Bitcoin, Ethereum, XRP Surge: BTC Nears $120K, ETH Hits $4,300, XRP Eyes $3.40
Bitcoin (BTC) is off to a strong start this week after finding support near $111,980. Since then, BTC has risen 6%...
Quick overview
- Bitcoin (BTC) has risen 6% this week, breaking above $120,000 and aiming for a record high of $123,218.
- Ethereum (ETH) surged 22%, surpassing $4,000 and targeting the December 2021 high of $4,488.
- Ripple's XRP increased by 8%, approaching the $3.40 resistance level, with a potential move to its record high of $3.66.
- Key support levels to monitor are $116,000 for BTC, $4,000 for ETH, and $2.88 for XRP.
Bitcoin (BTC) is off to a strong start this week after finding support near $111,980. Since then, BTC has risen 6% and broken above the $120,000 psychological level by Monday. If this continues, BTC could hit its record high of $123,218 set on July 14.
Technical indicators support this. The RSI is at 65, well above 50, showing strong bullish momentum. The MACD crossed bullish on Monday, which could be the start of a new up trend. But watch out for a correction which could bring BTC back down to $116,000.
Ethereum Bulls Eye $4,488 Resistance
Ethereum (ETH) has done even better, breaking above the $4,000 psychological level and up 22% this week. ETH opened at $4,300 on Monday and is heading towards the December 2021 high of $4,488.
Momentum is strong as the RSI is at 73, overbought but still going up. This means buyers are active and confident. The MACD crossover on Saturday confirms the bullish trend. But a pullback to the $4,000 support level is possible if selling pressure emerges.
XRP Aims to Break Above $3.40 Resistance
Ripple’s XRP has risen 8% since bouncing off the $2.78 support level, the 50% Fibonacci retracement from recent lows. Trading above $3.26, XRP is approaching the $3.40 resistance level. A close above this could trigger a move to the record high of $3.66.
XRP’s RSI is at 58, showing growing bullish momentum but the MACD lines are still converged, meaning traders are undecided. For XRP to hold gains, a bullish MACD crossover like the ones in BTC and ETH would be needed. If XRP fails to break above $3.40, it may go back to the 50-day EMA of $2.88.
Key Takeaways:
- Bitcoin rallied 6%, trading above $120K; resistance at $123,218.
- Ethereum surged 22%, testing $4,488 high; strong RSI at 73.
- XRP gained 8%, nearing $3.40 breakout; MACD indecisive.
- Support levels to watch: BTC at $116K, ETH at $4,000, XRP at $2.88.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Save