The breakout of the crypto profit review for Bitcoin (BTC) above the 20,000 US dollars also caused prices to rise significantly on the overall market. While Ethereum (ETH) and Litecoin (LTC), which is newly included in the analysis, have already generated new highs for the year, the price of Ripple (XRP) is still struggling with the consequences of the airdrop in the previous week.
- Ethereum (ETH): 830 U.S. dollars as a medium-term price target.
- Price (ETH): 650 U.S. dollars (previous week: 538 U.S. dollars)
Resistances/targets: 678 US dollars, 720 US dollars, 804 US dollars, 841 US dollars, 925 US dollars, 1002 US dollars
Supports: 590 US dollars, 531 US dollars, 515 US dollars, 489 US dollars, 460 US dollars, 440 US dollars, 420 US dollars, 409 US dollars
Ethereum can also make significant gains in the wake of the bullish breakout of cryptocurrency
Bitcoin to also make significant gains and generate a new high for the year at US$678. If Bitcoin does not form a double top in the $23,800 area, Ethereum will again set its sights on price targets above $700. If the price falls back below the low at 622 US dollars, a possible double top should not be ignored.
Bullish variant (Ethereum)
The correction in the previous week lasted only briefly. After the Ether price was able to recapture the EMA20 (red), the price rose back to the high for the year at 637 US dollars. In the wake of the new Bitcoin all-time high, Ethereum also generated a new annual high at 674 US dollars. Although the price briefly corrected back to 625 US dollars, it is currently climbing north again and is trading at 655 US dollars. If the breakout above the new annual high is successful and the 78 Fibonacci retracement at 678 US dollars is also overcome, a breakout to 720 US dollars is likely.
However, this first price target should only be seen as an intermediate target on the way towards the strong resistance area between 803 US dollars (361 Fibonacci extension) and 842 US dollars. If the bulls manage to lift the Ether price sustainably above this resist zone in the course of a further rising overall market, a rise to 925 US dollars and a maximum of 1002 US dollars cannot be ruled out. The 461 Fibonacci retracement is to be seen as a medium-term price target for the next 4 weeks
Bearishe variant (Ethereum)
If the Ether price bounces significantly to the south and also falls back below the 590 US dollar (EMA20), the area around 550 US dollar once again comes into the focus of investors. If this support is sustainably undercut and the last low at 531 US dollars does not provide any support, there is a threat of an extension of the correction in the direction of 515 US dollars. If the bulls cannot stabilize Ethereum at this support, a price decline to the multiple support at 489 US dollars is to be planned. If this area is also broken dynamically, the price direction for the coming weeks will be decided. In the area of 460 US dollars, the 50 Fibonacci retracement, the EMA100 (yellow) and the green upward trend line are located.
If this multiple support does not hold, the correction gains momentum and should initially push the price to 440 US dollars. If this support is also abandoned, an extension of the correction to the next support levels at 420 US dollars and 409 US dollars is likely. A direct price collapse to 383 US dollars would also be conceivable. This is the EMA200 (blue). Moreover, this price level has been relevant more often in the past. However, as long as the Ether price continues to trade above the 531 US dollar, price targets on the upside are to be favored.
The RSI as well as the MACD indicator could generate a new buy signal this week and give the Ether price additional upside momentum. Also on a weekly basis, possible sell signals could be averted. Both indicators continue to trend north and confirm the bullish tendency of Ethereum.
Ripple: XRP price with strong rebound
Price (XRP): 0.585 U.S. dollars (previous week: 0.536 U.S. dollars)
- Resistances/targets: US$0.582, US$0.682, US$0.705, US$0.781, US$0.969, US$1.112, US$1.204
- Supports: US$0.505, US$0.461, US$0.437, US$0.413, US$0.346, US$0.319, US$0.296
- Ripple price recovers moving resistance EMA20.
- Overarching bullish price target at US$0.969.
- 0.510 US dollar as the first important support.
Still in the previous week, the price of Ripple threatened to correct more clearly and to end its upward trend of recent times. The XRP price consolidated to the important support at 0.438 US dollars, before it shot significantly north on December 16 and pulverized the red downtrend line. Currently, Ripple’s price is trading just below the horizontal purple resistance line at $0.584.
Bullish variant (Ripple)
If the buyers manage to push the XRP price back to $0.705 and dynamically overcome this resistance, a retest of the yearly high at $0.781 is consequently to be planned. If this resistance is also broken through to the upside on the daily closing price, a rise to the 361 Fibonacci extension at $0.969 is likely. If the overall market also continues to develop positively and the psychological mark of 1 U.S. dollar can be broken through to the upside, medium-term price targets at 1.112 U.S. dollars and 1.204 U.S. dollars will be activated. In the long term, we cannot exclude the possibility of Ripple reaching USD 1.439 if Bitcoin continues its rally towards USD 35,000. As long as Ripple can stabilize above $0.505, the long scenario described above is preferable.
Bearishe variant (Ripple)
If the XRP price does not reach the central resistance at 0.705 US dollars and turns south again before that, a retest of the EMA20 at 0.539 US dollars is to be expected. If the price falls below this support at the end of the day, the short-term price trend in the area of 0.505 US dollars will be decided. If this multiple support is dynamically undercut, a price decline to the 0.461 US dollar is to be planned. If this low is also broken dynamically, the probability of a retest of the previous week’s low at 0.437 US dollars increases.
If neither this support nor the 0.413 US dollar (super trend) have a holding effect, an extension of the correction in the direction of 0.346 US dollar and 0.319 US dollar is likely. Here, the EMA200 (blue) as well as the old annual highs from 2020 are located. Here, stronger resistance of the bulls is to be expected. If these supports are also broken dynamically, a price decline to the maximum bearish price target at $0.296 cannot be ruled out. A short setback to the 0.263 US dollar should then also not be surprising. Should this support also be undercut at the end of the day, all rally fantasies would be abruptly ended.
The RSI indicator turned from the neutral zone once again towards the north and was able to generate a new buy signal yesterday (Thursday). The MACD, meanwhile, continues to trend south and should activate a new buy signal only with a break of the 0.705 US dollar. In a weekly comparison, both indicators have also activated a buy signal this week, which also supports bullish price fantasies in the medium term.
- Litecoin: LTC price takes aim at old high at 144 US dollars
- Price (LTC): 109 US dollars (previous week: 76 US dollars)
Resistances/targets: 108 US dollars, 118 US dollars, 125 US dollars, 145 US dollars, 183 US dollars, 190 US dollars, 219 US dollars
Supports: 98 US dollars, 93 US dollars, 89 US dollars, 84 US dollars, 78 US dollars. 71 US dollars, 64 US dollars, 60 US dollars
- LTC price reaches new high for the year at 113 US dollars.
- 85 US dollars now acts as central support for LTC price.
- Central resistance at 144 US dollars as the first important price target.
Litecoin has been increasingly bullish since the beginning of December and was able to rise by 58 percentage points in the last seven trading days to currently 108 US dollars. With this, the LTC price generated a new high for the year and clears the way towards the first strong resistance at 144 US dollars.
Bullish variant (Litecoin)
The price potential of Litecoin was already pointed out in the last analysis on December 07. This trend continues in the current trading week. If the price of Litecoin can overcome the 70 Fibonacci retracement at 108 US dollars per daily closing price, the resistances at 118 US dollars (78 Fibonacci retracement) as well as the resistance at 125 US dollars first move into the investors‘ focus. If the bulls manage to overcome these resistance levels dynamically, a march through to the annual high from 2019 at 145 US dollars is likely.
If there is no strong sell-off in this area and the bulls stabilize the price above 125 US dollars, renewed attempts to rise can be expected. If the LTC price overcomes the 145 US dollar at the end of the day, a further bullish price trend in the direction of 183 US dollars or 190 US dollars can be planned. At this resistance, the 138 Fibonacci extension of the superior movement runs. If this chart mark is also dynamically broken to the upside, a rise to the maximum price target at 250/265 US dollars cannot be ruled out. As long as the overall market does not indicate any sustained weakness, at least a run-up to 145 US dollars should be planned.
Bearish variant (Litecoin)
If the LTC price cannot sustainably overcome the resistance at 108 US dollars and bounces downwards, the breakout level between 98 US dollars and 93 US dollars consequently moves into the focus of investors. If the bears manage to undercut these support levels, and even the 89 US dollars do not provide any support, this would be considered a first partial success. If Litecoin subsequently falls below the support zone at 84 US dollars, a retest of 78 US dollars is likely. If Litecoin also slips below this support, a price decline to 71 US dollars is again to be expected.
If the bulls also abandon this support in the long term, a drop to 64 US dollars is conceivable. Here, the moving average of the last 200 days (EMA200) (blue) is located. Investors are likely to take hold again here and try to push the LTC price northwards again. If the LTC price nevertheless slips below this strong support, the $55 level comes into view as the last springboard for the bull camp. Should the Litecoin price give up this support as well, the bears will instantly regain the upper hand. An extension of the price correction towards the 52 US dollars as well as 48 US dollars would be likely and would abruptly end the bull rally.
The RSI as well as the MACD indicator continue to trend bullish in the last trading days and have activated a buy signal. Both indicators still have room to the upside on a daily basis, which underpins the likelihood of higher prices for Litecoin. Meanwhile, both indicators also show an active long signal in the weekly chart, which should give the LTC price a boost in the medium term.