Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) prices are taking a breather on Wednesday near their key resistance levels following the recent surge. BTC faces rejection at the $94,253 level, while ETH and XRP follow BTC’s footsteps, struggling near $3,308 and $2.35, respectively. The price action of the top three cryptocurrencies by market capitalization suggests a cooldown before the rally resumes, if a decisive close above these key resistance zones occurs.
Bitcoin faces rejection around the $94,253 resistance level
Bitcoin price closed above the upper consolidation range of $90,000 on Saturday. BTC rose nearly 4%, retesting the 61.8% Fibonacci retracement level (drawn from the April low of $74,508 to October’s all-time high of $126,199) at $94,253 on Monday. However, the rally paused on Tuesday as BTC struggled to close above this resistance level. As of Wednesday, BTC is trading slightly down at around $92,700.
If BTC closes above the $94,253 resistance, it could extend the rally toward the key psychological level at $100,000.
The Relative Strength Index (RSI) is 59, above the neutral 50 level, indicating bulls remain in control of momentum. In addition, the Moving Average Convergence Divergence (MACD) indicator shows a bullish crossover and rising green histogram bars above the neutral level, further supporting the bullish outlook.
However, if BTC corrects and closes below the 50-day Exponential Moving Average (EMA) at 91,774, it could extend the decline toward the key support at $90,000.
Ethereum could extend gains if it closes above 100-day EMA
Ethereum price closed above the daily resistance level at $3,017 on Friday and rose nearly 6% through Tuesday, retesting the 100-day EMA at $3,308. As of Wednesday, ETH is trading slightly below $3,272.
If ETH closes above the 100-day EMA at $3,308 on a daily basis, it could extend the rally toward the December 10 high of $3,447.
Like Bitcoin, Ethereum’s RSI and MACD indicate bullish signals, further supporting a positive view.
However, if ETH corrects, it could extend the decline toward the 50-day EMA at $3,134.
XRP rally stalls after retesting key resistance zone
XRP price closed above the daily resistance at $1.96 on Friday and rose more than 16% through Monday, retesting the daily resistance at $2.35. XRP corrected the next day after failing to break through this resistance level. As of Wednesday, XRP is trading down around $2.27.
If XRP closes above the $2.35 level on a daily basis, it could extend the rally toward the next daily resistance at $2.72.
Like Bitcoin and Ethereum, XRP momentum indicators (RSI and MACD) showed bullish signals and support a positive outlook.
However, if XRP continues its correction, it could extend the decline toward the 50-day EMA at $2.07.