- Bitcoin broke above its range upper limit of $64,700, eyeing a rally ahead.
- Ethereum price finds support around its 50-day EMA level of around $2,600, signaling an upswing on the horizon.
- Ripple price consolidates between $0.560 and $0.613, indicating a phase of uncertainty.
Bitcoin (BTC) broke above its consolidation zone, signaling a potential bullish move ahead. At the same time, Ethereum (ETH) is finding support at a key level, hinting at an upcoming rally. In contrast, Ripple (XRP) consolidates between its crucial levels, indicating a period of indecision among traders.
Bitcoin price is poised for a rally if it sustains above its resistance barrier
Bitcoin price broke and closed above its consolidation zone between $62,000 and $64,700 on Thursday, closing above $65,000. As of Friday, it is trading slightly lower, around $64,900, after encountering resistance at the daily level of $65,379.
If BTC breaks and closes above its daily resistance level at $65,379, it could rally 7% from the breakout point to retest its July 29 high of $70,079.
The Relative Strength Index (RSI) on the daily chart has declined slightly and is currently pointing downward, trading at 64. For Bitcoin to continue its rally, the RSI must rise and head towards 70. However, traders should be cautious if it exceeds the overbought level 70.
BTC/USDT daily chart
On the other hand, if BTC breaks and closes below the consolidation zone around $62,000, it could extend the decline by 7% to retest its September 17 low of $57,610.
Ethereum finds support at key level, eyeing potential rally ahead
Ethereum price is trading around its 50-day Exponential Moving Average (EMA) at $2,594 on Friday. It found support after breaking above its descending trendline on September 19, which led to an 11% rally.
If the 50-day EMA at $2,594 support holds, ETH could continue its rally to retest its August 24 high of $2,820.
The RSI on the daily chart is trading lower near the 57 level, reflecting the decrease in the bullish momentum. For the rally to be sustained, the RSI must rise above 60, which generally indicates that bulls are gaining traction.
ETH/USDT daily chart
However, if the 50-day EMA fails to hold and Ethereum price declines, closing below the daily support level of $2,461, it could decline further to retest its September 6 low of $2,152.
Ripple price consolidates between two key levels
Ripple price has been trading above its ascending trendline (drawn by connecting multiple low levels from July 5) and consolidating between the $0.560 and $0.613 key levels for over two weeks. As of Friday, it trades at around $0.586.
If Ripple breaks above this consolidating range around $0.613, it could first rise to retest its daily resistance level at $0.626. A daily close above this level could extend the rise by 5% to retest its July 31 high of $0.658.
The RSI on the daily chart trades above its neutral level of 50 and is hovering around 53. For the rally to be sustained, the RSI must rise above 60, which indicates that bulls are getting strong for the uprise.
XRP/USDT daily chart
However, if Ripple’s price breaks below the consolidation zone around $0.560 and closes below the $0.544 daily support level, it would also break below the ascending trendline, changing the market structure to bearish. In such a case, XRP would decline 7.5% to retest its September 6 low of $0.502.
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
Avalanche rallies following launch of incentive program for developers
Avalanche announced the launch of Retro9000 on Thursday as part of its larger Avalanche9000 upgrade. Retro9000 is a program designed to support developers with up to $40 million in grants for building on the Avalanche testnet.
Ethereum could retest $2,707 resistance following increasing ETF inflows and uptrend in funding rates
Ethereum traded around $2,640 on Thursday, up more than 2% following increased bullish bias among investors, as evidenced by ETH ETF net inflows and an uptrend in funding rates.
Ethena Labs launches new UStb stablecoin backed by BlackRock's BUIDL token
Ethena Labs announced on Thursday that it has released a new stablecoin product, UStb. The new stablecoin will be fully collateralized by BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) and function similarly to a traditional stablecoin.
Crypto Today: Bitcoin, Ethereum and XRP trade in the green as crypto lost to hacks and fraud plunge by 40%
Bitcoin has moved above the $65,000 psychological level after flipping a key resistance, XRP sees a slight 1% gain. Ethereum trades around $2,650, up over 3% in the past 24 hours, as it attempts to tackle the $2,707 key resistance.
Bitcoin: Fed-led rally could have legs towards $65,000
Bitcoin is poised for a second consecutive week of gains, supported by the recent 50-basis-point cut in interest rates by the Federal Reserve. Bitcoin broke above several key technical resistances this week, signaling a rally continuation.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.