Manish Chhetri
FXStreet
Bitcoin (BTC) price trades above $114,000 on Wednesday after finding support around the key level the previous day. Meanwhile, Ethereum (ETH) and Ripple (XRP) are nearing their key resistance levels; a decisive close above could trigger a fresh rally.
Bitcoin price started the week on a positive note, rallying nearly 2% on Monday and closing above the 50-day Exponential Moving Average (EMA) at $113,402. On Tuesday, BTC edged slightly down and found support around the 50-day EMA. At the time of writing on Wednesday, it trades slightly higher at around $114,369.
If the 50-day EMA at $113,402 continues to hold as support, BTC could extend the recovery toward the daily resistance at $116,000.
The Relative Strength Index (RSI) on the daily chart reads 53, which is above its neutral level of 50, indicating that bullish momentum is gaining traction. Additionally, the Moving Average Convergence Divergence (MACD) is showing a bullish crossover on Wednesday, providing a buy signal and suggesting the start of an upward trend ahead.
BTC/USDT daily chart
However, if BTC fails to find support around the 50-day EMA and closes below, BTC could extend the decline toward the daily support at $107,245.
Ethereum price found support around the 100-day EMA at $3,877 on Saturday and rallied 8.79% by Monday. ETH faced slight rejection after retesting the daily resistance level at $4,232 on Tuesday. At the time of writing on Wednesday, it hovers around $4,154.
If ETH breaks and closes above the daily resistance at $4,232 on a daily basis, it could extend the rally toward the next resistance at $4,488.
The RSI on the daily chart reads 44, pointing upwards and nearing its neutral level of 50, which indicates a fading bearish momentum. For the recovery rally to be sustained, the RSI must move above the neutral level.
ETH/USDT daily chart
On the other hand, if ETH faces a correction, it could extend the decline toward the 100-day EMA at $3,863.
XRP price found support around the daily level at $2.72 on Friday and rose nearly 5% by Monday. However, XRP faced rejection from its 50-day EMA at $2.91 the next day and declined 1.16%. At the time of writing on Wednesday, it hovers at around $2.84.
If XRP closes above the $2.91 resistance level, it could extend the rally toward the key psychological level at $3.
Like ETH, XRP RSI also shows fading bearish momentum. However, for the recovery rally to be sustained, the RSI must move above the neutral level. Moreover, the MACD lines are also about to flip to a bullish crossover, while the falling red histogram bars also indicate the fading of bearish momentum.
XRP/USDT daily chart
However, if XRP faces a correction, it could extend the decline toward the daily support at $2.72.
The developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued. Only a certain number of these assets can be minted by mining, staking or other mechanisms. This is defined by the algorithm of the underlying blockchain technology. On the other hand, circulating supply can also be decreased via actions such as burning tokens, or mistakenly sending assets to addresses of other incompatible blockchains.
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Ethereum (ETH) is down 1% on Tuesday after bowing before the resistance of a descending trendline. The decline comes amid inflows of $547 million into US spot ETH exchange-traded funds (ETFs) on Monday, marking the end of a five-day outflow streak.
Solana (SOL) has lower chances of being affected by the potential supply pressure from Grayscale's influence compared to Litecoin (LTC) if the Securities and Exchange Commission (SEC) approves altcoin exchange-traded funds (ETFs).
Ripple (XRP) trades sideways in a narrow range between support at $2.83 and resistance at $2.92 on Tuesday. Interest in the cross-border token has remained significantly suppressed over the past few weeks, reflecting the general sentiment that September is a bearish month for crypto.
Dogecoin (DOGE) faces a weakening technical structure, trading below $0.2300 on Tuesday. The meme coin's short-term bearish outlook reflects shaky sentiment in the broader cryptocurrency market ahead of October.
Bitcoin (BTC) price hovers around $109,000 at the time of writing on Friday after shedding nearly 5% so far this week. The broader cryptocurrency market experienced its largest single-day liquidation event of the year, wiping out mostly long positions.
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