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▲ Bitcoin (BTC), Ethereum (ETH), XRP (XRP)/ChatGPT generated image ©
The top three cryptocurrencies—Bitcoin (BTC), Ethereum (ETH), and XRP (Ripple)—are solidly defending key technical support levels and continuing their weekly upward rallies in parallel, entering a critical test for a further bullish breakout.
According to investment media FXStreet on April 24 (local time), Bitcoin, Ethereum, and XRP, which rose by 6%, 2%, and 3% respectively this week, are maintaining a positive trend in Friday's trading, indicating potential for further gains. The leading cryptocurrency, Bitcoin, is trading at $78,200, fully maintaining its gains. Ethereum is eyeing a breakout above key resistance, while XRP is defending major support levels and igniting the spark for a rebound.
Bitcoin is maintaining a stable bullish bias above its 50-day Exponential Moving Average (EMA) of approximately $72,807 and its 100-day EMA of $75,513. Having recently broken above the upper boundary of a parallel channel near $75,680 and solidified it as short-term support, Bitcoin's Relative Strength Index (RSI) stands at 66, and its Moving Average Convergence Divergence (MACD) also shows strength, confirming a buyer-dominated market. If it definitively breaks through the Fibonacci 50% retracement level of $78,962 and the psychological resistance of $80,000, it is expected to surge unhindered to the 200-day EMA at $82,309 and the $83,437 mark.
Ethereum is trading at $2,327, showing a positive trend with its 50-day Exponential Moving Average around $2,230 acting as support. However, it remains trapped below the 100-day EMA of $2,351, and its Moving Average Convergence Divergence has turned negative, indicating a slight weakening of short-term momentum. For Ethereum to transition to a major uptrend, it must strongly break above the initial resistance of $2,351 and the Fibonacci 38.2% retracement level of $2,380 on a closing basis, in which case it could launch a rally to the $2,577 mark.
XRP is holding at $1.43, strongly defending its 50-day Exponential Moving Average of $1.41. Although it remains in a descending channel below its 100-day EMA of $1.53 and 200-day EMA of $1.77, its Relative Strength Index (RSI) of 57 confirms steady, if not explosive, buying pressure.
If XRP fails to maintain support at $1.41, it could retreat to the key demand zone of $1.30. Conversely, if it succeeds in a bullish reversal and surpasses $1.53 and the upper boundary of the descending channel at $1.63, it is expected to test the strong resistance wall at $1.90, via $1.77, signaling a long-term bullish reversal.
*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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