- Technical outlook on altcoins: Ethereum and XRP point to recovery.
Ethereum is currently trading at around $2,180 USD at the time of writing this report on Wednesday. The short-term trend points to a slight upside, with price maintaining stability above the SuperTrend line at around $1,981, keeping Ethereum in a recovery phase after bouncing from the mid-$1,800 range. However, daily closing prices remain below long-term exponential moving averages, which are clustering above $2,197. These forecasts are consistent with a broader trend still under corrective pressure, though short-term momentum is improving.
The MACD indicator is positioned just above the signal line in the positive territory on the daily chart, with a slightly positive histogram indicating increasing upside pressure. At the same time, the RSI( is around 54 and has crossed above the midline, reinforcing a gradual shift toward buyer control rather than an excessive rally.
Daily chart for the ETH/USDT pair
The initial support level sits at $2,100, with reinforcement around the $2,000 level. A break of this level would reveal a strong trend zone near $1,980, and the correction is likely to extend to $1,850 as the next downside level.
On the upside, immediate resistance is noted at the $2,197 level, where the 50-day exponential moving average sits, followed by the price's March high at $2,386. A sustained close above the $2,386 level would open the path toward the downtrend resistance line expected near $2,470, where the long-term bearish structure and falling exponential moving averages converge to limit further gains.
As for XRP, its price settles at $1.42 USD amid a neutral trend, supported by falling moving averages that are currently clustering above $1.49 USD. The MACD remains slightly above the signal line but near the zero line on the daily chart, while the histogram is contracting, suggesting a decline in upside momentum following the recent rally toward $1.54 USD. Similarly, the RSI) around 49 indicates a balance of power, suggesting price consolidation following the recent pullback from its monthly highs.
Daily chart for the XRP/USDT pair
Initial resistance sits at the 50-day exponential moving average around $1.49, followed by the recent peak near $1.54, where the latest rally stalled. Above this area, XRP will face supply at the 100-day exponential moving average around $1.66, followed by the 200-day exponential moving average at $1.91. On the downside, immediate support sits around $1.38-$1.40, defined by this week's lows, with a potential break of this level to reveal the late-range bottom near $1.34, then $1.30.
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