Ethereum (ETH) and XRP (XRP) are poised for potential bullish waves following significant technical breakouts. Ethereum’s recent price action suggests a substantial upward trend, as it has broken out of a falling wedge pattern. As highlighted by ZAYK Charts, an analyst, this breakout is a bullish signal indicating a possible 20-30% increase in the near term.
Currently priced at $3,475.77, Ethereum has seen a 2.52% rise in the past 24 hours. The Ethereum chart reveals two key descending channels characterized by lower highs and lows. The first channel, from March to mid-May, displayed a bearish trend with a sharp decline. However, a breakout in mid-May signaled a potential reversal.
A similar pattern in the smaller descending channel from late May to late June further confirms the bullish outlook. The breakout from this smaller channel suggests a potential price target of around $4,500.00, representing a 30.38% increase from the breakout point.
Key support levels for Ethereum are identified at $2,860.00 and $3,160.00. These levels have been tested multiple times and provide a solid base for potential reversals. Breaking through the resistance levels of the descending channels indicates a shift from bearish to bullish sentiment. The green highlighted box on the chart projects a resistance level of around $4,500.00, aligning with the bullish price target.
XRP is also showing signs of a potential bullish breakout, according to Clifton Fx, an analyst. Priced at $0.479524, XRP has seen a 1.30% increase in the past 24 hours. The XRP daily chart indicates a downward trend capped by a descending trendline since February 2024.
Key support levels for XRP are at $0.460 and $0.420. The $0.460 level has provided solid support since mid-May, marking the lower boundary of the recent consolidation phase. The $0.420 level served as critical support in April and June.
TD Sequential Buy Signal: Will Ethereum Break $3,726.4 Resistance?Breaking above the immediate resistance at $0.495 would be a strong bullish signal. This level aligns with the descending trendline. A successful breakout could propel XRP towards the next resistance at $0.550 and potentially up to $0.620, reflecting a 29.80% increase from the breakout point.
XRP has been consolidating within the $0.460 to $0.495 range for the past two months. The recent attempt to break above the descending trendline indicates growing bullish momentum.
If XRP closes above $0.495, it would confirm the breakout and likely drive the price towards $0.550. The projected increase to $0.620 aligns with historical price action, where this level served as both support and resistance in early 2024. Conversely, failure to sustain above the trendline could see XRP retest support at $0.460, with $0.420 being the next critical level.
