2019-1-24 17:39 |
Ethereum Daily Chart
The gap closes once again between the market cap of Ethereum and of Ripple’s XRP as the price of Ethereum stays above a key support level.
Data from Messari currently shows the XRP market cap at $12.9 billion with the Ethereum market cap at $12.1 billion.
Ethereum has been holding its value better recently as price trades above the $114 support level.
Price has already tested the level a number of times but has failed to close below.
Any drops below have met support at the 0.618 retracement level between the December low and January for Ethereum price.
Most of the price action last week resulted in Ethereum consolidating around the 50% retracement level.
A bearish drop which took place across the market brought the price down to where it currently trades.
The daily candle is currently forming a Doji.
A Doji candle is a candle where the open and close are around the same point and typically reflects uncertainty from traders.
The market leader bitcoin is also forming a Doji on today’s candle.
Ethereum Hourly ChartThe hourly chart shows that any drops below the $114 support level have quickly found buyer liquidity and rose back above.
After testing this level numerous times, the chances of price breaking below are increased with progressively fewer buyers to hold the level on each test.
Key takeaways: The market cap of Ethereum is coming close again to the market cap of XRP. Ethereum has been meeting support at $114 but has already tested this level numerous times. Each time price dropped below, it quickly found buyer liquidity and rose back above the level. The likelihood of a drop below is increased after the numerous tests occurring with fewer buyers to hold the levels.Ethereum Price Analysis: ETH Stays Above Support at $114 was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.
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