Alternative currencies update: Continued decline of Ethereum and XRP

The price of Ethereum has dropped by more than 7% from its recent peak, trading at $3,630 at the time of writing this report on Friday. The largest smart contract cryptocurrency reached its peak in July at $3,941 before it retraced some of its gains, disappointing bullish expectations, and breaking the key resistance level of $4,000.

The MACD sell signal, along with the declining (RSI), indicates prevailing bearish forces. If investors continue to reduce risk, the price of Ethereum may accelerate towards the support level at $3,500, which was tested on July 24. Among other key levels of interest for traders is the 50-day exponential moving average, currently at $3,135, and the 100-day exponential moving average at $2,827.

As for XRP, bulls are striving to reverse their bullish trend and regain support at $3.00. However, the technical picture shows a bearish bias, supported by a sell signal from the MACD indicator, heading towards the midpoint, and the relative strength index (RSI), which is settling just below the midpoint.
If the downtrend continues, the 50-day exponential moving average, currently at $2.77, and the 100-day exponential moving average at $2.56, may form temporary support levels to absorb selling pressure. A potential rebound above $3.00 could strengthen bullish expectations and put the price of XRP on track toward its all-time high.