2019-1-17 19:29 |
Ethereum Daily Chart – Source: Tradingview.com
Ethereum failed to overtake XRP yesterday for the position of the largest altcoin by market cap.
Ethereum outperformed during Monday’s surge and came close to surpassing the market cap of Ripple’s XRP.
However, Ethereum has underperformed as the many major cryptocurrencies pull back from key levels.
Data from Messari show Ethereum losing around 3% over the past 24 hours while XRP is almost flat over the past 24 hours.
With Fibonacci retracements drawn from the XRP low in December to the recent January high, we can see that Ethereum met resistance at the 0.382 resistance level.
Price has since begun declining and underperforming other major cryptocurrencies.
Price currently trades just above the 50% retracement level between the December low and January’s high.
Ethereum 4-Hour Chart – Source: Tradingview.comThe 4-hour chart shows much more clearly how price has reacted towards the different levels.
$114 is an important support level below where price currently trades and has acted as both support and resistance in the past.
If the price manages to overcome the 0.382 retracement level, $140 is another level to monitor.
$140 has acted as resistance for the price in the past but failed to act as support on the bearish drop of last week.
Key Takeaways: Ethereum outperformed XRP on Monday’s surge but failed to surpass it in terms of market cap despite coming close. Ethereum has underperformed all other major cryptocurrencies as prices have fallen back. Price met resistance at the 0.382 retracement level and currently trades around the 50% retracement. Other key levels to monitor for Ethereum include $114 to the downside and $140 to the upside. Latest Ethereum News:Ethereum [ETH]: Outperformance From Ethereum Brings it Close to Overtaking XRP
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DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Ethereum Price Analysis: ETH Fails to Overtake XRP in Market Cap Rankings was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.
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