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BTC, ETH, XRP and EOS Price Analysis 4th January


Bitcoin price corrected lower this week and tested the $3,700 support. BTC/USD seems to be forming a support base and it could resume its upward move above $4,000. Similarly, all major altcoins like Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC) and EOS are trading near key supports and they may soon bounce back.

Key Takeaways:

  • Bitcoin price declined recently below the $4,000 and $3,800 support levels.
  • Ethereum price rallied recently and revisited the $160-162 resistance zone.
  • Ripple price is struggling and it may decline back towards the $0.3400 support.
  • EOS is trading nicely above the $2.50 support area.
  • RNT and TOLL gained more than 100% during the past 7 days.

Bitcoin Price Analysis

After trading above the $4,200 resistance, bitcoin price faced sellers near the $4,400 level. BTC/USD traded as high as $4,383 and later started a downside correction.

Bitcoin Price Analysis BTC Chart

Bitcoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price declined below the $4,200 and $4,000 support levels to enter a short term bearish zone. During the decline, the price also broke the 23.6% Fib retracement level of the last leg from the $3,212 low to $4,383 high.

Moreover, there was a break below the $3,800 support and the 21 simple moving average (4-hours). The price traded close to the $3,700 support where buyers emerged and protected further declines.

The 50% and 61.8% Fib retracement levels of the last leg from the $3,212 low to $4,383 high also acted as a strong barrier for sellers. A support base was formed near $3,700 and later the price started an upward move.

It broke the $3,800 resistance and the 21 simple moving average (4-hours). Moreover, there was a break above a connecting bearish trend line with resistance at $3,800 on the same chart.

Currently, the price is consolidating above the $3,700 support and a bullish trend line. On the upside, the price must break the $3,880 and $4,000 resistance levels to revisit the $4,400 hurdle in the coming days.

Ethereum Price Analysis

Ethereum price performed really well after it formed a solid support near the $115 level. ETH/USD traded higher and broke the $130 and $145 resistance levels to restart a fresh upward move.

Ethereum Price Analysis ETH Chart

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price even jumped above the $150 resistance and the 21 simple moving average (4-hours). More importantly, there was a clear break above a crucial bearish trend line with resistance at $144.

It opened the doors for more gains and the price spiked above the $160 resistance. The price traded as high as $163 and later started a downside correction. It moved below the $155 level and the 23.6% Fib retracement level of the last wave from the $116 low to $163 high.

At the moment, the price is approaching the $145 and $142 support levels. It seems like the broken trend line near the $144 level may also act as a solid support. The next key support is the 50% Fib retracement level of the last wave from the $116 low to $163 high.

Overall, if Ethereum price corrects lower from the current levels, it may find support near the $144 or $138 levels. On the upside, a break above the $158, $160 and $163 levels could push the price towards the $175 and $180 resistance levels.

Ripple Price Analysis

Ripple price faced a strong resistance near the $0.4680 level and later started a sharp decline. XRP/USD traded below the $0.4200 and $0.4000 support levels to enter a bearish zone.

Ripple Price Analysis XRP Chart

Ripple Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price declined heavily and broke the $0.3800 support plus the 21 simple moving average (4-hours). Sellers pushed the price towards the $0.3400 support where buyers emerged.

A low was formed at $0.3398 and later the price started an upside correction. It moved above the $0.3700 level and the 23.6% Fib retracement level of the last slide from the $0.4677 high to $0.3398 low.

Buyers managed to even clear the $0.3900 resistance, but they failed to break the $0.4000 resistance. There was also no test of the 50% Fib retracement level of the last slide from the $0.4677 high to $0.3398 low.

The current price action is slightly bearish and ripple moved below a major bullish trend line with support at $0.3700 on the same chart.

Therefore, there are chances of a downside extension towards the $0.3400 or $0.3300 support levels before the price bounce back. On the upside, a proper close above the $0.4000 resistance is needed for buyers to gain momentum.

EOS Price Analysis

EOS price climbed once again above the $3.00 resistance recently against the US Dollar. However, the price failed to hold gains above $3.00 and later started a downside correction.

EOS Price Analysis Chart

EOS Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price traded as high as $3.02 and later dipped below the $3.00 support. There was a break below the $2.90 support and the 23.6% Fib retracement level of the last wave from the $2.29 low to $3.02 high.

However, there are many supports on the downside near the $2.65 and $2.60 levels. The 50% Fib retracement level of the last wave from the $2.29 low to $3.02 high is also placed near the $2.65 level to act as a solid support.

More importantly, there is a major bullish trend line formed with support at $2.45 on the same chart. Therefore, if the price corrects lower, it may find support near the $2.60 or $2.45 levels.

Overall, EOS price is trading nicely above the key $2.45 support level. In the short term, there could be range moves, but the price is likely to break the $2.90 and $3.00 resistance levels. However, a proper break above the $3.20 resistance is needed for an upside acceleration in the near term.

Top Gainers

During the past 7 days, despite a downward move in bitcoin, many small cap altcoins gained more than 100%, including RNT, TOLL, ECHT, DBET, STC and CEN (trading volume more than $50K). Out of these, RNT rallied around 130% and TOLL gained nearly 120%.

To sum up, bitcoin price is trading above many important supports near the $3,700 level. If BTC/USD breaks the $4,000 resistance, it may start a fresh rally towards the $4,200 and $4,400 levels. Similarly, major altcoins like Ethereum, EOS, Stellar, XRP, BCH, BCHSV, ADA, NEO, ICX and XMR are placed nicely above key supports and they may soon bounce back.

The market data is provided by TradingView, Bitfinex.



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