Ethereum is strongly outperformed over the past 24 hours, and there is a strong possibility that it may once again overtake Ripple’s XRP for the position of the second largest cryptocurrency by market cap.
Data from Messari show the price of Ethereum increasing over 10% over the past 24 hours compared to XRP which increased by around 3.8% at the time of writing.
Both market caps are currently valued around $13.5 billion with XRP slightly ahead.
If Fibonacci retracements are drawn from the December low of Ethereum to its early January high, we can see that yesterdays price surge is meeting resistance around the 0.382 retracement which has also been an important area for both support and resistance since late December.
The 4-hour chart shows in more detail how the price is reacting to the levels. The price has been trading close to the 0.382 retracement level around $130 since yesterdays surge.
It has already tested it a number of times with each test making the level weaker.
Each test of a level such as this one progressively lessens the number of sellers providing resistance.
If price can surge above the level, a key area to monitor will be the $140 which has been an area of important price action since late December.
However, the bearish drops which occurred last week met no support at $140, so it is highly possible this area may also provide no resistance and price could quickly surge above if it can manage to surpass $130.
If the price drops from here, $114 has been an area of both support and resistance over the past month.
This is also close to the 0.618 retracement level making it is highly possible support could come into play around $110 to $114.
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