Altcoins Price Analysis: Ethereum Don’t Afraid Dump
The total market cap of the cryptocurrencies continues to drop. Of the TOP-10 Coinmarketcap only Ethereum and Bitcoin Cash are currently demonstrating a positive trend.
From the point of view of technical analysis, the trend Ethereum is still rising, moreover, the uptrend is evolving with acceleration. The long-term uptrend-the corridor has broken near the resistance that pwhich opened the way for quotes in the projection corridor. The main goal of this movement is $ 1443.
The short-term upside trend is also developing in a similar scenario. Short-term growth momentum successfully tested the resistance of the local channel. In this case, you can expect a corrective decline to the support line and a level of $ 1047. If the price fixed above the local resistance line, growth may accelerate and reach the resistance line of the projection channel about $ 1655.
Bitcoin Сash shows that the previous upside trend has corrected by the subsequent downside move at 76% Fib. The current Bitcoin Cash dynamics chart shows a consolidation contraction. This structural feature usually ends with a massive surge in purchases or sales, depending on what area the market breaks: support or resistance level.
The local significant area of resistance is the zone near the $ 2642. The primary goal of growth may be the level of $ 2920. In turn, breakdown of $ 2920 level can open the way to the projection growth corridor to the level of $ 3555.
A signal about the development of the downside momentum may be a break out at $2200. The first point to stop the development of the downtrend can become $2050. Breaking this mark, the quotes may fall to $1495.
The chart shows the best Litecoin cryptocurrency in a bearish phase after a steady growth. Range growth adjusted for 61.8% Fib.
At the moment, the market tests the support for the formed consolidation triangle for the third time. The most likely scenario for the development of the situation could be overcoming the support line and falling to $ 134, which corresponds to the correction level of 76% Fib.
However, to exclude the rebound from the support and not worth it. It can be a signal the formation of a new bullish movement to the local significant high of $374.
The upside trend of Dash has corrected by a downside impulse. However, in general, the price is growing, as evidenced by the dynamics of mutual rising lows and highs.
The main scenario for the near future may be testing and overcoming the support line in the vicinity of $ 975. This, in turn, can drop quotes to the level of $ 725. But if the market continues to move in the current channel, the rebound will once again bring the quotes to the resistance level of $ 1315. In case of its breakdown the price may drop to the level of $ 1700.
The current trend for Ripple is downside trend. The main objective of the current movement is the support of the projection corridor in the flat of $ 1.43. After working out such a scenario, one can expect an increase in quotations to the current resistance line near the level of $ 2.05. Break of this level will lead quotations to $ 2.60.