Bitcoin (BTC) and Ethereum prices are trading in a descending parallel channel, while XRP worth Follows an ascending support line.
Can ETH price break out of the channel?
ETH, the native token of the Ethereum network, was created by Vitalik Buterin. The Ethereum blockchain is also home to several other cryptocurrencies.
ETH price has been declining within a descending parallel channel since August 14. It was rejected by its resistance line on November 4 and reached a low of $1,073 five days later. Ethereum price has since recovered higher and it is attempting to retest the $1,260 horizontal zone.
Reclaiming the $1,260 area would be an extremely bullish development as the area also coincides with the middle of the channel. Furthermore, this could lead to an RSI movement above 50. Conversely, rejection from this would probably take the price back to the channel support near $900.
XRP forms bullish pattern
On November 9, XRP broke above the $0.44 horizontal support area. It reached a low of $0.31 the next day.
Later, it bounced twice on an ascending support line on November 9 and 14 (green icon). The second bounce formed a bullish engulfing candlestick. There was no positive XRP news prior to this increase. XRP price resumed its upward momentum in the next 24 hours.
As a result, the most likely scenario is a move towards the nearest resistance at $0.44. A break above the ascending support line would invalidate this bullish XRP price prediction.
Bitcoin Price Prediction: Will BTC Reclaim the $19,000 Region?
Technical analysis on the daily time frame shows that bitcoin price is also trading inside a descending parallel channel. It has bounced off the support line of the channel twice (green icon), most recently on 9 November.
In the previous day, there was a break above the long-term support area at the $19,000 average price level. The decline was also present in the rest of the crypto market. The $19,000 area is now expected to provide resistance.
Bitcoin price later recovered but remained above the middle of the channel. Besides, the daily RSI is still below 50.
Therefore, future BTC price predictions are uncertain. A break below the support line of the channel would support a bearish scenario, while a retest of the $19,000 area would likely push higher towards the next resistance at $24,500.
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