13 Dec 2024

Bitcoin's price encounters resistance near the $101,109 mark, indicating a potential downturn in the near future. Ethereum's price is nearing the $4,000 resistance threshold; a strong close above this level could signal an impending rally. Ripple's price is supported around $1.96; however, a decisive close below this level would suggest a forthcoming decline.

If Bitcoin (BTC) maintains its upward trajectory and successfully closes above $104,088, it may further extend its rally towards a new all-time high of $119,510. This target corresponds with the 141.4% Fibonacci extension line established from the low of $66,835 on November 4 to the all-time high of $104,088 reached on December 5.

The outlook for Ethereum appears favorable.

Ethereum encountered resistance near the psychological barrier of $4,000 on December 6, resulting in a decline of 9.2% over the subsequent four days. It tested the weekly support level at $3,522 on Tuesday and subsequently rebounded by 7% by Thursday. As of Friday, it is trading slightly above, nearing the $4,000 mark.

Should Ethereum break through and close above $4,000, it could experience a rally of 12% to revisit its high of $4,488 from December 9, 2021.

The Relative Strength Index (RSI) on the daily chart currently stands at 62, having rebounded from the neutral level of 50 on Tuesday, which suggests that bullish momentum is strengthening.

Should ETH face rejection at the $4,000 mark, it may lead to a further decline, potentially retesting its weekly support level at $3,522.

Ripple is at risk of a downturn if it closes below the support level of $1.96.

On December 8, Ripple's price encountered resistance near the $2.66 level, resulting in a decline of over 15% the following day. It subsequently retested the $1.96 support level on Tuesday, experiencing an 8% rebound by Wednesday. However, a slight decline occurred the next day, and as of Friday, the price is approximately $2.32.

Should XRP continue to decline and close beneath $1.96, it may further drop to retest its weekly support level at $1.40.

The Relative Strength Index (RSI) on the daily chart currently stands at 62 and is trending downward after rejecting the overbought threshold of 70, indicating a weakening bullish momentum. Furthermore, the MACD indicator corroborates the potential decline in Ripple's price, as the MACD line exhibited a bearish crossover on Tuesday, signaling sell opportunities.