ETH Might $280 Says This Week’s Crypto Technical Analysis

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The weekly Technical Analysis is provided by Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

Needless to say, all statements and views expressed below and any forecasts contained herein are solely based on the author’s particular opinion.

This analysis may not be treated as trading advice. RoboForex and Trustnodes bears no responsibility for trading results based on trading recommendations and reviews contained herein.

The crypto market is currently correcting, except Ripple, as XRP is starting a new uptrend. Technically, the price is making lower highs, while the lows do not change, which means the market is consolidating.

The longer this rangebound period lasts, the stronger will be the momentum afterwards. The downtrend is still prevailing, which means the consolidation phase will probably end with a downward breakout.

Bitcoin Cash

BCH is technically trading within an ascending channel in the midterm, while in the short term the correctional downtrend is fading out after the bounce off the support.

If the short term ascending channel resistance gets broken out, the price may rise to $462.60, which is confirmed by the golden cross formed by the Stochastic in the oversold territory.

After reaching $462.60, the trend is likely to continue moving towards $487.00. Conversely, if a new downtrend appears, the local support at $437.90 may get broken out, too, which may then lead to the price testing the major support at $425.55. This will be confirmed by the MACD lines going below zero.

EOS

On H1, EOS bounced off the midterm ascending channel support, while the uptrend broke out the descending channel resistance.

With a golden cross formed by the Stochastic, one can assume the market is forming a new uptrend, with the first target at the projection channel resistance, or $5.62, and the second one at another resistance at $5.80.

The major target, however, may be at the major midterm ascending channel resistance at $6.57. The major support is meanwhile at $5.05.

Ether

On H1, there’s a descending trend forming after the correction channel support breakout. This starts a new impulse inside the long term descending trend.

The major target is the projection channel support at $185; however, in order to reach it, the price has first to break out the local support at $209.

The Stochastic has formed a golden cross in the oversold area, which may mean a correction is coming soon that will take the price to the former support, which is now a resistance, at $230. In case this level gets broken out and the price goes higher, it may reach the resistance at $280.90.

Litecoin

The descending correction trend has tested the midterm descending channel support. Meanwhile, the golden cross formed on the Stochastic and the previous descending channel resistance breakout may mean a new rising impulse is born inside the midterm ascending trend.

The ascending channel being formed shows the local target may be at 59.40, and another one is near the long term descending trend resistance at 62.60.

The MACD has attempted to cross the zero level, which confirms the possibility of an ascending trend forming. The major support is now at 55.76, and once it’s broken out, a descending move to the major low at 47.02 may start.

Ripple

XRP rose heavily last week, and then there was a descending correction, which allowed the market to form a wide range within the ascending trend.

The correction downtrend resistance is being tested now, with a new rising impulse forming, which is confirmed by the golden cross pattern formed by Stochastic.

The first target is going to be the projection channel resistance at $0.6405. Then, if it gets broken out, the price will probably head to the major resistance at $0.8755.

Conversely, if the current support at $0.4435 is broken out, this will mean the price will head to another support, the midterm one, at $0.2800.

 

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