Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) are showing signs of consolidation midweek, struggling to break above key resistance levels. BTC remains capped below $112,500 after being rejected at the 78.6% Fibonacci retracement level. ETH and XRP followed BTC’s footsteps and got rejected from their key resistance zones, reflecting a period of uncertainty as traders await fresh catalysts for the next directional move.
Bitcoin price retested and was rejected from the 78.6% Fibonacci retracement level at $115,137 on Monday, and declined slightly the next day, falling below the 50-day Exponential Moving Average (EMA) at $113,317. At the time of writing on Wednesday, BTC is trading down around $112,400, nearing its ascending trendline.
If BTC finds support around the ascending trendline, recovers, and closes above $115,137, it could extend the rally toward the key psychological level at $120,000.
The Relative Strength Index (RSI) on the daily chart hovers around the neutral 50 level, indicating indecision among traders. However, the Moving Average Convergence Divergence (MACD) showed a bullish crossover on Sunday, which still holds, supporting the bullish thesis.
On the other hand, if BTC continues its correction, it could extend the decline toward the 61.8% Fibonacci retracement level at $106,453.
Ethereum price faced rejection from the daily resistance level at $4,232 on Monday and declined by 4.66% the next day. This daily level roughly coincides with the 78.6% Fibonacci level at $4,193 and the 50-day EMA at $4,115, making this a key resistance zone. At the time of writing on Wednesday, ETH hovers at around $3,996.
If ETH recovers and closes above the daily resistance at $4,232, it could extend the rally toward the next daily resistance at $4,488.
The RSI on the daily chart is 47, near its neutral level of 50, suggesting fading bearish momentum. For the bullish momentum to be sustained, the RSI must move above the neutral level. However, like Bitcoin, Ethereum’s MACD indicator showed a bullish crossover on Sunday, supporting a bullish view.
However, if ETH continues its correction, it could extend the decline toward the 61.8% Fibonacci retracement level at $3,593.
XRP price faced rejection from the 50-day EMA at $2.68 on Monday and declined slightly the next day, resting the 200-day EMA at $2.61. At the time of writing on Wednesday, XRP hovers at around $2.60.
If the 200-day EMA at $2.61 continues to hold as support and XRP closes above $2.68, it could extend the rally toward the next daily resistance at $3.40.
Like Bitcoin, XRP RSI indicates indecisiveness among traders while MACD supports a bullish view.
On the other hand, if XRP faces a correction, it could extend the decline toward the key daily support at $2.35.
