ZB Market Daily: ETH & XRP technical daily analysis
On 7th December, ETH Price consolidated all through the three session of trading with a range bound of $590.82 and $601.15.
At 16:00 UTC, ETH Price broke out of the range bound to create a low of $584.00. This scenario created a bearish sentiment yesterday.
Yesterday, ETH Price printed a bearish pin bar in the first four hours of the Asian session, creating a double confirmation for a probable sell off bias on the 4-hour time frame.
At 04:00 UTC, ETH Price printed a shooting star candle. This became a bearish signal that triggered the massive plunged of the token to a support of $567.17
The bulls and the bears were indecisive as ETH Price printed a Doji candle. Since the bulls were weak at $567.173 support. The bears built up momentum for the ETH price to the downside. ETH Price broke the $567.17 support, leading to an intraday low of $560.35.
At press time, towards the close of the intraday trading session, the bulls are making an attempt to pull up the ETH Price back to the support as shown on the chart below.
From holistic technical bias, on 3rd November, ETH Price printed a higher high of $618.25 which became a triple top with confirmation from on 24th and 30th of November’s rejection on price to the upside.
The bulls lacked steam to retest this triple top and created $602.55 resistance. This formed a basis for a bearish market structure as ETH Price printed a lower low and lower high market structure.
RSI hit the over-sold territory for the third term since the midterm Bull Run. RSI is marked at 30.76.
The bearish trend would be the correction of the bullish move that occurred on the 28th of November to 30th of November.
In the next coming days, the correction target will be at $522.35 if the bearish momentum persists. This level will be a potential demand zone if the bulls defend it. Furthermore, traders can leverage on this platform to take long position if all trading condition plays out.
Yesterday, it was a weak bearish opened of the trading session for XRP price. The weak bearish candle in the first four hours of the Asian trading session printed an inside bar, creating a bearish signal scenario in the rest of the day which led to massive dumped of the crypto asset.
A double bottom pattern was formed on the 6th and 7th of November, which could have be a basis for traders to long position, but due to low volume and volatility, the double bottom market pattern was broken by the bearish pressure . XRP Price fell lower to a $0.5953 support at 8:00 AM UTC.
A retest of the support was made but the bulls failed to break above the support to the consolidation level.
This weakness of the bulls triggered more sell off, caused the price to fall to an intraday low of $0.5499 towards the closed of the intraday trading session.
From holistic technical bias, on the 1st of December, XRP Price printed a higher high of $0.6617, which became a head and shoulder market pattern. Minor correction was made on the 3rd of December, but a $0.6342 resistance was printed.
Hence this scenario created bearish bias for the sell off yesterday as XRP Price printed lower highs and lower lows.
RSI down sloped to hit the over-sold territory. RSI is marked at 35.21.
In the next coming days, the bulls need to defend this level to correct the sharp drop of XRP Price.
XRP Price will retest $0.5929 if a bullish candle closes at the support of $0.5524. Traders can take snapped position for entries at this level in short-term gain.
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