Ethereum (ETH) price and Bitcoin price are leading a weak bullish momentum in the market on Wednesday afternoon (GMT). Bitcoin price is stuck above $7,600 while it is up a subtle 0.37% on the day. Particularly, Ethereum price has broken out of the descending trendline and made it above $600. The crypto is, however, facing immediate resistance at $610, while the same bearish trendline is supporting the price.
A broader look at the 4-hour timeframe chart shows that $600 will act as support to prevent declines towards the $500 range. On the upside, the 50 SMA on the same chart will limit gains towards $630. Similarly, applying the Fib retracements we see that more resistance will be encountered at the 61.8% Fibo with the last high leg at $829 and a low of $511.
There is a bullish momentum, although it is a weak trend, besides the buyers still lack the support to retrace towards $700 and the psychological long-term resistance at $800. On the flipside, in the event, the immediate support at $600 coupled with the support from the descending trendline fail to hold the price, the support that lies at $575 will come in handy. Significantly, a break below this level could lead ETH/USD to test the long-term support level at $500.
Ripple (XRP) Price Analysis
Ripple price, on the other hand, is still locked within the confines of a contracting triangle as seen on the chart. Although there is a general uptrend, Ripple price has been correcting lower since the beginning of June. XRP/USD has also lacked the momentum to beat the selling pressure at $0.68 in spite of testing it several times.
Inside the contracting triangle, Ripple price is also trading a bullish flag pattern pending a breakout to the upside. The region at $0.68 will open the door for gains towards the key resistance level at $0.70. In the meantime, the indicators signal prevalence of bear pressure in the near term. The moving averages gap keeps widening while the MACD is moving closer to the negative levels signaling that the sellers are not done.
Ripple price has formed several support zones that will come in handy in the event of a trend reversal. For instance, $0.66 is a short-term support area, but $0.62, as well as $0.55, are additional anchors.
Bitcoin Cash (BCH) Price analysis
Bitcoin Cash has also embarked on an upward trend, although it is still fighting to lay off the intraday bear pressure that has dominated on Wednesday. The virtual asset has formed a bullish flag pattern that is likely to result in a breakout towards $1,200. However, before that, the buyers must overcome the negative pressure at $1,150 and $1,175. The gap between the 100 SMA and the longer term 200 SAMis increasing to signal indicating that the sellers still have the power to force a downward movement.
BCH/USD is comfortably anchored on at the 23.6% Fib retracement level with the previous swing high of $1,202 and a low of $881. The 200 SMA will also provide support above $1,100. Moreover, the bullish trendline which coincides with the 38.2% Fibonacci will stop declines marginally above $1,075. The suitable buy position is at $1,075, but rising selling pressure could push the price to the next demand zone at $1,025 – $1,000.
This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.