- Bitcoin remains range-bound after hitting a new all-time high last week.
- Ethereum bulls push past $3,730, eyeing the $4,000 milestone.
- Ripple (XRP) finds strong support at $3.40, hinting at a potential continuation of the rally.
Bitcoin Consolidates Near Record High
After soaring to a new all-time high of $123,218 last week, Bitcoin (BTC) has entered a consolidation phase, trading between $116,000 and $120,000. As of Monday, BTC hovers near $117,800, with traders watching for a decisive move in either direction.
- A daily close below $116,000 could trigger further downside, targeting the 50-day EMA near $110,297.
- The RSI has eased to 64, reflecting reduced bullish momentum, while the MACD is approaching a potential bearish crossover – a signal that selling pressure may increase.
Conversely, a break above $120,000 would likely re-ignite bullish momentum, opening the door for a re-test of the all-time high at $123,218 and potentially new highs.
Ethereum Breaks Resistance, Targets $4,000
Ethereum (ETH) continues to outperform, having surged over 26% last week. It successfully closed above the key resistance at $3,730 on Sunday and is currently trading around $3,739.
- If ETH holds above this breakout level, bulls could drive the price toward the psychological barrier at $4,000.
- The RSI stands at a strong 86, deep in overbought territory, and the MACD remains bullish with rising momentum.
Should a pullback occur, $3,000 remains a key support level to watch.
XRP Holds Support, Eyes Further Upside
Ripple (XRP) surged more than 20% last week, marking a new record high at $3.66 on Friday. By Monday, it stabilized around $3.47, with strong support confirmed at the $3.40 level.
- If XRP reclaims and closes above $3.66, it could accelerate toward the $4.13 Fibonacci extension level, derived from the January high of $3.40 and the April low of $1.61.
- The RSI is elevated at 84, warning of potential overheating, but the MACD continues to signal bullish momentum.
Any downside correction would likely find a floor again near the $3.40 support.
Conclusion
While Bitcoin pauses near its peak, Ethereum and Ripple show promising breakout setups. Overbought conditions across the board suggest caution, but the underlying bullish structure remains intact for all three top cryptocurrencies.
Stay Updated with Daily Forex Pakistan.