The market leader, Bitcoin has successfully achieved its upper high of $40,000 during the early trading hours today. The BTC price is currently hovering close to its upper resistance level of $42,000 and is expected to test it soon.
With the BTC price recording a new high, altcoins have gained significant traction in their respective price action. Ethereum price has recorded a jump of over 3% in value, resulting in the price breaking out of its key resistance level of $2,200. Will the market record another price pump before the year-end?
Ethereum Price Analysis:
The ETH price traded in a consolidated range between $1,771.58 and $1,850 for over a week, following which the price gained momentum and broke out of the range. After multiple attempts, the price successfully crossed its key resistance level of $1,920.
Following this, the ETH price jumped by 11% but faced rejection at $2,136.99. Ethereum was then seen recording lower highs, indicating a bear power in the market. The price lost approximately 10%, resulting in it retesting its lower support level of $1,920.
Ethereum then witnessed massive price volatility, with the price trading in a range between $1,920 and $2,136. Recently, the price regained momentum and successfully broke out of the range. The price continued to gain value and achieved its $2,200 mark during the early trading hours today.
The Moving Average Convergence Divergence (MACD) displays a constant green histogram since the month started, indicating a bullish influence in the market. Further, the averages show a constant rise, suggesting the price to continue gaining value in the coming days.
If the bulls continue to hold power, the price will prepare to test its resistance level of $2,300.67. Further, if the market holds the price at that level, it will continue to rise and test its upper resistance level of $2,400.59 this month.
Conversely, if the bears overpowered the bulls, the price would lose momentum and fall to test its support level of $2,200. Moreover, if the bears continue to dominate the market, it will plunge further and prepare to test its lower support level of $2,137.
XRP Price Analysis:
Ripple’s XRP price traded in a closed range between $0.5407 and $0.5730, following which the XRP bulls gained momentum and the price broke out of the range. The price faced rejection at $0.6177, after which the price traded sideways for a while.
As the market gained momentum, the bulls regained power and displayed a jump of 16%, but the price faced rejection at $0.7187. Following this, the price recorded constant lower highs, indicating a bear power in the market.
The XRP price traded in a consolidated range between $0.5962 and $0.6177 for a brief period. Recently, the price successfully broke out of the resistance level at $0.6177 and is on the verge of testing its upper resistance level of $0.6404 of which the outcome is unpredictable.
The MACD records a minor green histogram, indicating a weak buying and selling power for the coin. Further, the averages show a rise, suggesting high possibilities of a bullish reversal soon.
If the bulls push the price above the resistance level of $0.6404, the bulls will regain power and test its upper resistance level of $0.6646 soon. Further, if the market holds the price at that level, it will continue to rise and test its resistance level of $0.6905 this month.
Conversely, if a trend reversal occurs, the price will lose momentum and fall to test its support level of $0.6177 soon. Moreover, if the bears continue to dominate the market, it will plunge further and test its lower support level of $0.5962.
