Fed Chairman Jerome Powell made a six-month presentation of the Fed yesterday before the US Senate Banking Committee.
While the speech made by Powell was interpreted as hawkish, the opinion that this month’s rate hike could be in the form of 50 basis points began to predominate.
After Powell’s statements, the crypto money markets also left their horizontal course to a downward movement. While Bitcoin declined by 1.96% in the last 24 hours to $ 22 thousand, altcoin prices also experienced minor returns. Today we will examine the price analysis of the three major altcoins, Ethereum, Cardano and Ripple.
ETH Price Analysis
Ethereum price continued its downtrend on Tuesday and closed the day down 0.26% at $1,562. FED Chairman Powell’s statements left ETH price in negative territory. Ethereum price is currently at $1,555, down 0.94%. Beginning the day with a bullish Ethereum, it surged from a low of 1,562 to a high of $1,571.
Ethereum price needs to break out of the $1,561 pivot to target the first resistance level at $1,585. A return to $1,580 would signal a bullish session. In the case of an extended rally, the bulls will likely test the second resistance level at the $1,609 zone. Ethereum’s third resistance zone is located at $1,657.
A drop from the $1,561 pivot would activate the first major support level from the $1,537 zone. In case of event-based selling pressure, the asset should avoid below $1,500. The second support level at $1,513 should limit the downside so that the price of the asset does not depreciate further. In a possible case, if the Ethereum price drops below the second support, another support level to follow is located in the $1,465 region.
A move from the first resistance level would allow the bulls to rush to the $1,596 and $1,602 levels. A move at the 50-days EMA will send a bullish signal, while failure to surpass the 50-days EMA ($1,587) will disable the main support levels.
XRP Price Analysis
XRP finished the day at 38 cents with an increase of 2.68% against the bearish crypto market trend after Powell’s speech.
XRP, which is currently priced at 37 cents with an increase of 2,49%, made a mixed start to the day. XRP price needs to avoid the 37 cent pivot to target the first resistance level at 38 cents. A return to 38 cents would indicate a bullish session. In the case of an extended rally, XRP will likely test the second level of resistance from the 40 cent zone. The third resistance zone of the asset is around 41 cents.
A decrease from the pivot will activate the first support level from the 37 cent region. However, in the event of event-based selling pressure, the XRP price should avoid below 36 cents and 35 cents. If XRP dips below these levels, the next level of support we will follow is in the 34 cent region.
An XRP break from the 200-day EMA, or 38 cents, will support a move for the bulls to run to 40 cents. However, a decrease from the 200-day and 100-day EMAs, that is, 38 cents and 37 cents regions, signals a decline below the 37 cent level.
ADA Price Analysis
Cardano is also among the altcoins that experienced a pullback in price after Powell’s speech yesterday. The asset, which closed the day at 32 cents, started today with a horizontal course. Currently, the resistance levels to be followed for ADA, which is priced at 32 cents with a decline of 2.34%, are in the 34 cent and 39 cent regions. ADA price needs to avoid below the 32 cent zone. If the asset goes below the 32 cent level, the first support point we will follow is around 30 cents. If the ADA price cannot hold on to that support point, another support point to follow is at 29 cents.
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