• Bitcoin price rebounds from a crucial support level of $92,606, indicating a possible recovery in progress.
• Ethereum price is nearing its upper consolidation level of $3,522; a strong closing above this level would indicate the onset of a bullish trend.
• Ripple price has the potential to surge if it successfully breaks past the upper boundary of its symmetrical triangle formation.

Currently, Bitcoin’s (BTC) price is finding solid support at a vital level, while Ethereum’s (ETH) price is inching closer to a significant resistance level; a break above this resistance could herald a bullish phase for the cryptocurrency. Meanwhile, Ripple (XRP) is trading within the confines of a symmetrical triangle, and a breakout from this formation could signal an upcoming rally, marking a key moment in its price action.

Bitcoin Bulls Set Their Sights on the $100,000 Milestone

On Monday, Bitcoin’s price found firm support at the $92,606 level, coinciding with the 61.8% Fibonacci retracement level. Following this, Bitcoin experienced a notable uptick of 4.5% over a span of three days. This pivotal support aligns closely with the 50-day Exponential Moving Average (EMA), which sits at $93,588, creating a crucial area for potential reversal. As of Friday, Bitcoin is trading at approximately $97,000.

Should the $92,606 level maintain its support, Bitcoin is likely to embark on a rally aimed at retesting the psychologically significant $100,000 level. A successful close above this mark would pave the way for an additional rally that could challenge the all-time high set on December 17, 2024, which is $108,353.

The Relative Strength Index (RSI) on the daily chart is currently at 51, which is above the neutral value of 50, indicating positivity and the potential for a bullish trend. Furthermore, the Moving Average Convergence Divergence (MACD) indicator is on the verge of executing a bullish crossover, which, if realized, may provide buy signals associated with a future upward trend.

BTC/USDT daily chart

However, a close below the $92,606 threshold would open the door for potential declines, potentially leading Bitcoin to retest its next key support level at $90,000.

Ethereum Price Consolidates Amid Price Fluctuations within $3,245 to $3,522

Ethereum is currently consolidating between the price ranges of $3,245 and $3,522, having found substantial support at the 50% price retracement level of $3,245 on December 23, 2024. At the time of this writing on Friday, Ethereum is priced around $3,461 and edging closer to the upper end of its consolidation range at $3,522.

If Ethereum manages a breakout above the $3,522 level, this movement could set the stage for a rally to retest the psychologically significant height of $4,000.

The RSI stands at 48, indicating it lies slightly below the neutral 50 mark, which suggests hesitation among traders at this moment. Nonetheless, the MACD indicator is also poised to initiate a bullish crossover on the daily chart, hinting at an upcoming positive trend.

ETH/USDT daily chart

Conversely, should Ethereum break and close below the lower consolidation band of $3,245, it would open a path for further decline, potentially leading it to retest its next support level at $3,000.

Ripple Price Shows Signs of Potential Upward Momentum

Ripple’s price action encapsulates a symmetrical triangle formation, a technical pattern formed by connecting multiple high and low levels through two converging trendlines, developed from early December through early January. This bullish-leaning formation suggests that if a breakout occurs, it could signify an upcoming price surge. As of Friday, Ripple is trading at $2.45, nearing the upper trendline of the triangle.

Should a breakout transpire with a daily candlestick closing above the resistance level at $2.56, the technical target derived from this pattern could reach as high as $3.63. However, investors are advised to approach cautiously; there may be a slowdown after a projected 17% rally, reaching Ripple’s psychological level of $3.00, as traders may choose to realize profits at that point.

The RSI shows a reading of 61, indicating a robust upward trend, while the MACD indicator is also positioned to execute a bullish crossover, signaling further upward movement may be imminent.

XRP/USDT daily chart

On the flip side, should XRP close below the daily support level of $1.96, it could expose the price to further declines and potentially lead it to retest the next support level at $1.40.

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