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- Altcoin Update: Trading Ethereum and XRP near the main support level:
Ethereum is trading at just above $3,300 at the time of writing this report on Wednesday, after bears strengthened the correction on Monday, testing the support level at $3,060. The Relative Strength Index (RSI) at 29 on the daily chart indicates an oversold condition, and a potential stabilization is likely to be followed by a sudden rise towards the next resistance level, which is highlighted by the (EMA) for 200 days at $3,601.
On the contrary, the MACD indicator has maintained a sell signal since Monday, indicating that the technical structure remains bearish. If investors continue to reduce their debts and lower their risk exposure, the decline may resume, targeting support levels below $3000.
The daily chart for the ETH/USD pair
Institutional investors continue to show interest in financial products linked to Ethereum, such as (ETFs) spot exchange-traded funds, in a downward trend that seems to persist. According to SoSoValue data, the (ETFs) listed in the United States experienced outflows of approximately $219 million on Tuesday. This marks five consecutive days of outflows, bringing the total inflow volume to $14.01 billion and net assets to $21.12 billion.
Ethereum Exchange-Traded Fund Statistics | Source: SoSoValue
As for the XRP (, optimists are trying to regain control after the selling wave witnessed on Tuesday, which reached $2.07. The Relative Strength Index ) at 35 indicates an upward trend, suggesting a decline in bearish momentum. An increase in the Relative Strength Index readings towards the midpoint would confirm the bullish momentum, raising the likelihood of a trend reversal above $2.50.
The daily chart for the XRP/USDT pair
However, traders should exercise caution in optimism, considering that the MACD indicator has maintained a sell signal since Tuesday. If the blue line remains below the red signal line while the indicator declines overall, XRP may extend its pullback by about 15% to reach $1.90, a level that was previously tested in June.