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▲ Bitcoin (BTC), Ethereum (ETH), XRP (XRP)/ChatGPT generated image ©
The top three cryptocurrencies by market capitalization – Bitcoin (BTC), the leading virtual asset, along with Ethereum (ETH) and XRP (Ripple) – have simultaneously broken through key technical resistance levels, signaling the opening of an unhindered bull market.
According to investment media FXStreet on March 16 (local time), Bitcoin, which surged over 10% last week, is currently trading around $72,300 and attempting to break above the upper boundary of its descending channel. The Relative Strength Index (RSI) on the daily chart stands at 56, indicating positive momentum, and the Moving Average Convergence Divergence (MACD) is also signaling a buying advantage. If it surpasses the short-term resistance of $72,600 and establishes itself above the 50-day exponential moving average (EMA) of $72,790, a full-fledged bull run towards the 100-day EMA of $79,430 is anticipated. Conversely, primary support levels in case of a decline are formed at $71,000 and $69,900.
Ethereum decisively broke above the upper boundary of its descending channel at $2,148 over the weekend, and is currently trading around $2,170, signaling a firm upward reversal. The Relative Strength Index (RSI) has risen to the late 50s, and a bullish crossover has occurred in the Moving Average Convergence Divergence (MACD), intensifying upward pressure. Analysis suggests that if it surpasses the 50-day exponential moving average (EMA) of $2,207 in the future, it has ample room to rise smoothly to the Fibonacci 38.2% retracement level of $2,380.
XRP, which rebounded over 8% last week, is trading at $1.43, the midpoint of its descending channel, and is continuing a cautious bullish adjustment. The Relative Strength Index (RSI) has surpassed the 50-mark to reach 52, and the Moving Average Convergence Divergence (MACD) is also indicating an expansion of buying interest in positive territory, suggesting that upward momentum is gradually strengthening.
If XRP breaks through the short-term resistance of $1.45 and closes the daily candle above it, it could rally to $1.50 and then to the channel's upper boundary of $1.90. However, if key support levels at $1.36 and $1.30 collapse, there is a risk of a decline to $1.10, turning bearish again.
As major cryptocurrencies by market capitalization collectively show strong technical rebound indicators, market participants are closely watching whether this short-term upward momentum can fully transition into a long-term bull market.
*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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