the $ 0.235 mark, it turned south earlier this week and broke through the gray support area. The onset of upward consolidation after the formation of a new striking low would only be short.

As long as XRP does not make it back above the $ 0.202 level, at least a retest of the annual low threatens. If this area does not hold, it is conceivable to target the blue trend line at $ 0.171 and ultimately test the green support area at $ 0.149.

If the market fails to initiate a sustainable bullish reversal, it is even possible to test the lower edge of the support zone at $ 0.128.

Bullish variant:

Only a price above the resistance at $ 0.202 for the day would give the bulls some air. However, as long as the price is not above USD 0.225 again and, ideally, above USD 0.235, the price target at USD 0.274 (23er Fibonacci retracement) is very difficult to achieve for the time being.

Indicators: The RSI and MACD indicators remain weak on the day and indicate falling prices. As long as the RSI does not make it into the neutral zone above 45, no buy signals are to be expected from the indicator side.

Iota (IOTA): All-time low firmly in view

Price: $ 0.153 (previous week: $ 0.197)

Resistances / Goals: $ 0.174, $ 0.187, $ 0.221, $ 0.241,

Supports: $ 0.148, $ 0.142, $ 0.129, $ 0.092

Iota breaks green support area at $ 0.19 and crashes towards an all-time low.
Iota’s price can hardly recover even after the bullish counterattack on the overall market.
The downtrend is still fully intact and could give Iota a new all-time low in 2019.
The price could only stabilize somewhat above the $ 0.174 mark.

Weak, weaker Iota! The analysis of the altcoin for this calendar week is something like this. The weakness in the Altcoin market hits Iota particularly hard and causes the price to collapse by more than 25 percentage points in a weekly comparison. Anything other than a test of the all-time low would currently be very surprising.

Bearish variant (still preferred):

The significant break in the support zone at $ 0.195 impressively shows the current selling pressure at Iota and the altcoins in general. The targets at $ 0.187 and $ 0.174 were unable to stop and caused the price to plummet towards the all-time low at $ 0.142.

The short recovery on Wednesday yesterday is already being sold again. As long as the price does not jump back above $ 0.174, a timely test of the all-time low at 0.142 can be expected. Optimally for the bears, Iota is also promptly testing the bottom edge of the red downtrend channel at $ 0.128. A start-up of $ 0.091 can also be planned at the moment.

Bullish variant:

The identified divergence in the daily chart did not give the buyers the hoped-for relief. It is currently difficult to justify technical reasons for buying the Altcoins Iota.

Only the fact that yesterday’s RSI was below the 20 yesterday, which indicates an extreme oversold status, at least points to a slowdown in sales. A first sign of life of the bull camp would be the prompt recovery of $ 0.174, where the exponential moving average (blue) of the last 10 days (Ema10) is currently running on a daily basis.

If the price can stabilize above this mark, a maximum test for the bulls of $ 0.195 would be conceivable. Any resistance levels above $ 0.20 would only be possible if there was a strong bullish move in the overall market!

Indicators: The RSI is still very low at 21 and shows the price weakness impressively. The MACD indicator has also generated a new sell signal on a daily basis.