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▲ Bitcoin (BTC), Ethereum (ETH), XRP/ChatGPT generated image ©
The three leading cryptocurrencies, Bitcoin (BTC), Ethereum (ETH), and XRP (Ripple), are firmly defending key technical support levels and continuing their weekly upward rallies, now facing a crucial test for a further bullish breakout.
According to investment specialized media FXStreet on April 24 (local time), Bitcoin, Ethereum, and XRP, which rose by 6%, 2%, and 3% respectively this week, are maintaining a positive trend in Friday's trading, showing potential for further gains. Bitcoin, the market leader, has held onto its gains and is trading at $78,200. Ethereum is eyeing a breakthrough of key resistance, and XRP is holding major support levels, igniting the spark for a rebound.
Bitcoin is maintaining a stable bullish bias above its 50-day Exponential Moving Average (EMA) of approximately $72,807 and its 100-day EMA of $75,513. Bitcoin recently broke above the upper boundary of a parallel channel near $75,680, solidifying it as a short-term support level. The Relative Strength Index (RSI) is at 66, and the Moving Average Convergence Divergence (MACD) also shows bullish momentum, indicating a buyer-dominated market. If it decisively breaks through the 50% Fibonacci retracement level of $78,962 and the psychological resistance of $80,000, it is expected to surge unimpeded towards the 200-day EMA at $82,309 and the $83,437 mark.
Ethereum is trading at $2,327, showing a positive trend with the 50-day EMA near $2,230 acting as support. However, it is currently confined below the 100-day EMA of $2,351, and the MACD has turned negative, indicating a slight weakening of short-term momentum. For Ethereum to transition to a major uptrend, it must strongly break above the primary resistance level of $2,351 and the 38.2% Fibonacci retracement level of $2,380 on a closing basis. In this scenario, it could extend its rally to the $2,577 mark.
XRP is holding at $1.43, strongly defending its 50-day EMA of $1.41. Although it remains in a downtrend channel below the 100-day EMA of $1.53 and the 200-day EMA of $1.77, the RSI is at 57, confirming steady, though not explosive, buying pressure.
If XRP fails to hold the $1.41 support, it could fall to the key demand zone of $1.30. Conversely, if it successfully reverses upwards and surpasses $1.53 and the upper boundary of the downtrend channel at $1.63, it is analyzed to test the strong resistance wall at $1.90 after $1.77, signaling a long-term bullish reversal.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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