Price Watch: Bitcoin, Ethereum, Ripple & EOS Price Analysis 8th February
Bitcoin price declined further and tested the $3,400 support area. To start a solid rebound, the price must break the $3,500 and $3,520 resistance levels. The next key resistances are at $3,580 and $3,600.
Ethereum price is following a significant declining channel with resistance near $107. A proper break above the channel resistance and the $114-115 is needed for a decent rebound in the coming sessions. If not, there is a risk of a bearish break below the $102 and $100 levels.
Ethereum price started a short term upside correction from the $103 swing low.
ETH/USD traded above the $107 and $110 levels, but it faced a strong resistance near the $114 level, resulting in a fresh drop towards $103 and $102. Ethereum Price Chart: Click to Enlarge.
Ripple price climbed higher sharply earlier this week after forming a support base near $0.2850 against the US Dollar. There is also a key bearish trend line in place with resistance at $0.3100 on the hourly chart. Therefore, a break above the trend line and $0.3000 is need for a correction towards $0.3300.
On the flip side, if the price fails to move past $0.3000 and $0.3100, there could be a fresh decline towards the $0.2850 and $0.2600 levels in the coming sessions.
EOS price was mostly confined in a tiny range below the $2.50 and $2.55 resistance levels against the US Dollar. To climb towards the $3.00 handle, the price has to break the $2.50 and $2.55 resistance levels. If not, it could revisit the $2.25 and $2.20 support levels.
During the past 7 days, a few small cap altcoins gained upward traction and moved up by more than 100%, including B2G, ERC20, TKT, PCH and ORME. Out of these, B2G rallied around 375% and ERC20 gained nearly 220%. Overall, the crypto market mostly remained in a bearish zone, but bitcoin price could find support near the $3,400 level.
Latika Mehrotra’s original article for blockonomi.com reduced by 83%
Related news: Crypto Analyst Expects Bitcoin Bounce, Monthly MACD Signals Bottom
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