Bitcoin trades above $88,000, extending a lateral move within a symmetrical triangle pattern after a 1.43% rise on Tuesday. Ethereum faces resistance from an overhead trendline connecting the October 7 and December 10 highs. Ripple prepares for a potential breakout of a falling wedge pattern after a 1.45% rise on Tuesday.
Bitcoin is trading above $88,000 at press time on Wednesday, holding steady after the 1.43% rise on the previous day. The momentum indicators on the daily chart support the thesis of a potential recovery. The Relative Strength Index (RSI) is at 48, inching toward the midpoint, suggesting a decline in selling pressure. Additionally, the Moving Average Convergence Divergence (MACD) rises with its signal line after a crossover on December 19.
However, the close moving average lines bear the risk of a bearish crossover, which would trigger a sell signal if BTC price corrects sharply. Ethereum faces resistance from an overhead trendline connecting the October 7 and December 10 highs. At the time of writing, Ethereum hovers near $3,000 on Wednesday, retaining the 1.22% gains from the previous day. If the major altcoin clears the trendline, it could face opposition near the 50-day EMA at $3,120, followed by the R1 Pivot Point at $3,177.
The RSI at 47 remains slightly below the midline as bulls struggle to overcome the bearish pressure. However, the MACD diverging upward from the signal line after a crossover on Saturday sustains the buy indication. On the flip side, the $2,783 support level, last tested on December 18, could serve as primary support before the November 21 low at $2,623.
Ripple, similar to Ethereum, Ripple struggles near a resistance trendline connecting the November 13 and December 9 highs, near $1.90. This trendline completes a falling wedge pattern on the daily chart, with a converging support trendline connecting the October 17 and November 4 lows. If XRP secures a daily close above $1.90, it could confirm a bullish breakout and extend the rally to the 50-day EMA at $2.05. The RSI is at 42 on the daily chart, maintaining a broadly upward trend after reversing from the oversold boundary on December 18.
This suggests a loosening of the bearish grip on XRP, and a move above the halfway line would signal renewed buying pressure. Additionally, the MACD indicator maintains the buy signal from Saturday’s crossover, while successive green histogram bars indicate a rise in bullish momentum. Looking down, if XRP reverses from the $1.90, it could test the S1 Pivot Point at $1.79, followed by the support trendline at $1.68.
Bitcoin, Ethereum, and XRP: Near-Term Price Path and Key Levels
Bitcoin trades above $88,000, extending a sideways move within a symmetrical triangle pattern after a 1.43% rise on Tuesday. The daily momentum indicators point to a possible recovery, with the RSI near the midpoint and the MACD rising after a crossover on December 19. However, a bearish crossover of the moving averages could trigger a sell signal if BTC corrects sharply.
Ethereum sits around $3,000, facing resistance from an overhead trendline linking the October 7 and December 10 highs. A breakout could bring ETH to the 50-day EMA near $3,120 and the R1 Pivot at $3,177, while the RSI remains slightly below the midline and the MACD sustains a buy bias. On the downside, support sits around $2,783, tested last on December 18, ahead of the November 21 low near $2,623.
Ripple, or XRP, is testing a resistance line near $1.90 as it forms a falling wedge with a converging support trendline from the October to November lows. A daily close above $1.90 could confirm a bullish breakout toward the 50-day EMA at $2.05, supported by a rising RSI and ongoing MACD buy signal. If XRP reverses from $1.90, nearby supports include $1.79 (S1 Pivot) and the trendline around $1.68.
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