18 Dec 2024

• Bitcoin price edges slightly down on Wednesday after hitting a new all-time high of $108,353 the previous day.
• Ethereum price faces rejection from the $4,000 level, hinting at a correction in the short term.
• Ripple price trades slightly down after retesting its $2.66 level, suggesting a pullback on the cards.
• Bitcoin (BTC) experienced a minor decline during the Asian trading session on Wednesday. Ethereum (ETH) and Ripple (XRP) mirrored BTC's movement, also showing slight decreases. The technical indicators and price trends for all cryptocurrencies suggest a potential short-term correction may be imminent.
  
  Signs of fatigue among Bitcoin bulls are becoming evident.
  
  On Tuesday, Bitcoin reached a new all-time high of $108,353, following a 3.32% increase in the preceding week. As of Wednesday, the price has slightly decreased to approximately $105,019.
  
  Should BTC undergo a correction and close below the support level of $101,109, it may lead to a further decline, potentially retesting the next support level at $90,000.
  
  The Relative Strength Index (RSI) on the daily chart currently stands at 66, having rejected the overbought threshold of 70 on Tuesday, and is trending downward. This indicates a waning bullish momentum. If the RSI continues to decline and falls below the neutral level of 50, a significant drop in Bitcoin's price could occur.
• Should Bitcoin maintain its upward trajectory and surpass its all-time high of $108,353, it would pave the way for a potential rally towards a new all-time high of $119,510. This target corresponds with the 141.4% Fibonacci extension calculated from the low of $66,835 on November 4 to the high of $104,088 on December 5.
  
  In contrast, Ethereum's price is poised for a decline as it encounters resistance near the $4,000 mark.
  
  On Monday, Ethereum's price was rejected at approximately $4,000, leading to a 2.34% decrease the following day. As of Wednesday, it is trading lower at around $3,858.
  
  If the $4,000 level remains a barrier, ETH may experience a further pullback, potentially retesting its weekly support at $3,522.
  
  The Relative Strength Index (RSI) on the daily chart currently stands at 57, trending downward towards the neutral level of 50, which suggests initial signs of bearish momentum. A daily close of the RSI below 50 could result in a significant decline in Ethereum's price.
• If XRP continues to rise and closes above $2.66, it could extend the rally to retest the psychologically important level of $3.00