Top 3 Price Prediction Bitcoin, Ripple, Ethereum: ETH trades near key resistance – Confluence Detector - Nodez News

Top 3 Price Prediction Bitcoin, Ripple, Ethereum: ETH trades near key resistance – Confluence Detector

  • Major cryptocurrencies with the exception of BTC gathered recovery momentum this weekend.
  • FXStreet’s Confluence Detector shows Ethereum is testing key resistance level.
  • Ripple seems to be trading above strong supports that are likely to limit its losses.

Major cryptocurrencies gained traction on Saturday and began to recover the losses they suffered during the second half of the week. The absence of fundamental drivers behind this weekend’s rebound, however, suggests that the market action was largely technical.

While responding to a question regarding the development of a central bank digital currency, Jerome Powell, Chairman of the Federal Reserve System, said they were not “actively considering” a digital US currency and voiced his concerns over the security issues tied to digital assets at a panel organized by the Swiss Institute of International Studies (SIAF), University of Zurich, on Friday.

In the meantime, Bakkt rolled out its Bitcoin deposit/withdrawal platform, Bakkt Warehouse, on Friday as the company moves toward the launch of its Bitcoin futures later this month. Finally, community manager of the Ethereum Foundation, Hudson Jameson, announced that Ehereum’s Istanbul hard fork implementation is now expected to take place in early October.

BTC/USD trades below key resistance levels

Bitcoin fell to a weekly low of $10,200 on Friday but didn’t have a tough time recovering a large part of its daily losses on Saturday. However, the pair struggle to preserve its momentum and is now losing around 1% on a daily basis. Despite the uninspiring price action witnessed in the last few days, the pair remains on track to snap a three-week losing streak.

On the upside, Fibonacci %61.8 retracement of the daily price action seems to have formed a strong resistance at $10,420 ahead of $10.500 area, where the 200-period SMA on the 4-hour chart, the Fibonacci 23.6% of the daily price action, and the 5-day SMA are located.

Supports, on the other hand, are located at $10,220 area (Daily Bollinger Band middle line, 100-day SMA) and $10,100 (61.8% retracement of weekly price action and daily pivot point S3).

ETH/USD could gain traction with a decisive break above $180 area

Ethereum faces a strong resistance area near $180 enforced by the Fibonacci 23.6% retracement of the monthly price action, 10 and 5-period moving averages on the hourly chart, and the middle line of the daily Bollinger Band. With a daily close above that level, the ETH/USD pair is likely to easily stretch higher to $190 area where the weekly pivot point R2 and the Fibonacci 38.2% retracement of the monthly price action is located.

On the downside, the Fibonacci 61.8% retracement of the weekly price action and the Fibonacci 38.2% retracement of the daily price action seem to have formed critical support in the $175 region. Previous monthly low near $165 could be the next support.

Ripple is sitting between critical supports and resistances

Ripple gained more than 3% on Saturday and extended its recovery on Sunday and was last seen adding 0.8% on the day. The previous daily high and the weekly pivot point R1 at $0.2640 is the initial resistance ahead of $0.2660, daily pivot point R1.

The Fibonacci 23.6% retracements of the both daily and the monthly price action are now forming the initial support at $0.2605 ahead of $0.2590, the Fibonacci 38.2% retracement of the daily price action.

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