Ethereum (ETH) and XRP Approaching Horizontal Resistance

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Alex Dovb­nya

Both Ethereum (ETH) and XRP, some of the biggest names in the cryp­tocur­ren­cy mar­ket, are inch­ing clos­er to their respec­tive hor­i­zon­tal resis­tance levels

Ethereum (ETH) and XRP, the sec­ond and sixth largest cryp­tocur­ren­cies by mar­ket cap respec­tive­ly, are approach­ing hor­i­zon­tal resis­tance, accord­ing to a tweet from cryp­to ana­lyt­ics tool 100eyes Cryp­to Scanner.

Hor­i­zon­tal resis­tance, a key term in tech­ni­cal analy­sis, is a price lev­el that a cryp­tocur­ren­cy or oth­er asset has trou­ble sur­pass­ing. It often sig­ni­fies a price point at which an influx of sup­ply (sell orders) is strong enough to pre­vent the price from advanc­ing further.

Ethereum (ETH), the sec­ond-largest cryp­tocur­ren­cy, boasts a mar­ket cap of approx­i­mate­ly $229 bil­lion and a 4% week­ly gain. XRP, known for its affil­i­a­tion with Rip­ple, has a mar­ket cap of around $27 bil­lion, but notably out­per­forms both Bit­coin (BTC) and ETH with a 12.8% increase over the past sev­en days, accord­ing to data from CoinGecko. At the time of writ­ing, Ethereum is trad­ing at $1,909.17 and XRP at $0.532.

These fig­ures show bull­ish momen­tum, but the loom­ing hor­i­zon­tal resis­tance lev­els may soon test the strength of these upward trends.

In tech­ni­cal analy­sis, hor­i­zon­tal resis­tance lev­els often act as psy­cho­log­i­cal price bar­ri­ers for traders. These points typ­i­cal­ly reflect a high lev­el of sell­ing pres­sure where traders decide to sell off their hold­ings to cap­i­tal­ize on price peaks.

The impact of hit­ting these resis­tance lev­els can vary, poten­tial­ly result­ing in a price rever­sal or consolidation.



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