- Bitcoin price retests and bounces off from the daily support level of $56,000, eyeing a rally ahead.
- Ethereum price approaches the $2,400 resistance level; a close above signals a bullish move.
- Ripple breaks above the key resistance level around $0.544, impending rally is on the horizon.
Bitcoin (BTC) and Ripple (XRP) broke above their key resistance levels, hinting at a rally ahead. While Ethereum’s (ETH) price is nearing its key resistance level, a breakout could suggest a bullish move ahead.
Bitcoin price shows potential for upleg after finding support around $56,000
Bitcoin price retested the daily support level around $56,000 on Wednesday and bounced 3.7%. At the time of writing on Friday, it trades at around $58,000.
If the $56,000 daily support continues to hold, BTC could rise to $59,529, its 50% price retracement level (drawn from a high in late July to a low in early August).
The Moving Average Convergence Divergence (MACD) indicator further supports Bitcoin’s rise, which signals a bullish crossover on the daily chart. The MACD line (12-day Exponential Moving Average, blue line) moved above the signal line (26-day Exponential Moving Average, yellow line), giving a buy signal. It shows green histogram bars above the neutral line zero, also suggesting that Bitcoin’s price could experience upward momentum.
BTC/USDT daily chart
However, the bullish thesis would be invalidated if Bitcoin’s daily candlestick closes below $56,000. This scenario would lead to a decline of 3.5% to retest its psychologically important level at $54,000.
Ethereum price is poised for an upward moment if it closes above $2,400
Ethereum price recovered and is approaching its daily resistance level at $2,421. It trades at around $2,357 on Friday. If ETH breaks and closes above the $2,421 level, it could rally 6% to retest its 61.8% Fibonacci retracement level at $2,564 (drawn from a high in late August to a low in early September).
Additionally, the MACD indicator supports Ethereum’s price rise, signaling a bullish crossover. The MACD line (12-day EMA) rose above the signal line (26-day EMA), giving a buy signal. It also shows green histogram bars above the neutral line zero, suggesting upward momentum.
ETH/USDT daily chart
However, the bullish thesis would be invalidated if Ethereum fails to break above $2,421. This scenario would lead to an 8% decline to retest the September 7 low of $2,225.
Ripple is set for a rise as it breaks above its resistance barrier
Ripple price broke above daily support at $0.544 and the 200-day EMA at $0.548 on Thursday, rising 5%. As of Friday, it trades around the $0.558 level.
If the $0.544 level holds as support, XRP could rally 11.5% from its current trading level to retest its daily resistance level at $0.626.
This bullish outlook is further supported by the MACD indicator, which signals a bullish crossover. The MACD line is above the signal line, giving a buy signal. It also shows green histogram bars above the neutral line zero, suggesting upward momentum.
XRP/USDT daily chart
On the other hand, if Ripple’s price closes below the $0.544 level, the bullish thesis would be invalidated. In this case, it could decline 7.6% to retest its September 6 low of $0.520.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto traders gear for President Trump’s plan to tackle inflation, Bitcoin eyes rally above $100,000
Bitcoin corrects below the $100,000 milestone on Monday, slipping nearly 10% from its all-time high of $109,558 reached on January 20. The largest cryptocurrency by market capitalization has declined to a low of $97,777, even as institutional investors remain bullish on Bitcoin.
Pepe Price Forecast: PEPE eyes for 20% crash
Pepe continues its decline, trading around $0.000012 and dipping nearly 10% at the time of writing on Monday after correcting more than 12% the previous week. PEPE’s long-to-short ratio trades below one, indicating more traders are betting on the frog-based meme coin to fall.
Dog-based meme coins DOGE and SHIB dip as bearish bets increase among traders
Dogecoin and Shiba Inu prices continue to decline on Monday after correcting more than 6% in the previous week. DOGE and SHIB long-to-short ratio trades are below one, indicating more traders are betting for dog-based meme coins to fall.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP momentum indicators hint at correction
Bitcoin (BTC) and Ethereum (ETH) are approaching their crucial support levels on Monday; a firm close below would lead to a correction. Ripple (XRP) price follows BTC and ETH as it nears its ascending trendline; a close below would lead to a pullback ahead.
Bitcoin: BTC holdings of large investors surges as Trump takes the Oval Office
Bitcoin (BTC) trades in the green and hovers above $105,000 on Friday after hitting a new all-time high of $109,588 on Monday. CryptoQuant’s weekly report highlights that the demand for BTC from large investors surges as US President Donald Trump takes the Oval Office.
Trusted Broker Reviews for Smarter Trading
VERIFIED Discover in-depth reviews of reliable brokers. Compare features like spreads, leverage, and platforms. Find the perfect fit for your trading style, from CFDs to Forex pairs like EUR/USD and Gold.