Bitcoin Hits $93,900: Ethereum and Ripple Struggle to Keep Up
More from the Author Cal Evans
Bitcoin reaches a new all-time high of $93,900, signaling potential for further gains toward $100K, though caution is advised due to overbought RSI levels indicating a possible pullback.
Meanwhile, Ethereum struggles near its $3,000 support, and Ripple faces resistance at $1.13, both hinting at potential declines if key levels are breached.
Bitcoin’s All-Time High and What’s Next
Bitcoin (BTC) has once again captured headlines, reaching a staggering all-time high of $93,900 on Tuesday. This surge sets the stage for a potential rally toward the psychological milestone of $100,000. At the time of writing, BTC has slightly retraced to $91,900, but bullish sentiment remains strong.
However, caution is advised as the Relative Strength Index (RSI) stands at 75, well above the overbought threshold of 70. This suggests a correction could be looming. If BTC breaches its support at $87,000, a deeper pullback to $85,000 or even $78,800 (based on Fibonacci retracement levels) is possible. Conversely, breaking past $93,900 with strong momentum could solidify the path to $100K.
Ethereum Teeters on Key Support at $3,000
While Bitcoin steals the spotlight, Ethereum (ETH) struggles to maintain its footing. After facing resistance at $3,454, ETH has declined by over 7.8% and is now hovering near the crucial $3,000 mark.
If ETH closes below this level, it may slide further to its 200-day Exponential Moving Average around $2,806. The RSI, currently at 58 and trending downwards, indicates growing bearish pressure. A drop below the neutral RSI level of 50 could signal more downside.
On the flip side, a breakout above $3,454 could reignite bullish momentum, pushing ETH toward the $4,000 mark. Traders are watching these levels closely as the next move could define Ethereum’s short-term trajectory.
Ripple Faces Resistance, Risks Further Decline
Ripple (XRP) is also under pressure, trading at $1.08 after failing to break past the $1.13 resistance level multiple times. With its RSI at a high of 80 and pointing downward, XRP is at risk of a pullback.
A continued rejection at $1.13 could lead to a decline toward its support at $0.938. However, if XRP manages to close above $1.13, a rally to $1.37 could be on the cards, offering hope for bulls.
The Big Picture
As Bitcoin eyes $100K, Ethereum and Ripple face pivotal moments that could lead to significant moves in either direction. Traders should tread carefully, paying close attention to support and resistance levels alongside key RSI readings. With market sentiment teetering, the coming days could bring crucial opportunities—or risks—for crypto investors.
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