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- Technical Outlook on Altcoins: Ethereum and XRP Maintain Stability Near a Key Support Level.
Ethereum is trading above the $2200 mark but remains below the immediate resistance level at $2300. The daily low at $2157 acts as a support level. However, the overall trend remains predominantly bearish, as indicated by the MACD indicator on the daily chart.
A potential move below the MACD signal line, along with increasing red histogram bars, may prompt traders to adopt a defensive stance to reduce their risk exposure. If the support level tested at $2111 in June is broken, Ethereum's decline could accelerate below the key $2000 level.
Daily chart of ETH/USDT pair
As for XRP, bulls are attempting to take control and push the price above the support level recorded in April at $1.61. However, upward pressure remains evident, with the MACD on the daily chart moving below the signal line, and red histogram bars expanding, prompting traders to reduce their risk exposure.
Daily chart of XRP/USDT pair
Closing below the support level that has turned into resistance at $1.61 could keep sellers in control, opening the door to the October 10 low at $1.25.