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Ether Price Modestly Higher as Vitalik Buterin Discusses Ethereum 2.0 Timeline

The major cryptocurrencies are flat and mixed today after the US market open, as although yesterday’s lows are holding up the top coins, bulls weren’t able to manufacture a meaningful bounce after yesterday’s breakdown.

The majors are mostly well below their recent narrow trading ranges, and although volatility declined substantially today, the technical damage has been done, and bulls would still need a sharp recovery to avoid a likely test of the bear market lows.

Dash/USD, 4-Hour Chart Analysis

On a positive note, some of the weaker coins, like Ethereum and Dash, and to some extent EOS, managed to show stability and the bearish momentum in the market remains contained. Dash even recovered above the key technical level at $150, but until further signs of (broader) strength, the segment-wide picture remains overwhelmingly negative.

Our trend model is still showing short-term sell signals for all of the majors, and traders should still not enter positions even in the relatively stronger coins.

BTC/USD, 4-Hour Chart Analysis

Bitcoin is trading near the $6275 level again after a very weak rally attempt, and although the coin is flat on the day, the technical breakdown is intact and a move below short-term support is still likely.  Below $6275, support zones are still found near $6000 and $5850, and given the bearish segment-wide trends we still advise traders to stay away from entering new positions.

BTC remains on a short-term sell signal and a neutral long-term signal in our trend model and traders, with strong resistance levels ahead at $6500, $6570, and $7000, and a move towards the key $5850 zone is likely in the coming weeks.

Altcoins Wounded but Ethereum and Ripple Hold Support

XRP/USD, 4-Hour Chart Analysis

Ripple remained in its crucial long-term support zone between $0.42-$0.46 after yesterday’s plunge and the with that, the coin maintains the neutral long-term signal in our trend model, even as the short-term signal is negative.

That said, the lack of a significant bounce is a bearish sign, and a move below primary support towards $0.375 and $0.355 is still a realistic threat, with strong resistance zones ahead near $0.51, $0.54, and $0.57.

ETH/USD, 4-Hour Chart Analysis

While Ethereum is trading near its 2-week low that it hit yesterday, it’s still well clear of the $180 support level, despite its persistent relative weakness in recent months. A move back above $200 would be a great sign for bulls, but ETH is still likely to violate $180 and test the bear market low near $170, with a possible move towards the next key level at $160.

The declining long-term trend is intact and the coin is still on sell signals on all time frames with strong resistance zones ahead near $200, $235, and $260.

LTC/USD, 4-Hour Chart Analysis

Litecoin has been leading the market lower yesterday, after being relatively weak for weeks and together with most of the majors, it remains below the breakdown level at $51, confirming the new downswing.

We still expect a move below the bear market low near $47,nd  while a higher low would be positive for the whole segment, a test of the next support zone near $44 is more likely, while further resistance is ahead at $56.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

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