The cryptocurrency market is presenting a mixed but hopeful picture, as Bitcoin (BTC) maintains a stable sideways trend, while Ethereum (ETH) and Ripple (XRP) are beginning to show signs of recovery. The king of cryptocurrencies is holding steady above an important support zone, while investors are cautious, waiting for the emergence of a new catalyst. Meanwhile, ETH and XRP are quietly accumulating strength, preparing to break through to higher price levels.
With little notable news in the market, all attention is focused on the minutes of the Federal Open Market Committee (FOMC) meeting, which are expected to be released on Wednesday. Analysts expect this document to provide important clues about the Federal Reserve's (Fed) rate-cutting roadmap – a factor that could become the main catalyst, shaping the next direction for leading digital assets.
BTC holds steady around the support level of $108,000
Since Friday's trading session, the price of Bitcoin (BTC) is currently fluctuating around the $108,355 mark – the upper boundary of the accumulation range that was previously broken. After a slight decline on Monday to test this support area, BTC quickly recovered the next day. As of Wednesday morning, the leading cryptocurrency is trading around $108,400.
If the support level of $108,355 continues to be maintained, BTC could sustain its upward momentum and aim for the historical peak established on May 22 at $111,980.
Technically, the relative strength index (RSI) on the daily timeframe is at 54 – above the neutral threshold of 50 – indicating that the bulls are still in control. Meanwhile, the MACD indicator is also approaching the crossover point, but is not clearly showing a trend, reflecting the market's indecisive sentiment.
Conversely, if BTC weakens and closes below the $108,355 level, selling pressure may increase, pulling the price back to test the lower boundary of the accumulation range at $105,333 – coinciding with the 50-day EMA line at $105,276. This will be a strategic support area that plays a key role in maintaining BTC’s upward trend.
ETH bulls target the $2,724 mark
The price of Ethereum surged after finding support around $2,461 on Friday and increased by 4.38% as of Tuesday. As of Wednesday morning, ETH is fluctuating around $2,595.
If the upward trend is maintained, ETH could continue its rise towards the next resistance level on the daily chart at $2,724.
The RSI on the daily chart is currently at 56, above the neutral threshold of 50, reflecting increasing bullish momentum. The MACD indicator on the daily chart has created a bullish crossover last week, while the green histogram bars are also expanding above the neutral level – indicating that the upward momentum is still being reinforced.
However, if ETH corrects, the support level at $2,461 will be a key mark to monitor.
The bulls are controlling the upward momentum of XRP
On June 30, the price of XRP officially broke through the downward trend line that had been in place since mid-May, marking an important turning point in the price structure. In the following two days, this coin found solid support around the breakout zone, subsequently increasing by 4.5% as of Sunday. The recovery momentum continued in the early sessions of the week, and by Wednesday morning, XRP is trading around the $2.30 mark.
If the upward trend continues to be reinforced, the short-term target that XRP can aim for is the nearest peak established on May 23, at $2.47.
Technical indicators are supporting a bullish scenario: the RSI on the daily timeframe has risen to 58 – above the neutral threshold of 50, indicating that bullish momentum is prevailing. At the same time, the MACD on the daily chart just recorded a bullish crossover signal last week, accompanied by expanding green histogram bars above the 0 line – further reinforcing the positive outlook for XRP.
Nevertheless, the risk of a pullback remains if the price drops below the 50-day EMA line, currently at $2.22. In that case, selling pressure could pull XRP back to the important support area around $1.96.