After languishing in the reds for over 24 hours and Ethereum taking a dip below USD 200 again finally the street turned green starting with the rise of XRP and ETH. The rise was pretty unusual as the two of the top three currencies started rising without any news on the street that could give them this boost. While the rise was unclear we can just predict the reasons.
Ethereum rise looks technical more than fundamental
In the Asian morning hours, Ethereum again nosedived and suffered the most losses among the top 10 coins by market cap, down almost 11 percent over the 24 hour period, dipping below the $200 price point within an hour. It touched the low point of USD 196.80 creating panic in the market again. A lot of indicators started showing this decline would take the coin to sub USD 190 levels. With the slide, short positions on Ethereum kept growing to a record in the past 10 days. New short positions also started constantly building up, betting on an upcoming slide in ETH once again to a point way below $200.
We’re bearish on #ethereum for now.
Chart Guys on the ETHUSDSHC chart: pic.twitter.com/6qoediXC6q
— Degenerate Chain (@DegenerateChain) September 17, 2018
There’s a lot of fresh ETH shorts in this 190-200 range that opened up, looks primed for a sweep up top but this resistance around 200 has been slowly forming over the past few hours, sentiment has turned very bearish.. notice how buy side hasn’t been gaining any support.. 🧐🧐 pic.twitter.com/FtvACTIL3N
— MannerCookie (@MannerCookie) September 18, 2018
But as the sunset in the east and rose in the west, things started turning greener for ETH. On the technical front USD, 190 seems to be a formidable support for the coin. As the coin breaches USD 200 and heads towards USD 190, the bulls start raging as the coin seems to be in an oversold territory. But this rise today looked too sharp as it caught the eye of Joseph Young as well who tweeted saying
Ethereum just surged from $198 to $210 in minutes, Ripple rose by 10%.
Except everything else is still down. Weird market movement. pic.twitter.com/kXbypeX1KW
— Joseph Young (@iamjosephyoung) September 18, 2018
Could this be bots controlling the fall or was it the short covers, it’s still difficult to say as there was no concrete positive news in the market regarding Ethereum that could propel this swing at the time of going to press.
XRP to sees a jump, again for reasons unknown
For XRP too, the current rise of nearly 20% at the time of going to press, seemed pretty unusual as most news around XRP fundamentals has been there in the market for quite some time.
Whether it is RippleNet expanding its network to financial institutions or it is Sagar Sarbhai, head of regulatory relations for Asia-Pacific and the Middle East at Ripple, announcing that xRapid is coming next month, all of this is pretty much know in the market for some hours now.
Initially, this rise was associated with a Redditor posting the XRP is going to be listed on Coinbase.
But the price sustenance even after the post deletion and clarification of it being fake, is something that is suppressing not to the XRP holders but to the community as well.
Well, whatever may their reason, the rise of ETH and XRP has taken most of the crypto coins and tokens to green much to the happiness of any crypto trader or investors. As the week has begun with all greens on would want these greens on the screen to continue all along the week
What do you think was the reason for ETH and XRP rises ? do let us know your views on the same.