Bitcoin races to recover $80,000...Ethereum and XRP at a turning point

▲ Bitcoin (BTC), Ethereum (ETH), XRP (XRP)/ChatGPT generated image

As Bitcoin (BTC) recovers the $80,000 mark and continues its upward trend, an analysis suggests that Ethereum and XRP are approaching key resistance levels, entering a short-term directional turning point.

FXStreet reported on May 4 (local time) that Bitcoin has resumed its upward trend after a recent correction, and Ethereum and XRP are also expected to test key resistance levels amid a concurrent rise.

According to the report, Bitcoin is trading above $80,000, maintaining an upward structure. The area where the Fibonacci 50% retracement level and the 100-day exponential moving average (EMA) overlap is acting as support, while the Relative Strength Index (RSI) remains in a bullish zone, and the Moving Average Convergence Divergence (MACD) has turned positive, indicating a continued buying-dominant trend.

On the upside, the 200-day exponential moving average and the Fibonacci 61.8% retracement level have been identified as key resistance zones. A breakthrough of this zone could open up room for a rally to the January high, but conversely, if the $80,000 support breaks, there is a possibility of a short-term correction.

Ethereum is maintaining a short-term upward trend but is close to a critical resistance zone. The current price is finding support above the 50-day and 100-day exponential moving averages, but the Fibonacci 38.2% retracement level is capping the upside. A breakthrough of this zone could lead to further gains, but selling pressure is likely to intensify near the higher resistance level of the 200-day exponential moving average.

XRP is also continuing its upward trend, approaching the resistance level around $1.40. A breakthrough of this price level could lead to a new upward rally, but whether the resistance is broken or not has been identified as a key variable determining the short-term direction.

Overall, major cryptocurrencies are sharing Bitcoin's upward momentum, but Ethereum and XRP are analyzed to have entered an inflection point where their direction will be determined at key resistance levels.

*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.*