In the altcoin market, cryptocurrencies like Ethereum (ETH), Avalanche (AVAX), and XRP face price direction uncertainties. Traders are closely monitoring key support and resistance levels that could shape their future trends.
Ethereum Price Analysis
Ethereum has maintained its position above the $1,800 mark since March 10. It briefly dipped to $1,761 but then recovered to around $2,100. The price currently fluctuates within a narrow range. The $1,800 support is critical, while $2,100 stands as resistance. On the daily chart, ETH continues to trade below the 21-day moving average, with the formation of doji candlesticks highlighting market indecision. If the price falls below $1,800, the potential target could be $1,550.
AVAX Price Analysis
Avalanche initiated a recovery from $15 on February 3. However, the price faced resistance at the 21-day moving average. Over the past week, AVAX has been moving sideways between the $15 support and the moving average. To rise again, the price must surpass both the 21 and 50-day moving averages. Technical analysis indicates a downward trend. Resistance levels are at $60 and $70, while support levels stand at $30 and $20.
XRP Price Analysis
Ripple's XRP gained upward momentum after breaking moving averages but encountered resistance at the 50-day average. Currently trading around $2.40, XRP peaked at $2.60 before entering a downward trend. If the 50-day moving average holds as support, a potential rally to $3 may occur. However, if this support is lost, the altcoin’s price may drop to the 21-day average and then to the $2 support. If it falls below $2, a decline to $1.78 could follow.
Current price movements for Ethereum, AVAX, and XRP indicate trader caution amid market uncertainties. Key support and resistance levels remain crucial in defining possible future trends.
