Cryptocurrencies Market Update ➡️ Solid ECN

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XRPUSD - positive court news supports XRP​

Today, the price is attempting to rise against the backdrop of positive judicial news for Ripple. Earlier, the court rejected the requirement of the US Securities and Exchange Commission (SEC) to recognize the comments of the former head of this regulator, William Hinman. During his tenure, Hinman stated that the SEC does not consider Bitcoin and Ethereum as securities, and therefore XRP, since it is not very different from ETH. If this can be proved to the court, then Ripple is likely to win the dispute with the American regulator. However, positive court news is unlikely to lead to a significant increase in the pair, since the cryptocurrency market is now dominated by negative monetary factors. The US Fed continues its cycle of raising rates and may increase them by another 75 percentage points this month, as it still fails to curb inflation. In the event that June data released today confirms an 8.8% increase in prices, the regulator’s actions may become even sharper, which will lead to a new outflow of investors from the digital asset market.



The price is close to 0.293, consolidation below which will give the prospect of further decline to the levels of 0.2441 and 0.1953. A breakout of 0.3650 can cause growth to 0.4395 (Fibo retracement 23.6%) and 0.4883. Technical indicators do not give a single signal: the Bollinger Bands are horizontal and are consolidating, as it happens before a serious price movement, the MACD histogram is stable in the negative zone, and the Stochastic is directed downwards, but approaching the oversold zone, which is fraught with a reversal.

Resistance levels: 0.3650, 0.4395, 0.4883 | Support levels: 0.2930, 0.2441, 0.1953​

 

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BTCUSD

The BTCUSD pair continues to trade within the framework of a long-term downtrend, however, in the last few weeks the decline has slowed down, and the price has formed a sideways range of 18750 - 22500, within which it remains at the present time. Now the quotes of "digital gold" are testing its upper limit, the breakout of which will allow us to continue moving to the levels of 25000 and 28125. The key for the "bears" is the mark of 18750, at the breakdown of which the downward dynamics will resume to the range of 15625, 12500 and 10000.

In general, the long-term downward trend is still maintained, but in order for it to continue, quotes need to break through the current side channel. Judging by the indicators illustrating the uncertainty of the market, a trend change is unlikely in the near future, and the price will continue to move sideways.

Resistance levels: 22500, 25000, 28125, 31250 | Support levels: 18750, 15625, 12500, 10000​

 

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ADAUSD: technical analysis

This week, the digital asset made an attempt to grow, which was unsuccessful: after testing the 0.545 mark, the price went down again. Consolidation of the quotes below 0.4882 (Murray [2/8]) will allow them to continue moving to the levels of 0.4394 (Murray [1/8]) or 0.417 (near the July lows). The key for the "bulls" is the 0.5371 mark (Murray [3/8]), at the breakout of which it will be possible to resume the upward dynamics to the levels of 0.5859 (Murray [4/8]), 0.61 (Fibo retracement 23.6%), 0.6347 (Murray [5/8]).

Technical indicators show opposite signals: the Bollinger Bands are reversing upwards, and the Stochastic is reversing downwards, while the MACD histogram is at the zero line and its volumes are insignificant.

Resistance levels: 0.5371, 0.5859, 0.61, 0.6347 | Support levels: 0.4882, 0.4394, 0.417​

 

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Cryptocurrency Market Review​

This week, the cryptocurrency market has attempted to grow, and currently BTC is trading around 23200.00 (+5.3%), ETH is at 1600.00 (+16.2%), USDT is at 1.0001 (+0.02%), USDC is around 1.0000 (-0.03%), and BNB is 267.00 (+5.9%). The total market capitalization by the end of the week reached 1.055T dollars, the share of BTC on it was 41.9%.

The current recovery of the positions of digital instruments so far looks like a temporary correction and an attempt to get prices out of two months of uncertainty, but it is unclear whether it will lead to a reversal of the long-term downward trend. Nevertheless, experts of the financial conglomerate JPMorgan Chase & Co. note the restoration of retail investors' interest in cryptocurrencies, which was provoked by the rapid transition of the Ethereum network from the Proof-of-Work (PoW) algorithm to Proof-of-Stake (PoS). Indeed, during the week, ETH became the leader of growth in the market, which is associated with the designation of the timing of a new network update. The company's lead developer Tim Beiko posted on Twitter a merger plan scheduled for September 19, noting that this is not yet the final date. Nevertheless, the message aroused interest in the second cryptocurrency from the bidders and served as a catalyst for the growth of its rate. The transition to PoS should ensure an improvement in the scalability of the network and a significant reduction in its energy consumption, in addition, token mining will be reduced. Later, the creator of Ethereum, Vitalik Buterin, said that in the long term, the network will reach a data processing speed of 100K transactions per second. The growth of ETH quotations has become a driver of upward dynamics among other market leaders, but so far it does not look stable, since long-term negative factors persist. Thus, the US Fed continues to tighten monetary policy, fighting inflation and strengthening the dollar, and doing so more aggressively. At the same time, the probability of a global recession is seriously increasing, which forces investors to abandon risky assets, including cryptocurrencies. Meanwhile, companies focused on digital assets are experiencing difficulties. Last week it became known that the hedge fund SkyBridge Capital temporarily suspends payments on investment units, and the American cryptocurrency exchange Blockchain.com reported the dismissal of 25% of its employees due to the difficult situation in the market. Gemini trading platform, whose management has already cut 10% of the staff, intends to lay off another 7% of specialists in order to reduce costs. In general, the long-term pressure on the cryptocurrency market and its participants will only increase.

During the week, a number of statements were made by leading representatives of the global financial and political elite. For example, US Senator Elizabeth Warren called on colleagues to take a tougher stance on the regulation of digital instruments due to recent problems with the companies Vauld, Celsius, Voyager and BlockFi. According to the official, many participants of the crypto market are scammers who risk investors' capital. The most dangerous, in her opinion, is the DeFi segment. In turn, the head of the US Securities and Exchange Commission (SEC), Gary Gensler, said that cryptocurrency lenders should be controlled by analogy with investment firms. He stressed that the regulator treats digital assets neutrally, but will take all necessary measures to protect the interests of participants in the crypto sector. British Finance Minister Nadhim Zahavi presented to parliament a bill clarifying the procedure for using stablecoins in the country, indicating that stable currencies can increase the efficiency of transactions. The document, in particular, establishes measures to protect investors and the degree of compensation for their losses in case of fraud, and also clarifies the standards for the use of stablecoins for making payments in retail and banking.

Next week, the quotes of most cryptocurrencies may consolidate or resume a decline.​

 

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ADAUSD - Ambiguous trading dynamics​

The growth of cryptocurrency quotes was due to monetary reasons. Yesterday, the US Federal Reserve chose a more cautious tactic of tightening monetary parameters, increasing the interest rate by only 75 basis points instead of 100 basis points, as predicted by many experts. The regulator also recognized the possibility of reducing the indicator's adjustment rate to assess the impact of the steps taken on the state of the national economy. These statements put pressure on the US currency and strengthened the positions of the main competitors, including digital assets. However, the current quote rise may be temporary, as long-term pressures on the cryptocurrency market persist. First, the US Federal Reserve is not at all abandoning its intended "hawkish" course to fight inflation, and even if its pace slows down, the tightening policy is likely to continue. Also, in the context of the global economic crisis, interest in risky assets is declining, which is also reflected in the dynamics of cryptocurrency rates.

Short-term support for the quotes of the ADA/USD pair may be provided by the launch of the Vasil update, scheduled for August. The hard fork should lead to a significant increase in network scalability and expand the use of smart contracts. However, even with great technical improvements, monetary and economic factors will continue to pressure the instrument's positions.

The ADAUSD pair continues to trade in a long-term downtrend. However, in the last few months, the decline has slowed down. Currently, the key "bearish" level is the middle line of Bollinger bands (0.47). After its breakdown, the quotes can return to 0.4395 and 0.4170, otherwise, growth will resume around 0.5371 and 0.5860.

Resistance levels: 0.5371, 0.5859, 0.61 | Support levels: 0.47, 0.4395, 0.417​

 

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The XRPUSD pair has been growing for three weeks in a row, correcting to a long-term downtrend, and as a result, the cryptocurrency quotes reached two-month highs around 0.406, after which they resumed their decline, dropping to the middle line of Bollinger bands around 0.359, which is the key “bearish” level, which breakdown will allow the trading instrument to continue moving towards 0.3418 (Murrey [6/8]), 0.3174 (Murrey [5/8]), 0.2930 (Murrey [4/8]). The key “bullish” level is 0.3906 (Murrey [8/8]), consolidating above which will become a catalyst for upward dynamics around 0.4150 (Murrey [+1/8]), 0.4395 (Murrey [+2/8], Fibonacci correction 23.6%.

The short-term uptrend persists, which confirms the upward reversal of Bollinger bands and the stabilization of the MACD histogram in the positive zone. However, a downward reversal of Stochastic does not rule out a reversal of the current trend and the quotes returning to the previously formed sideways range of 0.2930–0.3660.

Resistance levels: 0.3906, 0.415, 0.4395 | Support levels: 0.359, 0.3418, 0.3174, 0.293​

 

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XRPUSD - Murrey analysis

The XRPUSD pair continues to rise for the third month in a row, correcting for a long-term downtrend as part of the overall market trend. The trading instrument has formed an ascending channel and is trying to resume growth from its lower border. The key “bullish” level is 0.3906 (Murrey [8/8]), a breakdown of which will give the prospect of further upward dynamics to 0.4150 (Murrey [+2/8]) and 0.4330 (Fibonacci correction 23.6%). To resume a serious decline, the price should drop below 0.3662 (Murrey [6/8]) and leave the ascending channel, in which case the targets of the downward dynamics will be 0.3418 (Murrey [4/8]), 0.3296 (Murrey [3/8]) and 0.3174 (Murrey [2/8]).

Technical indicators do not give a single signal: Bollinger bands are turning horizontally, the MACD histogram is stable in the positive zone, Stochastic reverses downwards, and the uptrend continues, however, a price reversal is not excluded soon.

Resistance levels: 0.3906, 0.415, 0.433 | Support levels: 0.3662, 0.3418, 0.3296, 0.3174​

 

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ETHUSD - Decline may continue​

According to analysts, the fall of the second world cryptocurrency was caused by a serious decline in BTC, which pulled down all the major altcoins. It is likely that soon the trading instrument will remain in a state of uncertainty since two opposite factors will influence it. On the one hand, investors are waiting for the speech of the head of the US Federal Reserve, Jerome Powell, who may announce a further tightening of monetary policy or even hint at an increase in the rate of increase in the interest rate since the current inflation rate in the US, despite the rebound to 8.5%, is still very high. In this case, the US currency will receive additional support and strengthen its position against its main competitors. On the other hand, a further decline in quotes is hindered by the expectation of the transition of the Ethereum network to the Proof-of-Stake (PoS) proof algorithm. Now the developers are actively engaged in ensuring the security of smart contracts, and the update should take place on September 15 or 16.

However, the negative impact of monetary factors is still more serious than the upcoming upgrade of the Ethereum blockchain.

During the last few sessions, the trading instrument formed a sideways channel 1625–1520 (Fibonacci retracement 23.6%, Murrey [4/8]). The breakdown of the lower border of the channel and 1500 (Murrey [4/8]) will give the prospect of further decline to 1375 (Murrey [3/8]), 1250 (Murrey [2/8]). The key “bullish” level is 1750 (Murrey [6/8]), the middle line of Bollinger bands), which breakout will give the prospect of further growth to 1895 (Fibonacci correction 38.2%, Murrey [7/8]), 2030 (area of August highs).

Technical indicators do not give a single signal, demonstrating market uncertainty: Bollinger bands are horizontal, the MACD histogram is preparing to move into the negative zone, and Stochastic may leave the oversold zone.

Resistance levels: 1750, 1895, 2030 | Support levels: 1500, 1375, 1250​

 

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XRPUSD - Murray analysis​

The price left the mid-term ascending channel and tested the 0.3296 mark (Murray [3/8]), however, it was not possible to consolidate below it, and currently quotes have formed a narrow side channel of 0.3418-0.3296. A breakdown of its lower boundary may cause a further decline to the levels of 0.3174 (Murray [2/8]), 0.3052 (Murray [1/8]). To resume serious growth, quotes will need to consolidate above the level of 0.3662 (Murray [6/8]), supported by the middle line of the Bollinger Bands. In this case, the targets of the increase will be 0.3906 (Murray [8/8]) and 0.4028 (Murray [+1/8]).

In general, the XRPUSD pair continues to form a new downward trend, as evidenced by the downward reversal of the Bollinger Bands and the increase in the MACD histogram in the negative zone, and the exit of the Stochastic from the oversold zone does not exclude short-term growth, but its potential is seen to be limited.

Resistance levels: 0.3418, 0.3662, 0.3906, 0.4028 | Support levels: 0.3296, 0.3174, 0.3052​

 

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Digital gold under pressure after Jerome Powell's speech​

The reason for the weakening of "digital gold" and, with it, the majority of alternative digital assets was the Friday comments of the head of the US Federal Reserve, Jerome Powell. At the Jackson Hole symposium, the official said the regulator would continue to adjust interest rates even as they put pressure on economic growth. At the same time, he noted that the increase cycle could not be stopped or slowed down, although inflation could already have reached its peak. After the indicator approaches the level necessary for a sustained downward movement in consumer prices, it will linger in this area for a while and not go down. Powell's position did not live up to the expectations of investors who were counting on the possibility of a slowdown in the pace of monetary tightening in the US after the July rollback of inflation from 9.1% to 8.5%. The US Federal Reserve will continue raising rates, and the US currency will continue to receive serious support, strengthening against its main competitors.

In general, the forecast of Galaxy Digital founder Mike Novogratz, who previously noted that the cryptocurrency market would remain under pressure for the entire period of tightening monetary policy in the United States, is justified.

Currently, the trading instrument is close to 19531 (Murrey [1/8]), a downward breakdown of which will give the prospect of further decline to 18750 (Murrey [0/8]) and 17800 (the area of June lows). Bollinger bands downward reversal and MACD histogram increase in the negative zone indicate the continuation of the short-term downward trend, while Stochastic reversal in the oversold zone does not rule out corrective growth to 21093 (Murrey [3/8]), although its potential is seen as limited.

Resistance levels: 20312, 21093, 21875 | Support levels: 19531, 18750, 17800​

 

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ETHUSD - Price increase may be temporary​

The ETHUSD pair started the current week with growth and regained some of the losses incurred after the statement of the head of the US Fed Jerome Powell on Friday. Against the background of confirmation of the regulator's determination to continue tightening monetary policy and keep interest rates high for a long time, the price of the cryptocurrency has adjusted to the area of 1423.2, but has now returned to the level of 1590.

The traditional support for the asset is provided by the expectation of the transition of the Ethereum network to the Proof-of-Stake (PoS) proof algorithm, which should significantly increase its throughput and create new opportunities for using smart contracts. According to the roadmap published by the Ethereum Foundation, the Bellatrix update is scheduled to be released on September 6 and will be the beginning of the process of merging the Ethereum and Ethereum 2.0 networks, which will be finally completed in the period from September 10 to September 20. Most experts are confident that switching to PoS will lead to an increase in the value of ETH, however, some believe that on the eve of this important event, the price will remain under pressure. For example, Bank of America analysts note that investors can switch to a wait-and-see position or temporarily start moving to other blockchains, such as BSC, Tron, Avalanche and Solana, in order to wait out technical instability, but so far this skepticism is not justified, and the price continues to rise.

Technically, a short-term downward trend remains in the ETHUSD pair, as evidenced by the downward reversal of the Bollinger Bands and the stabilization of the MACD histogram in the negative zone. The key for the "bulls" is the level of 1750 (Murray [6/8]), supported by the middle line of the Bollinger Bands, the breakout of which will give the prospect of continued growth to the levels of 1895 (Fibo retracement 38.2%, Murray [7/8]), 2030 (the area of August highs). With a breakdown of the level of 1500 (Fibo retracement 23.6%, Murray [4/8]), the decline will be able to resume to the levels of 1375 (Murray [3/8]), 1250 (Murray [2/8]), 1125 (Murray [1/8]).

Resistance levels: 1750, 1895., 2030 | Support levels: 1500, 1375, 1250, 1125​

 

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XRPUSD: Murrey analysis​

Last week, the XRPUSD pair attempted to grow, trying to win back some of the positions lost earlier.

The price tested 0.3662 (Murrey [6/8]), but then the fall resumed in the background of the "hawkish" statements by the head of the US Federal Reserve, Jerome Powell, who announced the long-term preservation of high interest rates. As a result, the trading instrument dropped to 0.3174 (Murrey [2/8]) but cannot consolidate below it yet. If successful, the decline will continue to 0.3052 (Murrey [1/8]), 0.2930 (Murrey [0/8], area of June lows). The key "bullish" level is the middle line of Bollinger bands around 0.3485, after the breakout of which the positive dynamics may resume to 0.3662 (Murrey [6/8]), 0.3784 (Murrey [7/8]) and 0.3906 (Murrey [8/8]).

The XRPUSD pair continues to form a downtrend, which is signaled by a downward reversal of Bollinger bands and an increase in the MACD histogram in the negative zone, while Stochastic exit from the oversold zone does not exclude a short-term growth, but its potential is seen as limited.

Resistance levels: 0.3485, 0.3662, 0.3784, 0.3906 | Support levels: 0.3174, 0.3052, 0.2930.​

 

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ADAUSD - The pair may continue to decline​

Last week, the ADAUSD pair rose to 0.4785, but after the “hawkish” comments of US Federal Reserve Chairman Jerome Powell about the need for further interest rate hikes, it corrected down along with the entire market and is now testing 0.4394 (Murrey [2/8]) but until it can break below it.

Quotes are in a state of uncertainty due to the latest statements by Cardano founder and IOHK CEO Charles Hoskinson, who said that the preparation of the Vasil fork should increase network speed, reduce transaction costs and improve the conditions for using smart contracts and decentralized applications, is proceeding at a rapid pace, and the detected errors are not critical. On the other hand, Hoskinson could not give an exact date for the update launch, saying that it will happen “sometime in September” after most network participants and several large cryptocurrency exchanges update their software to the required level. Experts fear that the key fork of Cardano may coincide in time or come out very close to the transition of the main competitor, the Ethereum network, to the Proof-of-Stake (PoS) algorithm, and then investor interest in the Vasil fork will be reduced, which will not allow the pair ADA/USD to strengthen significantly.

The trading instrument is testing 0.4394 (Murrey [2/8]), the breakdown of which will give the prospect of further decline to 0.4150 (Murrey [1/8]), 0.3906 (Murrey [0/8]). The key “bullish” level is 0.4882 (Murrey [4/8]), supported by the middle line of Bollinger bands. Its breakout allows growth to 0.5371 (Murrey [6/8]) and 0.5615 (Murrey [7/8]).

The readings of technical indicators are contradictory: the downward reversal of Stochastic and the stabilization of the MACD histogram in the negative zone indicates the continuation of the downward trend, but the upward reversal of Bollinger bands does not exclude growth, the potential of which is seen as limited.

Resistance levels: 0.4882, 0.5371, 0.5615 | Support levels: 0.4394, 0.4150, 0.3906​

 

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The second largest cryptocurrency by capitalization, ETH, is trading within a correction to the recent significant decline, consolidating around 1644.

ETHUSD, H4
The four-hour chart of the asset shows that the downward movement is developing within the framework of a possible Step pattern, where the second and last step has almost completed their formation. According to the implementation theory, in this case, the current global trend will continue, and the key support for the price will be the initial Fibonacci 23.6% correction at 1517, the breakdown of which will open the way for quotes to the 1252 area.

ETHUSD, D1
On the daily chart, a corrective upward wave is forming, which has recently consolidated below the support line of the local Flag pattern around 1660. The key support at the initial correction of 23.6% Fibonacci around 1517 has not yet been broken, which allows traders to hope to hold their positions at the current values for some time.

Technical indicators maintain a global sell signal, ignoring the local correction: fast EMAs on the Alligator indicator are below the signal line, and the AO oscillator histogram is in the negative zone.

Resistance levels: 1900, 2200 | Support levels: 1517, 1252​

 

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BTCUSD - The medium-term trend has changed to an uptrend​

The "bears" failed to break through 18500 down and update the June low in the BTCUSD pair. The weakness of sellers is due to the strengthening of the positions of risky assets against the backdrop of a downward correction in the US dollar exchange rate.

Investors have begun to re-examine alternative means of investment, including cryptocurrencies. So, on September 4, the BTC hash rate was 298.5 EH/s, renewing the previous high of August 280 EH/s, which indicates that miners continue to introduce new capacities, thereby increasing the security and stability of the network.

Meanwhile, against an intensifying sanctions policy against the national economy, the Russian authorities announced the need to legalize cross-border transactions using digital instruments. According to Deputy Finance Minister Alexei Moiseev, the department is now ready to allow residents of the country to open cryptocurrency wallets. He also pointed out that the positions of the Ministry of Finance and the Bank of Russia regarding mining activities began to converge, and already in the autumn session, the State Duma could pass a law that would regulate this segment. Recall that at the end of last month, Russian Prime Minister Mikhail Mishustin proposed using digital currencies in foreign trade (particularly when importing and exporting goods) as an alternative to existing means of payment.

The impossibility of breaking through the support level of 18500 led the instrument to grow by 20%, and now the target for the movement of quotes is 25000. If this level is held, the fall of "digital gold" will continue, and the June low of 17670 is likely to be renewed. Otherwise, the cryptocurrency will continue to strengthen with the targets at 27444 and 32100.

The medium-term trend has changed to an uptrend. Currently, the price has consolidated above the resistance level of 21600.00, which suggests an upward movement to the area of 22700. The breakout of 22700 will allow the quotes to strengthen to 24200.00 and 24600.00.

Resistance levels: 24900, 27444, 32100 | Support levels: 18500, 13200​

 

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The XRP coin moves within a corrective sideways channel at 0.3364, reversing downwards.

H4
On the four-hour chart, the key support is 0.3130. After its breakdown, the decline may reach the year's low of 0.2873. The technical indicators have already fully reversed and issued a sell signal: the Alligator indicator's EMA oscillation range expands downwards, and the histogram of the AO oscillator is actively decreasing in the sell zone.

D1
On the daily chart of the asset, a local ascending channel is forming with dynamic boundaries 0.3200–0.4200, and the price continues to decline towards the support line at 0.3130. Technical indicators are uncertain and preparing to issue a new sell signal: the Alligator indicator's EMA oscillation range is still quite narrow, and the AO oscillator histogram forms downward bars.

Overall, both charts point to a likely continuation of the decline, with a global target around the all-time low of 0.2873.

Resistance levels: 0.3605, 0.4299 | Support levels: 0.3136, 0.2873​

 

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BTCUSD - The price falls before the next meeting of the US Federal Reserve​

BTC is declining before the meeting of the US Federal Reserve. It is expected that this week the agency will again raise the interest rate by another 75.0 points, and several investors are considering the possibility of growth by 100.0 points at once, as a result of which the rate will be at the highest level since 2008 and will continue to put serious pressure on speculative assets, including digital ones. In the context of rapid inflation, the US regulator will keep interest rates high for a long time, even after they reach the "neutral" level. Thus, the negative impact on the cryptocurrency market will be long-term.

The trading instrument maintains a short-term downward trend. The breakdown of 18750 gives the prospect of further decline to 17800 (June lows), 17187.5 (Murrey [–2/8]), and 16900 (Fibonacci 100.00 extension). The key "bullish" level is 20312.50 (Murrey [2/8]), supported by the middle line of Bollinger bands. If it consolidates above it, the quotes may begin to recover to 21875 (Murrey [4/8], the upper line of Bollinger bands), 23437.5 ( Murrey [6/8]), 25000 (Murrey [8/8], Fibonacci retracement 23.6%).

Technical indicators reflect the possibility of further decline: Bollinger bands are reversing downwards, the MACD histogram is increasing in the negative zone, and Stochastic is horizontal near the oversold zone.

Resistance levels: 20312.5, 21875, 23437.5, 25000 | Support levels: 17800, 17187.5, 16900​

 

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XRPUSD - Growth contrary to general market trends​

Over the weekend, Ripple Labs and SEC lawyers filed motions for a summary judgment in the case, signaling the imminent completion of a process in which the company has a significant chance of winning, as officials could not prove that the XRP token fully met the definition of a security. The chairman of the US Commodity Futures Trading Commission (CFTC), Caroline D. Pham, also visited the corporation's central office, where she met with the head of Ripple, Brad Garlinghouse. Although the parties did not announce the purpose of the visit, its very fact was positively assessed by the market, as it may indicate a gradual decrease in pressure from American regulators on the crypto company. All this caused a new interest of investors, first of all, "whales" in the XRP token, provoking the strengthening of its position.

The trading instrument rose above 0.4150 (Murrey [+1/8]), which gives the prospect of further growth to 0.4395 (Murrey [+2/8]), 0.4600, 0.4950. If 0.3906 (Murrey [8/8]) is broken down, the decline may resume to 0.3418 (Murrey [6/8]). Technical indicators confirm the upward trend: Bollinger bands reverse upwards, the MACD histogram increases in the positive zone, and Stochastic may leave the overbought zone, but the downside potential is limited.

Resistance levels: 0.4395, 0.4600, 0.4950 | Support levels: 0.3906, 0.3662, 0.3418​

 

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ETHUSD - Price growth may be temporary​

The current growth is seen as technical, as fundamental factors remain unfavorable for the cryptocurrency market. The tightening of monetary policy by the US Federal Reserve continues. Moreover, officials signaled the continuation of maintaining interest rates at high levels for several more years, which, in turn, strengthened the US currency against major competitors, including digital assets. According to investors, they have not become a reliable remedy for inflationary risks. The transition of the main Ethereum network to the Proof-of-Stake (PoS) proof algorithm did not support the position of ETH. However, market participants still hope that the upgrade will have a positive effect in the long term, as network performance has increased and energy consumption has decreased. However, experts believe that everyone who could and wanted to join the Ethereum community has done so, so for now, the growth in the popularity of the asset among users is not expected.

After the consolidation above 1375 (Murrey [3/8]), further growth will be possible around 1500 – 1520 (Murrey [4/8], Fibonacci correction 23.6%, the middle line of Bollinger bands). Quotes are unlikely to rise above this range, as technical indicators reflect a continuation of the downward trend: Bollinger bands are reversing downwards, and the MACD histogram stabilizes in the negative zone. The key “bearish” level is 1250 (Murrey [2/8]), which was already tested last week. If it consolidates below it, the downward dynamics may develop to 1125 (Murrey [1/8]) and 1000 (Murrey [0/8]).

Resistance levels: 1375, 1520, 1750 | Support levels: 1250, 1125, 1000​

 

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XRPUSD - Murray analysis​

Against the background of the possible imminent completion of the lawsuit by the US Securities and Exchange Commission (SEC) against Ripple Labs, the token price rose to five-month highs around 0.5548, after which it resumed its decline, which continues to this day. Now the quotes are close to the 0.4000-0.3906 support zone (the middle line of the Bollinger Bands, Murray [0/8]), the breakdown of which will open the prospect of a further decline to 0.3418 (Murray [-1/8]), 0.3200, 0.2930 (Murray [-2/8]). With a reverse breakout of 0.4395 (Murray [1/8], Fibo retracement 23.6%), the instrument is likely to return to 0.4883 (Murray [2/8]) and 0.5219 (Fibo retracement 38.2%).

Technical indicators do not give a single signal: the Bollinger Bands are reversing upwards, confirming the preservation of the short-term upward trend, but the Stochastic is directed downwards, and the MACD histogram is decreasing in the positive zone, not excluding the development of a decline.

Resistance levels: 0.4395, 0.4883, 0.5219 | Support levels: 0.3906, 0.3418, 0.3200, 0.2930​