After an excellent start by Bitcoin, and the possibility of a solid uptrend in the short term, it is time to take a look at the likes of Ethereum, Litecoin, and Ripple. Traders would be closely following each of their movements.
Ethereum ETH Price analysis
- ETH gained a lot of lost grounds recently. Ethereum moved from $153 and touched $175 in the last few days.
- The day’s range for ETHUSD has been $168.67 — $173.58. The daily chart for ETHUSD shows it to be moving in a horizontal channel.
ETHUSD Chart Published on TradingView.com
- The daily chart for ETH, however, points out that after an initial momentary uptrend, there was a ‘Bearish engulfing‘ at around the $174 range. Since then, Ethereum has been on a decline.
- This decline of Ethereum could continue until and unless a reversal pattern emerges for Bitcoin. ETHBTC has been closely associated with the price movements recently.
Technical and price analysis of Litecoin LTC
- The technical analysis of Litecoin gives a much promising picture than Bitcoin. LTC rose earlier in the day from its previous close. However, the LTCUSD prices remained in a stringent range of $41.68 — $42.85.
LTCUSD Chart Published on TradingView.com
- The four-hour chart for LTC shows that the 200 SMA is acting as strong resistance to any upside movement.
- The traded volume of LTC remains to be a cause of concern. The total traded volume for LTCUSD today is around 1.75K, which is extremely low.
Analysis and prediction for Ripple XRP
- The day’s range for Ripple is $0.18645 — $0.19172. Ripple has declined the most among the other cryptos, such as Bitcoin, Ethereum, and Litecoin.
XRPUSD Chart Published on TradingView.com
- The hourly chart for XRP suggests a spurt in volumes, which is a positive sign. Ripple also appears to be in a Bull Flag region. The interesting point would be to observe whether Ripple breaks out in an uptrend or below. In case, Ripple moves up, the potential for upside could be another 10%.
- The traded volume for XRPUSD is above 60 Million, which signifies its popularity among traders.