Bitcoin finally breaks $80,000! Ethereum and XRP surpass key resistance lines!

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

As the leading cryptocurrency Bitcoin (BTC) concluded its short-term correction and broke past $80,000, resuming an unstoppable rally, the second-largest cryptocurrency Ethereum (ETH) and XRP (Ripple) are also preparing to enter an explosive additional upward trajectory, with key resistance lines in sight.

According to investment media outlet FXStreet on May 4 (local time), Bitcoin ended its brief sideways movement last week and is trading at $80,161, maintaining a strong upward structure. Currently, the 50% Fibonacci retracement level at $78,962 and the 100-day Exponential Moving Average (EMA) at $75,903 form a tight defensive wall. The daily Relative Strength Index (RSI) remains in bullish territory around 66, and the Moving Average Convergence Divergence (MACD) has also turned upward, indicating that buyers have completely dominated the short-term market. Should it surpass the 200-day Exponential Moving Average (EMA) at $81,912 and break through the $84,410 resistance, the path to the January high of $97,924 is expected to open.

Ethereum is trading at $2,370, maintaining a short-term positive bias above the 50-day Exponential Moving Average (EMA) at $2,256 and the 100-day Exponential Moving Average (EMA) at $2,344. The daily chart's Relative Strength Index (RSI) shows solid upward momentum near 58, and the Moving Average Convergence Divergence (MACD) histogram, which was in negative territory, is gradually improving, indicating that downward pressure is easing. The immediate overhead resistance is the 38.2% Fibonacci retracement zone at $2,380, and a decisive breakthrough of the key turning point, the $2,575 Exponential Moving Average (EMA), is expected to lead to a significant surge towards $2,770.

Meanwhile, XRP is hovering around the $1.41 mark, attempting an initial trend defense just above its 50-day Exponential Moving Average (EMA) at $1.40. While the Relative Strength Index (RSI) sends a moderately positive signal at 53, the Moving Average Convergence Divergence (MACD) has slightly slipped back into negative territory, suggesting a potential weakening of further upward momentum. Overall, the price is consolidating below higher Exponential Moving Averages (EMAs), appearing to be trapped in a medium-term corrective structure.

For XRP to open the door to a new rally, it must first break through the significant resistance of the 100-day Exponential Moving Average (EMA) at $1.50 and the upper boundary of the descending parallel channel at $1.55. If it succeeds in overcoming this barrier, it could challenge the 200-day Exponential Moving Average (EMA) at $1.74 and even the horizontal resistance level at $1.90. Conversely, if buying pressure falters and the $1.40 and $1.30 support levels collapse, there is a risk of a painful drop to the channel's lower boundary at $0.73.

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