- Bitcoin surges past $65,000, sets sights on $70,000.
- Ethereum price stabilizes around its 50-day EMA level of $2,600, indicating potential for growth.
- Ripple price hovers between $0.560 and $0.613, reflecting market indecision.
Bitcoin’s remarkable rise past $65,000 has caught the attention of the crypto community, setting the stage for what could be an exciting rally towards $70,000. Simultaneously, Ethereum is holding its ground near a crucial support level, hinting at positive momentum. In contrast, Ripple is experiencing a phase of consolidation, suggesting a period of uncertainty for traders.
Bitcoin sets its sights on $70,000 after breaching resistance
Bitcoin’s price recently broke through its consolidation band spanning $62,000 to $64,700, closing above the $65,000 mark on Thursday. Despite a slight pullback to around $64,900 on Friday, Bitcoin encountered some resistance at the daily level of $65,379. Should Bitcoin continue to surpass this level, a further rally of 7% could see it retest the high of $70,079 set on July 29.
The Relative Strength Index (RSI) on the daily chart has dipped slightly and is currently trending around 64. For Bitcoin to sustain its upward momentum, the RSI needs to climb towards 70. However, traders should be vigilant if the RSI crosses the overbought threshold at 70.
BTC/USDT daily chart
However, if Bitcoin falls and closes below its consolidation zone around $62,000, it might extend a decline by 7% and retest the September 17 low of $57,610.
Ethereum stands firm at its 50-day EMA, eyes potential advance
Ethereum’s price finds support around its 50-day Exponential Moving Average (EMA) at approximately $2,594. Following a breakout above its descending trendline on September 19, Ethereum enjoyed an 11% rally. Should support around the 50-day EMA hold firm, Ethereum could potentially advance to retest its August 24 high of $2,820.
The RSI on Ethereum’s daily chart is presently around 57, suggesting a weakening bullish momentum. For Ethereum’s upward rally to persist, the RSI would need to rise above 60, indicating stronger bullish control.
ETH/USDT daily chart
Conversely, if Ethereum’s price drops below the critical support at the 50-day EMA and closes under $2,461, it could decline further, potentially retesting the September 6 low of $2,152.
Ripple consolidates, reflecting a period of indecision
Ripple has been moving above its ascending trendline since July 5, consolidating between $0.560 and $0.613 for over two weeks. Currently trading around $0.586, Ripple faces a key resistance at $0.613. A breakout above this range could propel Ripple to its next resistance level of $0.626, and further up to retest the July 31 high of $0.658.
The RSI on Ripple’s daily chart is slightly above neutral at 53, indicating a need for increased momentum for a sustained rally. For an upward surge to be maintained, the RSI needs to rise above 60.
XRP/USDT daily chart
On the downside, if Ripple’s price falls below the consolidation zone around $0.560 and closes below $0.544, it would breach the ascending trendline and potentially shift market sentiment to bearish, targeting a 7.5% decline to the September 6 low of $0.502.
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