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- Bitcoin price move above $100,000 could lead to retesting the January high of $106,457, while a drop below $94,000 may push the price toward $90,000.
- Ethereum has rebounded from its recent dip below $2,600, while Ripple’s XRP is facing strong resistance at $2.72.
After a period of brief consolidation recently, the Bitcoin price could be gearing up for volatility leading to a breakout in either direction from the consolidation range of $94,000 and $100,000. On the other hand, altcoins have been showing greater strength as Ethereum (ETH) seeks a move past $3,000 while Ripple’s XRP has been holding the line above $2.50.
The End of the Bitcoin Price Consolidation Is Nearing
Over the past two weeks, Bitcoin price has been swinging in the narrow consolidation zone between $94,000 and $100,000. After testing the lower boundary of this range earlier this week on Tuesday, BTC rebounded back and is currently hovering close to $99,000. As of press time, Bitcoin price is trading 1.50% up at $98,893, and daily trading volumes up 20% to $32.72 billion.
If BTC mages break past the $100K psychological resistance, it could open the gates to retest the January 30 highs of $106,457. On the technical front, the Relative Strength Index (RSI) on the daily chart sits at 50, its neutral level, and is pointing upward, suggesting slight bullish momentum, according to our previous article. Sustaining this momentum will require the RSI to move above its neutral threshold.
On the other hand, if Bitcoin price closes under the lower boundary of the consolidating range of $94,000, the next stop would be at $90,000.
Is Ethereum Preparing for A Rally Ahead?
After facing strong rejection earlier in February, Ethereum’s price took a slide under the $3,000 psychological level, falling all the way to the next support level of $2,600. Since then, ETH has been on a path to recovery, trading 2.27% up and moving past $2,800. If Ethereum maintains its upward trajectory, it could potentially extend its recovery to challenge the $3,000 resistance level.
The Relative Strength Index (RSI) on the daily chart currently stands at 44, having rebounded from its oversold level of 30 last week. This suggests reduced selling pressure, though the RSI needs to rise above the neutral 50 level to confirm sustained bullish momentum.
Achieving this would provide additional support for the ongoing recovery rally. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator displayed a bullish crossover on the daily chart last week, signaling buy opportunities and hinting at a potential upward trend. Furthermore, the upcoming Pectra upgrade could serve as a bullish catalyst for ETH, as reported earlier.
Conversely, if Ethereum continues its downward trajectory and closes below $2,359, it could extend its decline to test the next key weekly support level at $1,905.
Where’s Ripple XRP Heading Next?
Ripple’s price surged by 14% last week, breaking above the daily resistance level of $2.72 on Friday and establishing support around it by Sunday. However, XRP failed to sustain this level, closing below $2.72 on Monday and declining by 6% through Tuesday. On Wednesday, the price rebounded with a 6.8% rise, but it faced resistance once again at $2.72, leading to a 1.83% drop on Thursday. As of Friday, XRP continues to slide, trading near $2.64.
If the $2.72 level holds as resistance, XRP could extend its decline further, targeting the next support level at $1.96. The Relative Strength Index (RSI) on the daily chart is currently at 49, just below its neutral level of 50, signaling slight bearish momentum. Analysts also remain optimistic about XRP ETF filings, as noted in our previous article.
