- Bitcoin’s price is currently around $109,800, just 2.2% below its all-time high.
- Ethereum’s price has closed above its previous high at $2,724, indicating a possible upcoming rally.
- XRP has found support at its 50-day EMA, priced at $2.26, suggesting a potential recovery.
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are showing preliminary signs of strength as Bitcoin approaches its record highs, Ethereum breaks through its consolidation, and XRP finds crucial support. The forthcoming US Consumer Price Index (CPI) release could act as a catalyst, introducing volatility to these leading cryptocurrencies.
Bitcoin Nears Record Highs
Bitcoin retraced to its 50-day Exponential Moving Average (EMA) at $101,000 earlier this week and then surged sharply over the next few days. BTC exceeded its significant resistance level of $106,406 on Monday and stabilized around $110,000 on Tuesday. As of Wednesday, it is trading slightly lower near $109,600. Should BTC continue its upward momentum, it might retest its all-time high of $111,980 from May 22.
The Relative Strength Index (RSI) on the daily chart is currently at 61, above its neutral marker of 50, indicating robust bullish momentum. The Moving Average Convergence Divergence (MACD) also exhibited a bullish crossover on Tuesday, offering buy signals and indicating an upward trend.
Ethereum Aims for $3,000 Following Resistance Break
Ethereum has been consolidating between $2,461 and $2,724 since mid-May and has closed above the upper threshold at $2,724 on Tuesday. As of Wednesday, it is slightly below this mark, trading at around $2,774. If $2,724 continues to act as support, ETH could aim for the key psychological milestone of $3,000.
The RSI on Ethereum’s daily chart stands at 64, indicating strong bullish momentum. Furthermore, the MACD is on the verge of a bullish crossover, which would signal an upward trend if confirmed.
XRP Prepares for Recovery at 50-Day EMA
XRP broke above its 50-day EMA at $2.26 on Monday, followed by a retest that confirmed support the next day. Currently, it hovers around $2.28. If the 50-day EMA continues to hold, XRP may continue its recovery and revisit its next resistance level at $2.72.
The RSI indicates a level of 52 on the daily chart, suggesting uncertainty among traders. However, the MACD showed a bullish crossover on Monday, indicating potential upward momentum. Conversely, if XRP fails to maintain its foothold above the 50-day EMA and dips below it, the price may drop to its next support level at $2.23.
