Ether price found support near $677 mark and began upward correction
There was a breach of the shrinking triangle pattern on the hourly chart with resistance at $700 an ounce.
Ether Continues to Rise and Will Test Resistance Levels at $725 and $730
The Ethereum price began an upward movement against the US dollar and Bitcoin. ETH is currently trading over $700 and could rise towards $725-730 in the short term.
Technical Indicators Signals for the Bitcoin revolution
Yesterday there was a strong downward movement below $700. The price formed a low of $677. Thereafter, Bitcoin revolution began to consolidate gains above $675 before the rally began. During the recent correction, the price moved above the $692 resistance. There was also a breach above a shrinking triangular pattern on the hourly chart with resistance at $700. The ether price managed to breach the resistance at $708 and the 100-hour SMA. The recent Bitcoin revolution rise indicates that the price recovered well above $700 an ounce. However, the next resistance hurdles are already at $725 and $730, which Ethereum is likely to test in the next few hours.
Bitcoin code Analysis
A breach of the resistance levels at $725 and $730 will further boost the Bitcoin code and mean gains towards $742-745. The Bitcoin code is back in the bullish zone. The RSI is now well above the 50 level and both indicators are currently showing buyer control. The highest support level is currently at $700, while resistance at $725 is waiting to be breached.
Ripple Price Highlights
Ripple price initiated bullish correction after trading to $0.6603 an ounce
An ascending channel with support at $0.6900 is forming on the hourly chart
XRP could correct further upward if it breaks through the $0.7150 resistance level
The Ripple price is slowly correcting against the US dollar and Bitcoin. XRP must cross the resistance level at $0.7150 and the 100-hour SMA to make further gains.
Technical Indicators Signals
After a sharp drop, the Ripple price found support at $0.6500. The price began an upward correction after the low of $0.6603 and traded above the resistance at $0.6750 an ounce. An ascending channel is forming on the hourly chart with current support at $0.6900. However, XRP seems to be struggling to break through the resistance at $0.7100 and the 100-hour SMA. A breach above the resistance levels at $0.7100 and $0.7150 could mean a rise to $0.7400.
Ripple Price Analysis
Looking at the chart, Ripple is trading above the support level at $0.6800. However, to make further gains, XRP must move above the resistance at $0.7150 and the 100-hour SMA, otherwise the upward momentum could slow in the long run. Especially, one should pay attention to the existing channel pattern and interpret it as a buy- or sell-signal as soon as the price breaks out. The MACD lies slightly within the bullish range. The RSI is now clearly above the 50 level.