Ethereum posted strong gains this week above the $135 resistance against the United States Dollar. On the other hand, both Ripple and Bitcoin began an upward surge in the past few sessions; and rallied beyond the $7,800 and $0.2150 respectively.
Meanwhile, Ethereum remained in positive territory only to gain pace beyond the $138 resistance area. Moreover, the coin saw a successful break above $140 and the 100 hourly simple moving average.
In addition to a 2020 High near the $145 price level. Currently, the price is consolidating gains with initial support around $143 and the 23.6% Fibonacci retracement level of the recent upward correction from $139 low to $145 high.
Ethereum could be preparing an upside break past the $145 resistance. In case the bulls gain momentum above $145 and thereby push the price point towards the next key resistance of $150.
Meanwhile, the next key resistance beyond the major resistance of $150 is near the $158 level. A clear break took shape above the $158 price hurdle and this could set the tone for a higher push towards $167.
Last Week’s Performance
Ethereum’s price surpassed the 50% Fib retracement level of the key decline from the $138 high to $125 low. It opened the doors for more gains above $130 and the 100 simple moving average (4-hours).
More importantly, there was a break above a key declining channel or bullish flag with resistance near $130 on the 4-hours chart of ETH/USD. The pair is now trading nicely above the $132 and $135 resistance levels.
However, there could be a downside correction below the $143 price zone in the short term. In such a case, $142 could provide a sufficient support area for the correction.
Besides, will a major bullish trend form its support around $138 on the hourly ETH/USD trade pair chart, a dip towards the $140 trend line is likely to protect further losses.
Ethereum price is also facing a gradual rise and the recent upward movement seems to be gaining pace past the $145 resistance levels. The next key bullish targets could be $150 and $157. Which could possibly strike a close below the $138 zone and therefore post substantial price corrections.
Ripple Denies Allegations of Whale Market Manipulation
Ripple CEO Brad Garlinghouse Denied claims of manipulating XRP prices. During an interview with CNN on the fifth of January, Garlinghouse added new contention to the controversial dumping of XRP; with the executive officer stating their stand and relationship with XRP.
Meanwhile, the third leading coin by market capitalization hit a 10 percent gain within the past 24 hours.
Brad: Ripple Can’t Control the Price of XRP
Ripple owns the highest amount of XRP in the community. Garlinghouse further observed his company was the most interested party in the welfare of XRP. He added that:
“Yes, Ripple owns a lot of XRP, was very interested in the success of XRP but the accusations of us dumping, that’s not in our best interests to do that. We would never do that in fact, we’ve taken steps to lock up most of the XRP we own in escrows so we can’t touch it.”
His comments seemed to reveal the company’s position according to market patterns. Especially regarding the dumping of XRP coins in bulk. Such as last year market dump recording the highest number in the history of Ripple.
Ripple released at least 1 billion XRP coins at the beginning of the year from its escrow. The digital assets are equivalent to approximately $200,000.
Brad Added that:
“Ripple is not in a position to control the price of XRP anymore. Comparing to the ability of the whales to control the price of bitcoin”
