Bitcoin (BTC) hit a new all-time high of $93,900 on Tuesday, suggesting it will further rise to $100,000. However, Ethereum (ETH) and Ripple (XRP) have shown signs of weakness, indicating they will face key resistance levels.
Bitcoin bulls aim for the $100,000 mark
The price of Bitcoin hit a new all-time high of $93,905 on Tuesday. As of the time of writing on Wednesday, the price of Bitcoin has slightly declined, around $91,900.
If BTC continues its upward momentum, it may extend its rally and retest the crucial psychological level of $100,000.
However, the Relative Strength Index (RSI) momentum indicator is currently at 75, hovering above the 70 overbought level, indicating an increased risk of a correction. Traders should exercise caution when increasing their long positions, as the RSI exiting the overbought zone may signal a clear sign of a pullback.
Conversely, if BTC breaks below the $87,000 support, the downtrend may continue to around $85,000 (the low on November 12). A successful close below this level could trigger a deeper sell-off to $78,800 (the 141.4% Fibonacci extension of the July high of $70,079 to the August low of $49,000).
Ethereum price will drop if it falls below $3,000
The price of Ethereum has declined by over 7.8% since encountering resistance around the $3,454 weekly level on November 12. On Wednesday, the price of Ethereum continued to decline to around $3,100, near its crucial psychological level of $3,000.
If ETH closes below $3,000, it may drop and retest its 200-day exponential moving average (around $2,806).
The RSI on the daily chart is at 58, pointing downward after exiting the overbought 70 level. If the RSI continues to decline and closes below the neutral 50 level, the price of Ethereum will likely fall further.
On the other hand, if ETH breaks above and closes above the weekly resistance at $3,454, it will rebound and retest its crucial psychological level of $4,000.
Ripple price is likely to drop as it faces resistance around $1.13
The price of Ripple has encountered resistance around $1.13 multiple times since Sunday, until a slight decline on Tuesday. As of Wednesday, the price of Ripple continued to decline around $1.08.
Assuming XRP fails to close above $1.13 and continues to decline, it may extend its downtrend and retest its $0.938 support level.
The RSI on the daily chart is at 80, far above its overbought level of 70 and pointing downward, indicating increased risk. Traders should exercise caution when increasing their long positions, as the RSI exiting the overbought zone may be a clear signal of a pullback.
However, if XRP closes above $1.13, it will continue its uptrend and retest its daily resistance at $1.37.
