Meanwhile Bitcoin (BTC) has been impressively bullish this week, blasting through multiple resistance levels before finally settling into a support level around $93,000. Ethereum (ETH) and XRP, however, are facing serious resistance at key levels, resulting in a degree of unpredictability regarding their immediate trajectories. Investors are watching these important thresholds with eagle eyes, as breakouts may point the way to additional advances. On the flip side, price corrections could become unavoidable if these hurdles are not jumped.
Bitcoin's Bullish Week and Current Consolidation
Bitcoin (BTC) made impressive gains earlier in the week, breaking through the first real resistance level. Once again, on Monday the price began to break upward. By Thursday, it was up 10.45%, breaking through the symbolic $93,000 milestone. This bullish momentum further highlighted the resurgence of investor confidence and growing demand for the world’s premier cryptocurrency.
Bitcoin (BTC) achieved incredible heights, only to face a ceiling at its March peak of $95,000. It was unable to push back above this key level. As of Friday, BTC price found support over $93,000 during the week for a 9.5%-week rise. The failure to break the $95,000 barrier adds an element of unpredictability to Bitcoin’s short-term prospects.
Bitcoin (BTC) should build enough momentum to help BTC buyback above $95,000 on a closing basis. If so, it would set off a larger rally and may even retest the next daily resistance at $97,000. In the event Bitcoin (BTC) starts to correct, the $90,000 level should provide significant support. This level has psychological importance to many investors. Bitcoin’s daily RSI sits at a healthy 52. It’s going lower, telling you bullish momentum is losing strength. Traders need to be cautious.
Ethereum's Rally and Resistance at $1,861
Ethereum (ETH) showed strong price action, surging 11.19% on Tuesday and breaking out above the $1,700 resistance level with conviction. This accompanying move was a clear sign of strong buying conviction. It further indicates a broader change in market sentiment against the second-largest crypto, by market cap.
Ethereum (ETH) retraced after facing resistance at $1,861. It still managed to reach a high of $1,834 but failed to maintain a close above this daily resistance level. This area has become an important hurdle for ETH. If there’s a strong breakout above $1,861 it can act as a trigger for a bigger rally, luring in additional buyers and driving the price even higher.
For example, as of Friday Ethereum (ETH) is trading around $1,750. This price is significant as it shows the challenges it faces in trying to clear above the resistance point at $1,861. The market is closely watching to see if Ethereum (ETH) can gather enough momentum to break through this level or if it will face further downward pressure.
XRP's Struggle at $2.23 Resistance
XRP had a horrible day on Wednesday. It failed to hold above the daily resistance at $2.23 and had a small red close the following day. This resistance level has proven to be a significant hurdle for XRP. It’s preventing the coin from establishing a noticeable positive trajectory.
Therefore, the $2.23 resistance level is notable, as this coincides with the 50-day Exponential Moving Average (EMA) at $2.19. This combination makes for a key resistance area that traders should closely monitor. A conclusive close above this area would confirm a bullish trend for XRP, likely luring in more investments.
As of writing on Friday, XRP seems to remain bearish trading down at $2.17, showing that the challenge is still how to push through this resistance. If XRP decides to keep the ongoing correction, it might prolong the drop and revisit its following support at $1.96. Traders should keep a close watch on these levels, as they will be key in understanding XRP’s subsequent price movements.
