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Price Watch: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and EOS Price Analysis 28th December

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Bitcoin price failed to break the $4,400 resistance and started a downward move. BTC/USD broke the key support at $3,880 and moved into a bearish zone. Similarly, all major altcoins like Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC) and EOS failed to hold gains, declined recently, and may continue to slide.

Key Takeaways:

  • Bitcoin price topped near the $4,400 level and started a major downward move.
  • Ethereum price started declining from well above $160 and moved below $130.
  • Ripple price declined sharply below the $0.4200 and $0.3800 supports.
  • EOS is slowly moving lower towards the $2.15 support area.
  • XET rallied more than 400% and PLC gained around 100% during the past 7 days.

Cryptocurrency Price Watch

Bitcoin Price Analysis

Bitcoin price made a nice upward move above the $4,000 level recently and even climbed above the $4,200 level. However, the BTC/USD pair failed to clear the $4,400 resistance level and later started a downside correction.

Bitcoin Price Analysis BTC Chart

Bitcoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price traded as high as $4,386 and later started a major downward move. It broke the $4,200 and $4,000 support levels to move into a bearish zone.

More importantly, there was a break below a crucial bullish trend line with support at $3,880 on the same chart. The price even settled below the $4,000 level and the 21 simple moving average (4-hours). Besides, there was a break below the 50% Fib retracement level of the last wave from the $3,213 low to $4,386 high.

The price clearly moved into a bearish zone and it could continue to move down in the near term below $3,700 and $3,600. An immediate support is at $3,660 and the 61.8% Fib retracement level of the last wave from the $3,213 low to $4,386 high.

If there is a slide below the $3,500 support, the price may even trade towards the last swing low at $3,213. On the upside, there is a solid resistance formed near the $3,900 and $4,000 levels. As long as BTC is trading below $4,000, there is a risk of more losses in the short term.

Ethereum Price Analysis

Ethereum price also followed a similar structure and gained pace above the $140 and $150 resistance levels recently. ETH/USD even broke the $160 level before sellers appeared and pushed the price lower.

Ethereum Price Analysis ETH Chart

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price topped near the $164 level and later started a major downward move. It broke the $155 and $148 support levels to enter a bearish zone.

During the decline, there was a break below a major bullish trend line with support at $130 on the same chart. The price gained bearish momentum and settled below the $130 level and the 21 simple moving average (4-hours). Besides, there was a break below the 50% Fib retracement level of the last leg from the $83 low to $163 high.

The price is currently trading below the $120 level, with a bearish angle. On the downside, an immediate support is near the $114 level. It represents the 61.8% Fib retracement level of the last leg from the $83 low to $163 high.

If there is a break below $114, the price may decline towards the $104 and $102 support levels. On the flip side, if the price corrects higher, the previous support near $130 and the 21 SMA are likely to prevent upsides.

Overall, Ethereum price moved into a bearish zone and it seems like there could be more declines below the $114 and $110 levels in the near term.

Ripple Price Analysis

Ripple price rallied recently and surpassed the $0.4400 and $0.4600 resistance levels. XRP/USD even climbed above the $0.4700 level and later started a significant downward move.

Ripple Price Analysis XRP Chart

Ripple Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price topped near the $0.4677 level before sellers took control. They pushed the price below the $0.4600 and $0.4400 support levels.

The decline was strong since there was a break below a major bullish trend line with support at $0.3900 on the same chart. After the trend line break, the price cleared the 50% Fib retracement level of the last wave from the $0.2857 low to $0.4677 high.

There was a close below the $0.3700 support and the 21 simple moving average (4-hours). The next stop for sellers could be near the $0.3285 level. It represents the 76.4% Fib retracement level of the last wave from the $0.2857 low to $$0.4054 high.

If sellers push the price below the $0.3285 support, there could be a sharp decline towards the $0.3100 level. On the upside, an initial resistance is near the $0.3800 level. A proper close above the $0.3800 level and the 21 SMA is needed for buyers to gain momentum.

EOS Price Analysis

EOS price climbed sharply higher from the $1.50 swing low and traded above the $2.00 and $2.80 resistance levels against the US Dollar. The price even traded above the $.300 resistance level before sellers.

EOS Price Analysis Chart

EOS Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price traded as high as $3.20 and later started a downside correction. There was a decline below the $2.80 support and the 21 simple moving average (4-hours), and the price moved into a negative zone.

The price traded below the $2.40 level and the 50% Fib retracement level of the last wave from the $1.55 low to $3.20 high. The current price action is bearish and it seems like the price may continue to move down towards $2.30 and $2.20 levels.

Besides, there is a key bullish trend line in place with support at $2.20 on the same chart. It coincides with the 61.8% Fib retracement level of the last wave from the $1.55 low to $3.20 high.

Therefore, if the price continues to move down, there could be a decent buying interest near the $2.20 level in the near term.

Overall, EOS price is moving lower with a bearish tone below $2.80, but the $2.20 support may perhaps act as a short-term support.

Top Gainers

During the past 7 days, despite recent bearish moves, a few small cap altcoins gained more than 80%, including XET, PLC, GTC, BOX and PCL (trading volume more than $50K). Out of these, XET rallied around 420% and PLC gained nearly 130%.

To sum up, bitcoin price clearly made a top near the $4,380 level and started a major downside move. If BTC/USD extends the current decline below the $3,500 support, there could be additional losses in the coming days. Similarly, major altcoins like Ethereum, EOS, Stellar, XRP, BCHSV, BCH, ADA, NEO, ZRX and XMR are currently at a risk of more losses if sellers remain in action.

The market data is provided by TradingView, Bitfinex.

The post Price Watch: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and EOS Price Analysis 28th December appeared first on Blockonomi.