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- Technical Outlook on Altcoins: Ethereum and XRP Maintain Stability Above Key Support Levels.
Ethereum is trading above $3300 as of this report on Thursday, with short-term support at $3290 on the 100-day Exponential Moving Average (EMA). The Relative Strength Index (RSI) remains at 66 on the daily chart, indicating consolidation before the next move.
Looking ahead, bulls are struggling to keep Ethereum above the 200-day EMA at $3340, which could help reinforce the bullish trend.
The Moving Average Convergence Divergence (MACD) ( on the same chart remains above the signal line, a position that may encourage investors to increase their risk exposure.
Key milestones to confirm the bullish outlook for Ethereum include a breakout above the resistance level at $3447, tested on December 10, and $3658, tested on November 10.
However, if profit-taking outweighs demand and Ethereum drops below the 100-day EMA at $3290, a correction of approximately 9% could extend to $3000.
Daily chart of ETH/USDT pair
As for XRP, sellers are currently dominating the market, pushing the price down to $2.11 as of this report on Thursday. The RSI ) has fallen to 54 on the daily chart, indicating waning bullish momentum.
Extended selling could weaken support at the 50-day EMA at $2.08, paving the way for losses toward the January 1 low of $1.82.
Daily chart of XRP/USDT pair
Nevertheless, the MACD remains above the red signal line on the same timeframe, suggesting traders may still resort to selling, which supports the bullish trend. XRP is expected to break above the 100-day EMA at $2.21 and the descending trendline from its all-time high of $3.66 to confirm a strong bullish reversal.