Ethereum, Ripple Price Analysis: August 19, 2021

By John Isige
Published August 20, 2021 Updated August 20, 2021
Best Buy In

Exchanges

Wallet

Ethereum, Ripple Price Analysis: August 19, 2021

By John Isige
Published August 20, 2021 Updated August 20, 2021
  • Ethereum almost erases all the losses incurred in the last few days in a bid to close the week in the green.
  • Ripple rebound above $1.2 runs out of steams as technical levels remain drab.

Investors seem to have renewed interest in the larger cryptocurrency market after concentrating on selected altcoins such as Cardano, Solana, and Terra. Bitcoin tumbled, where it tested support at $44,000 before recoiling above $47,000. As discussed, a daily close above $48,000 would clear the path to $50,000.

Ethereum:-

The pioneer smart contract token rallied above $3,000 in the wake of the London hard fork earlier this month. Buyers took control of the price, aided by a generally bullish crypto market, and pulled the price to $3,350.

However, their bid for $4,000 failed to materialize, resulting in a downswing to $2,950 mid this week. An uptick in prices across the board seems to have bolstered Ether above $3,200.

Meanwhile, bulls are looking forward to lifting to $3,600, a move that will set the precedence for the journey to $4,000. Nonetheless, the 61.8% Fibonacci retracement level must be surmounted for the bullish leg to stretch to $3,600.

On the downside, higher support is needed to keep the uptrend intact in case Ethereum encounters sudden resistance. Meanwhile, the MACD has just flashed a sell signal, implying that the bears’ presence in the market cannot be ignored.

ETH/USD Daily Chart

XRP/USD price chart
XRP/USD price chart by Tradingview

Ripple:-

Ripple managed to hold support at $1.1, allowing bulls to sweep in and pull the price above $1.2. However, the momentum appears short-lived as the price falters on the way to $1.3.

A correction is expected in the European session, which could see Ripple retest support at $1.1. Keep in mind that the 100 SMA is about to cross below the 200 SMA. This bearish pattern, although not a death cross, could reinforce the downtrend in the near term.

Moreover, the MACD’s rise above the mean line seems to have exhausted mojo, and a sell signal could follow. Traders have several levels to watch, most of them pointing toward a correction.

XRP/USD Daily Chart

ETH/USD price chart
ETH/USD price chart by Tradingview

The support at$1.1 is crucial and must remain intact to keep Ripple’s uptrend on course. Otherwise, the risk will increase if $1 is tested because massive sell orders may be triggered, pushing XRP to $0.9.

advertisement

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John Isige
1164 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige