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Ethereum yesterday failed to overcome XRP for the position of the largest altcoin by market capitalization.
Ethereum outperformed during Monday's wave and came close to overcoming the market capitalization of Ripple's XRP.
However, Ethereum underperformed when the major cryptocurrencies withdrew from key levels.
Messari data show that Ethereum loses about 3% in the last 24 hours while XRP is almost flat in the last 24 hours.
With the Fibonacci retracements extracted from the peak of the XRP in December at the recent high of January, we can see that Ethereum encountered resistance to the resistance level of 0.382.
Since then, the price has started to decline and underperform the other major cryptocurrencies.
The price currently trades just above the 50% retracement level between the December low and the January high.
The 4-hour chart shows much more clearly how the price has reacted to different levels.
$ 114 is an important level of support below which the price currently trades and has acted both as support and as resistance in the past.
If the price manages to exceed the retracement level of 0.382, $ 140 is another level to monitor.
$ 140 has acted as price resistance in the past, but failed to support the bearish decline last week.
Key Takeaways:
- Ethereum outperformed the XRP in Monday's surge, but failed to overcome it in terms of market capitalization despite coming closer. Ethereum underperformed all other major cryptocurrencies as prices decreased.
- The price has met resistance to the retracement level of 0.382 and is currently around the 50% retracement.
- Other key levels to monitor for Ethereum include $ 114 on the downside and $ 140 on the upside.
Latest news about Ethereum:
| NOTE: Investing or negotiating digital assets, such as those present here, is extremely speculative and involves considerable risks. This analysis should not be considered an investment advice, use it for information purposes only. The historical performance of the assets discussed is not indicative of future results. Statements, analyzes and information on blokt and associated or associated sites do not necessarily correspond to the opinion of blokt. This analysis should not be interpreted as advice for purchase, sale or storage and should not be taken as approval or recommendation of a particular asset. |
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