Ethereum shows signs of weakness. #ETH🔥🔥🔥🔥
Ethereum price failed to close above the daily resistance level of $2,461 on Friday and declined 5.88% over the next three days. As of Tuesday, it continues to decline and trades at $2,275.
If $2,461 continues to hold as resistance, ETH could decline further by 5.6% from its current trading level to retest its September 6 low of $2,150.
The RSI and the AO on the daily chart trades below their neutral levels of 50 and zero. Both momentum indicators suggest the continuation of a bearish momentum.
However, the bearish thesis would be invalidated if ETH breaks and closes above the $2,461 resistance level. In such a scenario, ETH could rally 4% to retest its 61.8% Fibonacci retracement level at $2,564.
Ripple is poised for a rally after finding support around 100-day EMA
Ripple price broke and closed above the daily resistance level at $0.544 and the 100-day EMA at $0.553 on September 12. It rallied 6% the next two days, retraced and found support around the 100-day EMA at $0.533 on Monday. When writing on Tuesday, it trades above at $0.583.
If the 100-day EMA at $0.553 and the daily support at $0.544 continue to hold as support, XRP could continue its upward trend to retest its daily resistance level at $0.626.
The RSI and the AO on the daily chart trades above their neutral level of 50 and zero, respectively. Both indicators show that the bulls are in control, and the bullish momentum continues.
However, the bullish outlook would be invalidated if XRP’s daily candlestick closes below the $0.544 daily support level and breaks below the ascending trendline. In such a case, XRP would decline 7.5% to retest its September 6 low of $0.502.
