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We are experiencing the last days of August and the price of Bitcoin is starting to send signals of low volatility again. After the decline, there is a lack of strong demand from the bulls in the current conditions. This situation poses a greater risk of decline for other cryptocurrencies. So, what are the critical levels for ETH and XRP Coin?
Ethereum (ETH) Analysis
Hosting many major updates and continuing to grow over the past year, Ethereum has been unable to surpass the $2,000 price level. Despite short-term tests, the price, which is not permanently staying in the psychological support zone, misses its glorious days. However, this is unlikely as long as investors remain indifferent.
Bulls pushed the price above the $1,700 general resistance on August 23, but failed to achieve higher highs. This indicates that bears made intense sales at the $1,700 level. The downward sloping moving averages and RSI in the oversold zone indicate that sellers are in control and further losses could occur.
Sellers will try to pull the price below the $1,626 to $1,550 region. If they succeed, the king of altcoins could experience a decline to $1,368. Meanwhile, bulls may have other plans. They will fiercely defend the support zone and try to push the price above the 20-day EMA ($1,737). If successful, the price could linger between $1,626 and $2,000.
Ripple (XRP) Coin Analysis
The lawsuit will be heard in April and the parties are rapidly approaching the end of the tunnel. September is coming, and if the second circuit upholds the SEC‘s appeal request, it could lead to the realization of the negative scenario for XRP Coin. Therefore, it may be beneficial for investors to be extra cautious in the first few weeks of September.
As for the price, XRP Coin has been heavily affected by the overall market decline. The bounce from the $0.50 support level could not even continue up to the $0.56 resistance. This indicates that as the price increases, the desire for profit-taking strengthens and the demand weakens. Bears will try to pull the price below the $0.50 support to strengthen their positions. If successful, sales could continue down to the $0.41 support. In a positive scenario, closes above $0.56 could target $0.63.
