Bitcoin, Ethereum, and XRP have been experiencing significant growth in the cryptocurrency market, with each token hitting key milestones in terms of price action. However, the journey towards achieving new highs has not been without its challenges, especially for Bitcoin, which has been struggling to break the $100,000 mark. Let’s take a closer look at the key levels to watch for these top cryptocurrencies this week.
Bitcoin (BTC):
Bitcoin’s price has been hovering between $97,000 and $99,500 over the past 48 hours, showcasing a 44.68% surge this month. With a market cap of $1.948 trillion and a dominance of 59.67%, Bitcoin is inching closer to the elusive $100,000 mark. The Relative Strength Index (RSI) is currently above the overbought range in the 1D timeframe, indicating a bullish trend. If the bulls continue to dominate, Bitcoin could potentially breach $100,000 and aim for $110,000. On the flip side, a bearish pullback might push the price towards $90,000.
Ethereum (ETH):
Ethereum has seen a 3% jump in the past day, with a trading volume of $36.84 billion. The altcoin has surged 11.52% in the last seven days and 35.69% in the previous 30 days, reaching a market cap of $412.38 billion. Currently valued at $3,431.87, Ethereum is showing a bullish outlook with the Moving Average Convergence Divergence (MACD) and SMA indicators pointing towards an uptrend. If the bulls maintain control, Ethereum could target $4,000. Conversely, a bearish reversal might lead to a drop towards $3,000.
Ripple (XRP):
Despite a 4.96% drop in the past 24 hours, Ripple has experienced a 40.12% surge in the last seven days and a staggering 200% increase this month. Priced at $1.5, XRP is retesting its 30-month high. The EMA 50/200-day indicator shows a Golden Cross in the 1D timeframe, suggesting continued momentum for XRP. Holding above the $1.5 mark could propel Ripple towards $2, while a bearish trend reversal might push the price down to $1.
In conclusion, the cryptocurrency market is brimming with excitement as Bitcoin, Ethereum, and XRP navigate crucial price levels. While Bitcoin aims for $100,000, Ethereum eyes $4,000 and Ripple sets its sights on $2. Traders and investors should closely monitor these key levels to anticipate potential price movements in the coming days.