Ethereum Price Analysis: ETH Fails to Overtake XRP in Market Cap Rankings
Ethereum failed to overtake XRP yesterday for the position of the largest altcoin by market cap.
Ethereum outperformed during Monday’s surge and came close to surpassing the market cap of Ripple’s XRP.
However, Ethereum has underperformed as the many major cryptocurrencies pull back from key levels.
Data from Messari show Ethereum losing around 3% over the past 24 hours while XRP is almost flat over the past 24 hours.
With Fibonacci retracements drawn from the XRP low in December to the recent January high, we can see that Ethereum met resistance at the 0.382 resistance level.
Price has since begun declining and underperforming other major cryptocurrencies.
Price currently trades just above the 50% retracement level between the December low and January’s high.
The 4-hour chart shows much more clearly how price has reacted towards the different levels.
$114 is an important support level below where price currently trades and has acted as both support and resistance in the past.
If the price manages to overcome the 0.382 retracement level, $140 is another level to monitor.
$140 has acted as resistance for the price in the past but failed to act as support on the bearish drop of last week.
- Ethereum outperformed XRP on Monday’s surge but failed to surpass it in terms of market cap despite coming close. Ethereum has underperformed all other major cryptocurrencies as prices have fallen back.
- Price met resistance at the 0.382 retracement level and currently trades around the 50% retracement.
- Other key levels to monitor for Ethereum include $114 to the downside and $140 to the upside.
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