Top 3 Crypto Price Predictions: Bitcoin Nears All-Time High as Ethereum and Ripple Hold Strong - Cryptured.com

By the time of writing on Wednesday, the price of Bitcoin (BTC) is only 3% below its record high, hovering around $106,400. Beyond their primary support levels, Ethereum (ETH) and Ripple (XRP) remain stable.

It seems like traders are waiting to see if Bitcoin can reach new heights and if ETH and XRP can hold onto their support zones in order to sustain future rallies.

Bitcoin price inches from its all-time high

On Sunday, the price of bitcoin broke through the barrier level of $105,000 and retested, finding support the day before. It retested this level of support on Tuesday and saw a little increase in value. As of this writing on Wednesday, it is trading at about $106,700.

If the $105,000 level holds, Bitcoin may continue to rise toward the record high of $109,588 that was reached on January 20.

Strong bullish momentum is indicated by the Relative Strength Index (RSI), which is at 71 on the daily chart, pointing upward beyond its overbought level of 70. However, because of its overbought state, traders should exercise caution, as there is a significant likelihood of a drop. As the Moving Average Convergence Divergence (MACD) signal coils together, traders appear to be unsure of themselves.

But if Bitcoin experiences a reversal and closes below $105,000, it might continue to fall until it reaches its psychological level again at $100,000.

Ethereum Steadies at Key Support Level, Recovery in Sight

Since Sunday, the price of Ethereum has retested and found support around its 200-day Exponential Moving Average (EMA), which had been hovering around $2,441 for the previous two days. It is still going strong at about $2,500 as of Wednesday.

If the 200-day EMA continues to be strong and picks up steam, ETH may continue to rise and retest its crucial psychological level near $3,000.

With a reading of 69 on the daily chart, the RSI indicates strong bullish momentum as it points upward into its overbought levels of 70. Nonetheless, overbought signs indicating the possibility of a pullback call for prudence. There’s also the chance that the RSI keeps rising and stays above its overbought level of 70.

However, ETH can continue to fall and retest its crucial psychological threshold of $2,000 if it closes below its 200-day EMA at $2,441.

As enthusiasm waned, XRP managed to keep its ground

Following its Saturday retesting of its 50-day EMA at $2.28, the price of XRP recovered and increased by 3.18% the following day. The following day, though, it continued to be above the 50-day EMA level after declining on Monday. As of this writing on Wednesday, it is still over this threshold.

A daily break and close below the 50-day EMA might push XRP further down the decline toward its next major support level around $2.23.

Indicating diminishing positive momentum, the daily chart’s RSI is 52, moving toward its neutral level of 50. A significant decline in XRP prices would result from strong negative momentum if the RSI fell below the neutral threshold of 50.

On Monday, the MACD indicator also moves to a bearish crossover on the daily chart, indicating weakness and sending sell recommendations.

On the other hand, if the 50-day EMA continues to serve as support, XRP can surge and retest its resistance level of $2.72.