Bitcoin is fluctuating in a narrow range after setting a new historical peak, while Ethereum and Ripple's XRP are receiving strong support and may be the next two names to 'explode' in the near future.
📉 Bitcoin Moving Sideways After the Bounce to $123,218
After reaching a record peak of $123,218 early last week, BTC is currently accumulating around the price range of $116,000–$120,000. As of Monday, BTC is trading around $117,800, indicating the market is in a waiting phase for new signals to determine the next direction.
If BTC breaks the support zone of $116,000, it is likely that the price will drop to the 50-day EMA at $110,297, increasing short-term selling pressure.
Conversely, if BTC closes the day above $120,000, the upward momentum could continue to bring the price back to challenge the peak of $123,218 and even set a new high in the near future.
🔥 Ethereum Aiming for the Psychological Milestone of $4,000
After a strong increase of 26.40% last week, ETH broke through the important resistance level at $3,730 on Sunday. By Monday, the price of ETH held steady above this level, trading around $3,739—a very positive signal for buyers.
If the trend continues, ETH could advance to the psychological resistance level of $4,000, which is the nearest target for the bulls.
In the event of a correction, ETH could find strong support around $3,000, which is seen as a potential buying zone in a bearish scenario.
💎 XRP Finding Important Support at $3.40
After a 20% increase last week, XRP reached a new peak of $3.66 on Friday. Currently, this coin is trading around $3.47, after finding significant support at $3.40 over the weekend.
If XRP holds above $3.40 and breaks back above $3.66, the upward trend could extend to the Fibonacci extension level of 141.40% at $4.13, calculated from the January peak ($3.40) to the April bottom ($1.61).
However, if it cannot hold $3.40, XRP may retreat to test this area multiple times or adjust deeper in the short term.
📊 Summary
BTC is still in a consolidation adjustment phase, preparing for the next breakout.
ETH is gaining strong momentum towards $4,000, as long as it stays above $3,730.
XRP is well supported at $3.40, and if it breaks $3.66, the target of $4.13 will be the next focus.
The current movements are creating opportunities for investors to catch the next trend. However, risk management and monitoring technical support/resistance levels remain critical factors in this highly volatile market phase.