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- Technical outlook on altcoins: Both Ethereum and XRP face the risk of a sharp decline in trend.
Ethereum is trading at $1695, reinforcing the bearish trend as the price holds below the 50-, 100-, and 200-day exponential moving averages, which are centered between approximately $1934 and $2359. The MACD indicator has turned into a strong positive trend, with the histogram above zero on the daily chart, indicating improving momentum; however, this rebound still remains limited as long as spot trading stays below the accumulated daily exponential moving averages.
Daily chart of the ETH/USDT pair
On the upside, initial resistance appears at the middle band of the Bollinger Bands near $1737, with further obstacles at the upper Bollinger Band around $1969, followed by the 50-day exponential moving average near $1934, and the more important 100-day and 200-day exponential moving averages at approximately $2094 and $2359, respectively.
The lower Bollinger Band range at around $1506 forms the next prominent support level, and a decisive break below this area is likely to expose Ethereum to a deeper corrective phase despite the current positive MACD backdrop.
On the other hand, XRP is trading above $1.12. The pair is currently consolidating below the 50-, 100-, and 200-day exponential moving averages at $1.27, $1.36, and $1.58 respectively, keeping the overall technical trend bearish despite the recent rebound. Momentum maintains an improved structure, with the MACD chart showing a slight rise on the daily chart, and the Relative Strength Index (RSI) hovering around 69, indicating the possibility of an extension of the recent recovery, but it is still constrained by a dense overhead supply zone.
Daily chart of the XRP/USDT pair
The initial resistance level for XRP aligns with the middle Bollinger Bands level near $1.17, with additional barriers at the 50-day EMA around $1.27, and the upper Bollinger Bands level near $1.30. Above this price range, the 100-day EMA at $1.36 and the 200-day EMA near $1.58 form a broader bearish ceiling. On the downside, the lower Bollinger Bands level at around $1.05 provides the first notable support. A daily close below this level would expose the pair to a deeper corrective phase.
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