Bitcoin, Ethereum and XRP in sharp movement: BTC near $105K, ETH finds support, XRP towards $3
The crypto market is once again witnessing bullish sentiment, with Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) showing sharp gains. All three major cryptocurrencies are trading close to their key resistance and support levels, which suggests the market could open up a path to new all-time highs.
Bitcoin close to $105,000 resistance
The price of Bitcoin has shown a lot of volatility in the last few days. On Sunday, BTC tested the $105,000 resistance level but fell by 2% immediately after. Then on Tuesday there was a slight recovery and BTC again tested the $105K level. But by Wednesday BTC slipped to around $103,600.
If this pullback continues, the next strong support level could be at $100,000 – which is also considered a psychological level.
The RSI (Relative Strength Index) level on the daily chart is at 69, which is below the overbought level of 70. This is a sign that the bullish momentum is weakening. If the RSI moves below 50, BTC could see a sharp decline.
But if BTC closes the daily above $105,000, it could be a bullish breakout, pushing the price towards the all-time high of $109,588 made on January 20.
Ethereum finds support at 200-day EMA
Ethereum price found support near its 200-day EMA (Exponential Moving Average) at $2,436 on Monday, after which it made a tremendous rally of 7.38% on Tuesday. As of Wednesday, ETH was trading around $2,640.
If the 200-day EMA at $2,436 holds support, ETH price could reach the psychological level of $3,000.
ETH’s daily RSI is at 78, which is above the overbought level of 70. This is a strong signal of bullish momentum, but traders should remain cautious as RSI rising this high also increases the chance of a pullback.
If a pullback happens, ETH could fall back to $2,436 — where buyers will again get a chance to enter.
XRP Towards $3 Resistance
Ripple (XRP) is also in a bullish trend. XRP broke above its 50-day EMA of $2.26 on April 8 and has since seen a 21% rally till Tuesday. The price of XRP is currently trading near $2.55.
If XRP breaks the daily resistance of $2.72, it could be a new bullish signal as the price could reach the psychological level of $3.
But the daily RSI is at 66, which fell below the overbought level of 70 on Tuesday. This is a sign that the bullish momentum has weakened a bit. If RSI reverses upwards, the rally can sustain.
Conversely, if there is a correction, XRP can fall back to the 50-day EMA of $2.26.
What to expect in the coming days?
The crypto market is currently in bullish territory, but the RSI indicators suggest some profit booking. BTC can see new highs if it breaks $105K, ETH’s support of $2,436 is crucial, and if XRP closes above $2.72, a rally to $3 can almost be confirmed.
Both investors and traders need to keep an eye on RSI levels, key EMA support/resistance zones and daily close candles. The momentum is strong in the crypto market, but volatility is also going to remain high – so risk management is of utmost importance.