- We will also begin to now post analysis of the ETH market, and compare it to BTC price action.
- We are seeing a bearish crossover on moving averages on bigger timeframes and as outlined in our most recent analysis of XRP/BTC, we have seen the market depreciate significantly since. Even on ETH charts, the bearish divergence that is prominent on larger time frames still holds true and this is a warning light for further bearish price action to come.
- We expect that ETH will comfortably be priced at 3,400$ in the coming days and even more so, if this level is broken, we should see the 3,000$ price level again. In line with our previous analysis of the market, we strongly feel that 3,000$ should not be the level that this bearish price action ends at but rather 2,500$ at the minimum.
- XRP should still be hitting our first milestone of 1.30$ (with 1.40$ lows already having been made) and BTC is well on its way to hitting the first 53,000$ mark before continued bearish price action to 43,975$ on BTC and 0.80$ on XRP respectively.
- Stay safe and trade with sense in all given circumstances, and as I’ve stated before it is easy to predict bull moves in a bull market (any idiot can do this) but what is a skill is knowing when the tide is turning.
Current prices:
BTC - 56,934$
ETH - 3,795$
XRP - 1,484$
