A Technical Look at Altcoins: Ethereum and XRP Maintain Key Support Levels

Ethereum is currently trading below the psychological resistance level of $2000, while supported above $1900. The general outlook for the smart contract token indicates a bearish trend, reflected by the downward-sloping 50-day exponential moving average (EMA) at (EMA) of $2514, the 100-day EMA at $2836, and the 200-day EMA at $3071.

A decisive break above $2000 would strengthen the bullish setup, but downside risks may persist unless the 50-day EMA turns into a support level.

The MACD indicator on the daily chart, with a buy signal, supports the short-term bullish outlook for Ethereum, as expanding green bars are encouraging traders to take on more risk. Meanwhile, the Money Flow Index (MFI) remains above 50 on the same chart, indicating increased money inflow into Ethereum, which could support an extended price breakout. Despite these positive signals, traders should not overlook the support level at $1747, which was tested on February 6.

Daily ETH/USDT Chart

On the other hand, XRP’s price remains above the support level of $1.40 at the time of writing on Thursday, down from its previous high of $1.49. The token is also trading below the 50-day EMA at $1.70, the 100-day EMA at $1.91, and the 200-day EMA at $2.12.

All three moving averages indicate a continued deterioration in XRP’s technical structure. Therefore, a sustained decline below $1.40 could open the door to a rapid drop to test the October 10 low of $1.25 and the February 6 low of $1.12.

Daily XRP/USDT Chart

However, the less resistance path could turn bullish, as supported by the MACD remaining above the signal line on the daily chart. Moreover, surpassing the short-term resistance level at $1.50 would be supported by increased money inflow into XRP, as evidenced by the rising MFI to 64.
() ‌
() ‌