Donald Trump threatened to cut all ties with China, sparking off fresh fears of a trade war in the middle of the Coronavirus pandemic. Financial markets throughout the world felt the shock of this announcement.
In the cryptocurrency space, BTCUSD, ETHUSD, XRPUSD, LTC, EOS, USDT all felt thee tremors. Investors are yet again, shying away from these risky instruments.
ETHUSD price analysis and movement prediction
The day’s range for ETHUSD is $196.98 — $204.22. If we look at the ETHUSD hourly chart, we can see the downwards movement of the MACD. All the red lines are indicative of the bearish momentum.
The Relative Strength Index, or RSI, is slowly heading towards the direction of the oversold territory. Without any sizeable investments and the regular profit-booking by several investors, things look dull for Ethereum.
Check out ETHUSD Chart on tradingview.
Technical analysis and price action of Ripple
The day’s range for XRPUSD is $0.19660 — $0.20484. Ripple is struggling with its own set of problems. Two weeks back, it recovered from one of its worst declines.
Currently, XRP is witnessing a massive sell-off. The current downtrend is a continuation of a previous downtrend.
Let us take a look at the XRPUSD hourly chart. The MACD tried catching up. However, it kept falling lower. It indicates the dominance of the bears. Ripple’s volatility has more often than not been a disadvantage to it.
Bitcoin largely influences both Ethereum and Ripple. Currently, BTCUSD is having a hard time with the decrease in the hash rate and the lack of buyers. Bitcoin is undoubtedly bullish in the long run. However, market manipulation and a mad rush drove prices too high. However, an improvement in countries’ economic situation would make investors jump into Bitcoin and other cryptos once again.