The Bull is Back! Bitcoin and Ethereum Recover, Ripple (XRP) Breakout Imminent

▲ Bitcoin (BTC), Ethereum (ETH), XRP (XRP)/ChatGPT Generated Image ©

As Bitcoin (BTC) and Ethereum (ETH) continue their short-term rebound, XRP (Ripple) is also on the verge of breaking above the upper trendline of its descending channel, increasing expectations for a rebound in the major cryptocurrency market. However, an analysis suggests that all three assets remain below key moving averages, and whether a trend reversal occurs depends on breaking through major resistance levels.

According to FXStreet, an investment media outlet, on July 3 (local time), Bitcoin rebounded from its 21-month low of $57,800 recorded this week, recovering to $61,300. Although the rebound continues as market risk appetite improves and technical indicators show signs of recovery, the price remains below the 50-day exponential moving average (EMA) of $66,010, the 100-day EMA of $69,816, and the 200-day EMA of $75,777, indicating that a bearish phase is still maintained in the mid-to-long term.

Bitcoin's Relative Strength Index (RSI) was 43, remaining below the neutral line, suggesting that buying pressure is not yet strong. On the other hand, the Moving Average Convergence Divergence (MACD) was above its signal line and maintained above the 0-line, indicating improving momentum. To the upside, $64,004 was presented as the primary resistance level, followed by the 50-day EMA, 100-day EMA, and 200-day EMA, which sequentially form resistance zones. Conversely, if Bitcoin fails to recover $64,000, selling pressure could intensify again, potentially pushing the price down to the psychological support level of $55,000, the outlet analyzed.

Ethereum has maintained a stable trend around $1,700 after rebounding approximately 10% over the past two days. However, the price remains below the 50-day EMA of $1,807, the 100-day EMA of $1,982, and the 200-day EMA of $2,243, indicating that the trend is still bearish. The RSI showed signs of recovery below the neutral line of 50, and the MACD also stayed above the 0-line, indicating continued attempts at a rebound. To the upside, the $1,807-$1,818 range was presented as the primary resistance zone, and a breakthrough could open up further upside potential to $1,983, $2,000, and then $2,243. Conversely, $1,385 was identified as a key support level to the downside.

XRP is trading at $1.088, nearing the upper boundary of its descending channel. Although the price is still moving below the 50-day EMA of $1.185, the 100-day EMA of $1.293, and the 200-day EMA of $1.504, the RSI showed signs of recovery at 43, and the MACD also remained above the 0-line, suggesting a potential short-term rebound. The outlet predicted that if XRP breaks above the upper boundary of its descending channel at $1.134, further upside towards the 50-day EMA is possible. Subsequently, if it overcomes the 100-day EMA and the $1.300 resistance, its upward potential could extend to the 200-day EMA at $1.504 and the previous resistance level of $1.900.

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