Key Insights
- The crypto market is at its strongest this week, with major cryptos posting gains.
- Bitcoin is holding above a psychological support at $100,000 and is a strong candidate for a push towards $120,000 or over.
- Ethereum’s mixed signals show that investors must approach with caution. A break below $3,125 could lead to an extension further down to $3,000.
- XRP’s recent performance and its break above the $3 mark for the first time in three years, shows its long-term potential and a possible retest of $3.63.
The crypto market is generating excitement this week, especially with the performance of the top three assets by market cap.
Bitcoin for example, has reclaimed its standing above the $100,000 price level. Ethereum is facing a critical resistance and could be on its way to the $3,700 zone.
XRP on the other hand, has broken above a major resistance for the first time in seven long years.
Let’s go over the latest price predictions for these three across the market.
- Bitcoin (BTC)
Bitcoin’s break above the $100,000 price level shows that the bulls are incredibly active.
The cryptocurrency’s market dominance has surged to an impressive 57.09% over the weekend, with a current price above the $108,000 price level.
According to the charts, the cryptocurrency has just broken above the falling wedge formation shown above, and has completed its post-breakout retest.
Interestingly, its 200-EMA on the 4-hour chart shows that the $100,000 price level remains an important psychological support.
If the cryptocurrency holds above this price level, it may find the strength to retain its position around the $108,000 price level and even push towards the $120,000 zone (or higher).
On the flipside, any breaks of this psychological support could see the cryptocurrency retest support around $98,000 or lower.
- Ethereum (ETH)
Ethereum has done a good job of joining the broader market in its bullishness.
However, this cryptocurrency still has a long way to go before being regarded as fully bullish.
CoinMarketCap data shows that the cryptocurrency is up by around 4% over the last 24 hours before writing.
However, the cryptocurrency still trades below the $3,400 zone and might have to travel further upwards to hit the psychological $3,500 zone.
According to the RSI on the daily charts, Ethereum trades slightly below the neutral zone.
This indicates that while the bears might be slightly stronger than the bulls, the market is still very indecisive.
While the cryptocurrency is supported by its 200-day EMA, it still faces resistance around its 50-day EMA.
This said, Ethereum holding above the $3,125 zone is critical to its future.
If the bulls manage to hold this zone, Ethereum could travel further up, break through $3,500 and even hit the $3,700 price level.
Conversely, bearish momentum could cause a decline to $3,300 where the bears might be waiting around the $3,125 and $3,000 zones.
- Ripple (XRP)
XRP has been impressive in terms of price performance so far—especially after breaking above the $3 price level for the first time in seven years.
The cryptocurrency is also up by a YTD gain of 51.57%, showing that investors are incredibly interested in this cryptocurrency.
As shown by the charts, the cryptocurrency could aim for a break above $3.5 if the bullish momentum holds.
The cryptocurrency must also stay above the $2.9 price level, because a break below would lead to a retest of the $2.5 zone if sentiment reverses.
Overall, XRP’s ability to sustain its momentum depends strongly on its ability to hold support above the $2.9 price level.
So far, analysts are optimistic about a push, even further towards the $3.63 price level.
Overall, this week is an important one for the crypto market, especially with Bitcoin’s stability above $100,000, Ethereum’s performance around $3,125 and XRP’s incoming push past the $3.63 price level.
Investors should remain vigilant and monitor these cryptocurrencies throughout the week.
