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The outperformance of Ethereum brings it closer to overtaking XRP

Daily chart of Ethereum – Source: Tradingview.com

Ethereum has strongly outperformed in the last 24 hours, and there is a strong possibility that it may once again exceed the Ripple XRP for the position of the second cryptocurrency by market capitalization.

Messari data show the price of Ethereum up by more than 10% in the last 24 hours compared to XRP, which increased by about 3.8% at the time of writing.

Both market capitalisations are currently valued at around $ 13.5 billion with slightly upfront XRPs.

If the Fibonacci retracements are taken from the December low of Ethereum at the highs of January, we can see that yesterday's price surge is meeting resistance around the retracement of 0.382 which was also an important area for both the support that for the resistance from the end of December.

Ethereum 4-hour chart – Source: Tradingview.com

The 4-hour chart shows in more detail how the price is reacting to the levels. The price was trading close to the retracement level of 0.382 around $ 130 from yesterday's peak.

He has already tested it a number of times with each test making the level weaker.

Each test of a level like this progressively reduces the number of sellers providing resistance.

If the price can rise above the level, a key area to monitor will be the $ 140, which has been an area of ​​significant price actions since late December.

However, the bearish downturns that occurred last week have not met any support at $ 140, so it is highly possible that this area can not provide any resistance and the price could rise rapidly above if it manages to exceed $ 130.

If the price drops from here, $ 114 has been a support and resistance area in the last month.

This is also close to the retracement level at 0.618, which means support may come into play around $ 110- $ 114.

Key Takeaways:

  • Ethereum has significantly outperformed the XRP in the last 24 hours and it is highly probable that it will recover the position of second cryptocurrency by market capitalization.
  • Yesterday's wave in Ethereum meets resistance to the Fibonacci retracement to 0.382. The price has already tested this level a number of times with each test, making it more likely that the price will exceed this level.
  • The levels to be monitored are $ 140 if the price can exceed $ 130 resistance and $ 114 if the price falls by this point.

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