- Bitcoin’s price remains steady at approximately $84,500 on Friday after recovering nearly 3% this week.
- Ethereum is finding support around the $1,861 mark, indicating a potential recovery.
- XRP has broken through and is retesting its support level at the 50-day EMA, currently at $2.43, suggesting a possible bounce.
Bitcoin (BTC) is trading around $84,500 this Friday, reflecting a recovery of close to 3% over the week. Meanwhile, both Ethereum (ETH) and Ripple (XRP) are finding critical support at significant levels, pointing to a likely recovery.
Furthermore, the US Securities and Exchange Commission (SEC) is set to host its inaugural roundtable discussing crypto asset regulation today. The focus will be on digital assets, cryptocurrencies, tokens, and related frameworks. This event could incite volatility in the crypto market, as it represents a public move by the SEC to tackle the uncertainties surrounding cryptocurrency regulations.
Bitcoin BTC bulls target $90,000 if it surpasses its 200-day EMA
Bitcoin successfully broke and closed above its 200-day Exponential Moving Average (EMA) on Wednesday, achieving a high of $87,000 that day. However, it could not maintain support around the 200-day EMA, which stood at $85,515, resulting in a 3% drop on Thursday. As of Friday, BTC is slightly recovering, trading around $84,500.
If BTC manages to sustain support around its 200-day EMA, it may proceed to retest the psychological milestone of $90,000. The Relative Strength Index (RSI) on the daily chart currently reads 46, showing a slight bearish momentum. The RSI needs to rise above the neutral level of 50 for a sustained recovery rally to occur.
Ethereum’s recovery potential if $1,861 support holds
The price of Ethereum has consistently found support at $1,861 since last week, recovering 9% up to Wednesday. However, a decline of 3.5% occurred the next day. Currently, on Friday, ETH hovers around $1,970.
If the support level at $1,861 remains intact, ETH could look to test its previous high from March 7 at $2,258. The RSI on the daily chart reads 40, having bounced from an oversold level of 30 last week, indicating waning bearish momentum. For a sustainable recovery, the RSI needs to exceed the neutral level of 50. The MACD also reflects a bullish crossover last week, providing a buy signal and indicating a possibility of a bullish trend.
XRP’s potential recovery if 50-day EMA holds
The price of Ripple broke above its 50-day EMA of $2.43 on Wednesday with an 11.46% increase but slightly declined afterward, retesting the 50-day EMA. As of Friday, XRP is trading around $2.42.
If XRP can find support at the 50-day EMA, it may continue its recovery and retest the $2.72 resistance level. On the daily chart, the RSI reads 51, indicating a state of indecision among traders. For sustained bullish momentum, the RSI needs to trend upwards above 50. The MACD also indicated a bullish crossover last week, suggesting a positive trend ahead.
