On Wednesday, Bitcoin is trading above $95,000, having recently broken through a crucial resistance level. Ethereum continues its upward momentum, currently trading above $3,300 after gaining nearly 7% this week. Meanwhile, XRP has bounced back, holding support near its 50-day EMA at $2.17, indicating the potential for further gains.
On Wednesday, Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) continued trading higher, following gains of over 4%, 7%, and 5% respectively the previous day. BTC closed above a critical resistance level, while ETH and XRP held firm support at key price points. These top three cryptocurrencies by market cap appear poised to extend their rallies, with targets set at $100,000 for BTC, $3,500 for ETH, and $2.35 for XRP.
Bitcoin Breaks and Closes Above Key Resistance at $94,253
Bitcoin found support near the former upper consolidation zone around $90,000 on January 8 and showed a modest recovery through Monday. On Tuesday, BTC surged over 4%, closing above the 61.8% Fibonacci retracement level—measured from the April low of $74,508 to the October all-time high of $126,199—at $94,253. As of Wednesday, Bitcoin is trading near $95,300.
If Bitcoin maintains its upward momentum, it could push further toward the important psychological milestone of $100,000.
The daily chart’s Relative Strength Index (RSI) stands at 66, above the neutral midpoint of 50 and trending higher, signaling strengthening bullish momentum. Additionally, the Moving Average Convergence Divergence (MACD) indicator shows a sustained bullish crossover, with increasing green histogram bars above the neutral line, reinforcing the optimistic outlook.
BTC/USDT daily chart
Conversely, if Bitcoin undergoes a pullback, it may drop further toward the critical support level at $94,253.
Ethereum Bounces Back Following 50-Day EMA Test
Ethereum found support near its 50-day EMA at $3,139 last week and remained around that level through Monday. On Tuesday, ETH surged over 7%, closing above $3,325. As of Wednesday, it’s trading near $3,200.
If the upward momentum persists, Ethereum could push toward the December 10 high of $3,447. Similar to Bitcoin, Ethereum’s RSI and MACD indicators show bullish signals, reinforcing a positive outlook.
ETH/USDT daily chart
However, should Ethereum experience a pullback, it may drop further toward the 50-day EMA support at $3,139.
XRP bulls aiming for the $2.35 mark
XRP found support near its 50-day EMA at $2.07 last week and remained around that level through Monday. On Tuesday, XRP climbed over 5%. As of Wednesday, it is trading close to $2.16.
If the rally continues, XRP could push higher toward the daily resistance at $2.35. Similar to Bitcoin and Ethereum, XRP’s momentum indicators, including RSI and MACD, display bullish signals, reinforcing a positive outlook.
XRP/USDT daily chart
On the other hand, if XRP faces a pullback, it could extend the decline toward the 50-day EMA at $2.07.
Sources: Fxstreet
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