- Bitcoin price ranges between $62,000 and $64,700, hinting at a market indecision among traders.
- Ethereum surges past its resistance, signaling a bullish breakout.
- Ripple price fluctuates between $0.560 and $0.613, reflecting trader indecision.
Bitcoin (BTC) and Ripple (XRP) are currently consolidating within their key levels, showcasing a phase of uncertainty among investors. Meanwhile, Ethereum (ETH) appears poised for an upswing, breaking above its resistance level convincingly.
Bitcoin bulls could eye $70,000 above consolidation zone
Bitcoin price has been oscillating between $62,000 and $64,700 for over six days. As of Wednesday, BTC trades at $64,360. If Bitcoin bulls push the price past the $64,700 consolidation zone, it may first attempt to retest its daily resistance level at $65,379. A daily close above this resistance could push Bitcoin higher by 7%, targeting the July 29 high of $70,079.
The Relative Strength Index (RSI) on Bitcoin’s daily chart stands above the neutral level of 50, currently at 65. A move above 60 on the RSI typically signals gaining bullish momentum. However, traders must remain cautious as it approaches the overbought territory near 70.
BTC/USDT daily chart
Conversely, if BTC breaks and closes below the $62,000 support level, it might decline by 7% to revisit the September 17 low of $57,610.
Ethereum price eyes an upswing after surpassing its resistance barrier
Ethereum price broke above its descending trendline on September 19, rallying 3.9% to close above the daily resistance level of $2,461 the following day. Ethereum continued its ascent by 3.5% over the next four days, trading at around $2,643 as of Wednesday.
Should the $2,461 level hold as support, Ethereum might further rise by 6.6% from its current trading price to test its August 24 high of $2,820.
The RSI on Ethereum’s daily chart remains near the 60 mark, signaling a slight decrease in bullish momentum. For the upward trend to persist, the RSI needs to move above 60, indicating that bullish forces are strengthening.
ETH/USDT daily chart
Alternatively, if Ethereum closes below the key support level of $2,461, it could decline further to test its September 6 low of $2,152.
Ripple price consolidates between key levels
Ripple price has maintained its position above its ascending trendline, consolidating between $0.560 and $0.613 for over 11 days. Currently, Ripple trades around $0.592 as of Wednesday.
If Ripple breaks above its $0.613 consolidation zone, the price may first rise to challenge its daily resistance level at $0.626. Successfully closing above this resistance could propel Ripple higher by 5%, targeting the July 31 high of $0.658.
The RSI on Ripple’s daily chart remains above its neutral 50 level, hovering around 57. Sustaining the rally requires the RSI to move above 60, signaling stronger bullish momentum.
XRP/USDT daily chart
On the downside, if Ripple breaks below the $0.560 support zone and closes below the $0.544 daily support level, it might shift to a bearish market structure. Ripple could then decline 7.5%, aiming to retest the September 6 low of $0.502.
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