Hormuz Incident Hinders… Bitcoin, Ethereum, and XRP Charts at a Crossroads of Fate

▲ Iran, Strait of Hormuz, Bitcoin (BTC), XRP (XRP)/AI-generated image ©

Amid escalating geopolitical tensions in the Middle East, which have cast uncertainty over global financial markets, the three major coins leading the virtual asset market are testing different key support levels and seeking direction.

According to investment media FXStreet on April 20 (local time), as risk-averse sentiment grows due to the re-escalation of conflict between the US and Iran over the Strait of Hormuz, attention is focused on the technical trends of major assets such as Bitcoin (BTC), Ethereum (ETH), and XRP (Ripple).

The leading cryptocurrency, Bitcoin, extended its bullish trend last week, maintaining a stable flow around the $74,500 mark. It successfully converted its 50-day exponential moving average (EMA) of $71,893 and the former downtrend resistance of $72,940 into support levels, continuing its short-term bullish bias. The Moving Average Convergence Divergence (MACD) also supports upward pressure, so if it breaks past the $75,680 resistance, a rally towards the psychological barrier of $80,000 is expected. Conversely, in case of a decline, the $74,487 Fibonacci retracement level is expected to act as the primary defense.

Ethereum is trading around $2,280, maintaining a moderate bullish trend by holding above its key support, the 50-day exponential moving average (EMA) at $2,210. The Relative Strength Index (RSI) is at 54, indicating healthy momentum without being overbought. In the short term, defending the support zone between $2,148 and $2,210 is crucial; if this zone breaks, the decline could extend to $1,747. If the uptrend resumes, breaking the 100-day exponential moving average (EMA) at $2,353 will be the primary challenge.

Conversely, XRP is showing relative weakness, remaining at $1.40. It has fallen below its key resistance, the 50-day exponential moving average (EMA) at $1.41, appearing trapped within a downtrend channel. The 100-day and 200-day exponential moving averages (EMAs) are thickly positioned at $1.54 and $1.80 respectively, reinforcing a mid-term bearish sentiment.

Currently, while XRP's Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) show some recovery, there isn't enough buying pressure to break through key resistance levels. In the short term, a clear breakthrough and consolidation above $1.41 are necessary to secure upward potential towards $1.66, and if the support level of $1.30 breaks, there's a risk of a deep decline extending to $0.85.

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