- Bitcoin holds steady near $111,500, with growing bullish momentum targeting $120,000.
- Ethereum continues to rebound, trading around $2,700 after bouncing off crucial support levels earlier this week.
- Ripple remains above the 50-day EMA at $2.30, indicating potential movement towards the psychological threshold of $3.
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are exhibiting strong performance as the weekend approaches, with bullish sentiment supporting price increases. BTC is maintaining a position above $111,000, as traders aim for the important milestone of $120,000. Meanwhile, ETH and XRP have bounced back from their significant support levels, indicating potential upward movements towards $3,000 for ETH and $3 for XRP.
Bitcoin Bulls Gain Traction, Eyeing $120K
Bitcoin experienced a surge, passing its previous all-time high of $109,588 on Wednesday and reaching a new peak of $111,980 the following day. Currently, it stabilizes around $111,000.
As BTC enters price discovery, if it maintains this upward trend, it could reach the significant psychological level of $120,000.
The Relative Strength Index (RSI) on the daily chart is at 76, above the overbought threshold of 70, indicating robust bullish momentum. Still, traders should be wary as the likelihood of a pullback increases due to this condition. The Moving Average Convergence Divergence (MACD) indicator showed a bullish crossover on Wednesday, signaling a continuation of the upward trend.
Ethereum Sets Sights on $3,000 After Finding Support at 200-Day EMA
Ethereum’s price has found support near its 200-day EMA at around $2,446 since last week. On Wednesday, it rebounded almost 5%, and as of Friday, it trades higher around $2,700.
If ETH sustains this upward momentum, it may rally to retest the psychological level of $3,000.
The RSI for Ethereum stands at 74, indicating strong bullish momentum, but also suggests the potential for a pullback. Additionally, the MACD indicator confirms the bullish outlook with a recent crossover.
XRP Remains Strong Above 50-Day EMA
XRP rebounded after touching its 50-day EMA at $2.30 last week. Following a slight decline, it has managed to recover 3% this week and is trading at approximately $2.46 on Friday.
If XRP continues to gain, it could test the next resistance at $2.72 before aiming for the $3 mark.
The RSI on the daily chart is currently at 58, above the neutral level of 50, indicating bullish momentum. The MACD is nearing a bullish crossover, which would further support this positive outlook.
If XRP falls below its 50-day EMA, it may continue to decline towards its next key support at $2.23.
