BTC, ETH and XRP Price Analysis, April 16
Yesterday, the bears tried to push the pair below the two-hour EMA55, but support was felt around the 62000.00 USD mark, which helped the price to stay in consolidation.
Late in the evening, buyers tried to restore the price to the zone of the absolute maximum, but met resistance on the approach to the level of 64000.00 USD. In an overbought market, it will be difficult for the bulls to continue the race.
Today, weak selling pressure may be limited to the moving average of EMA55, but the level of average prices will not be able to contain a powerful bearish momentum. In this case, the price will sink to the level of 61000.00 USD.
Yesterday, the price of Ethereum managed to stay above the level of 2400.00 USD, and tonight the pair tested the level of 2500.00 USD, setting a new absolute maximum at the point of 2548.93 USD.
Today, it is possible to increase sales volumes. In this case, the price of ETH will roll back to the blue trend line.
Yesterday, trading volumes on Ripple declined, and the price of XRP could not stay in the ascending channel. The pair moved in a sideways range with support around the 1690 USD mark. At volumes below the average level, buyers will not be able to test the psychological level of $2 per coin.
If today the bears push through the orange support of 1690 USD, the price will sink to the area of 1500 USD.