Ripple, Bitcoin, Ethereum: XRP surges, BTC/ETH recover.

Following support around their pivotal levels this week, the prices of Ethereum (ETH) and Bitcoin (BTC) continued to rise on Wednesday. However, Ripple (XRP) is still strong and established support near the top symmetrical triangle boundary, indicating that the rally will continue.

After retesting its $90,000 support level, Bitcoin rises.

The price of bitcoin dropped to a low of $89,256 on Monday, but it swiftly rebounded and ended above $94,500. It recovered by 2.14% on Tuesday, closing above $96,500. As of this writing on Wednesday, it is still rising, trading at about $97,400.

Bitcoin might continue to rise and retest the all-time high of $108,353 on December 17, 2024, if it closes above $100,000.

On the daily chart, the Relative Strength Index is showing an increase in bullish momentum with a reading of 53, above its neutral threshold of 50 and pointing upward. Furthermore, a bullish crossover is set to be flipped by the Moving Average Convergence Divergence (MACD) indicator. When the signal line is above the MACD line,

Bitcoin will continue to fall to retest its next support level at $85,000 if it corrects further and closes below $90,000.

After retesting its 200-day EMA, the price of Ethereum modestly increased.

On January 6, the price of Ethereum was rejected near the daily resistance level of $3,730. It then fell 15.47% until Monday, when it hit a low of $2,920. But the next day, it regained 2.81% and finished above its 200-day Exponential Moving Average (EMA) at $3,114. As of this writing on Wednesday, it is approximately $3,223.

The price of ETH may continue to rise and test its daily resistance level at $3,730 if it closes over $3,235.

On the daily chart, however, the RSI indicator shows negative momentum with a reading of 41, below its neutral threshold of 50. Additionally, the MACD indicator displays a bearish crossover, indicating a downturn and a sell signal.

Bitcoin might continue to rise and retest the all-time high of $108,353 on December 17, 2024, if it closes above $100,000.

But, ETH can continue to fall to test its psychological significance level of $3,000 if it falls below the $3,114 support level.

Ripple bulls are aiming for $3.

The price of ripple rose 5.17% the next day after retesting its upper symmetrical triangle limit on Tuesday. Two converging trendlines (from early December to early January) were used to connect several highs and lows to create this technical pattern. The aim of this bullish technical pattern is often determined by calculating the separation between the breakout point and the first swing high and low. It is still trading higher at about $2.80 as of Wednesday’s writing.

Should XRP maintain its upward trajectory, the rally may continue to challenge its technical goal of $3.63, which was determined by this pattern. Traders may decide to book profits, thus investors should be wary of this theoretical move as it may see a slowdown after testing its psychological importance level of $3.00.

Bullish momentum is indicated by the RSI indicator’s reading of 67, which is higher than its neutral value of 50. Furthermore, a bullish crossover in the MACD indicates that the rising trend will continue.

FAQ

What factors are contributing to Bitcoin's recent price rise?

Bitcoin’s recent price rise is primarily driven by its strong support at the $90,000 level. After briefly dropping to $89,256, Bitcoin rebounded quickly, showing bullish momentum. The Relative Strength Index (RSI) reading of 53, above the neutral threshold of 50, suggests increasing buying interest, while the MACD crossover further supports the upward trend.

What does Ethereum's recovery indicate about its future price?

Ethereum’s recovery after retesting its 200-day Exponential Moving Average (EMA) at $3,114 suggests potential for further price increases. If Ethereum manages to close above $3,235, it may test resistance levels around $3,730. However, the current RSI reading of 41 and the bearish crossover in the MACD suggest that the price could also face a downturn and test the psychological level of $3,000 if it falls below $3,114.

Why is Ripple showing strong bullish momentum?

Ripple’s price has been rising due to its strong support found at the upper boundary of its symmetrical triangle pattern. With an RSI reading of 67, indicating bullish momentum, and a bullish crossover in the MACD, XRP is poised for a continued upward rally. The price has already surpassed $2.80 and could challenge its technical goal of $3.63 if the rally continues.

What would cause Bitcoin to drop below $90,000 again?

If Bitcoin fails to maintain its support level above $90,000 and closes below this threshold, it may face a correction toward its next support level at $85,000. Additionally, if negative sentiment grows or external market factors cause a sell-off, Bitcoin could retest lower levels.

How should traders prepare for potential price movements in these cryptocurrencies?

Traders should closely monitor key support and resistance levels for Bitcoin, Ethereum, and Ripple. For Bitcoin, a close above $100,000 could signal further gains, while a drop below $90,000 would suggest a decline. Ethereum’s price could test $3,730 if it holds above $3,235, but a fall below $3,114 may prompt a drop to $3,000. For Ripple, the $3.00 psychological level is crucial—any further movement beyond that could signal more substantial rallies. Traders should stay alert to the RSI and MACD indicators for signs of trend reversals.