Bitcoin (BTC), Ethereum (ETH), and XRP have responded well to market conditions in recent days.
BeInCrypto analyzes the current status and future prospects of three major cryptocurrencies.
Bitcoin's Uptrend Continues
Bitcoin’s price rose 8.89% last week, forming a descending triangle pattern that is often interpreted as a sign that a breakout is imminent. If this pattern holds, Bitcoin could rally 27.6% to $91,410. Reaching this level would be a significant milestone that would confirm the long-term bullish prediction for the cryptocurrency.
However, a more conservative target is the upper trendline at $71,600, which is a more realistic target in the short term. Bitcoin has recently bounced off the lower trendline, and a move to $60,000 as a solid support level is crucial to sustaining this uptrend.
Read more: Bitcoin Halving History: Everything You Need to Know
If Bitcoin fails to establish a safety net at $58,986, the price could fall further, which would make $55,883 a key support level. This scenario would invalidate the bullish outlook and signal a potential downside from Bitcoin’s current price action.
Ethereum is also taking a bullish stance
Ethereum is trading at $2418 and has bounced off the $2344 support level. When it tested this important support floor back in August, the altcoin king rose to $2681. A similar move is expected for ETH in the coming days.
The next barrier for the cryptocurrency is at $2,546, a break above which could lead to $2,681. Given the current momentum, breaking this resistance level may be difficult, but at least it could prevent ETH from testing the downtrend line as support again.
Read more: How to Invest in Ethereum ETFs
However, if the price of Ethereum fails to break $2546, there is a possibility that it will fall back to $2344. This will return ETH to a short-term consolidation phase and invalidate the bullish logic.
XRP takes the lead
Among the three major coins , XRP price was the best performer last week, rising 12%. This pushed the altcoin above the 38.2% Fibonacci retracement level marked at $0.55.
XRP’s native token is now closer to breaking the $0.60 resistance level. If this level turns into support, the XRP price will be able to make further gains, hitting a three-week high.
Read more: Ripple (XRP) Price Prediction 2024/2025/2030
However, if this resistance level is not broken, the upward momentum that has been built in recent days will disappear. If selling pressure increases, the situation will get worse, which could push the XRP price down to $0.55 and invalidate the bullish outlook.
