Price prediction for the top 3 cryptocurrencies: Bitcoin aiming for a new rally, Ethereum and XRP continue to consolidate.

Bitcoin (BTC) maintains trading above the 114,000 USD threshold on Wednesday, after finding crucial support at the zone one day prior. At the same time, Ethereum (ETH) and Ripple (XRP) are approaching key resistance levels; if a breakout candle appears, the market may witness a new bullish wave.

Bitcoin aims for a new bullish trend as it maintains support at the 50-day EMA

Bitcoin kicks off the new week with excitement as it rises nearly 2% on Monday, closing above the 50-day exponential moving average (EMA) at 113,402 USD. Moving into Tuesday, the upward momentum slows with a slight adjustment, but BTC still finds support around the 50-day EMA. As of Wednesday noon, this coin is inching up around 114,369 USD.

If the 50-day EMA at 113,402 USD continues to hold, Bitcoin may extend its recovery, aiming for the short-term resistance zone at 116,000 USD.

BTC/USDT daily chart | Source: TradingViewThe technical indicators are also reinforcing this outlook: the RSI index on the daily frame stands at 53, exceeding the neutral threshold of 50, reflecting improving bullish momentum; meanwhile, the MACD line has just crossed upward on Wednesday, signaling a buy and opening the possibility of forming a new bullish trend.

On the contrary, if it loses support at the 50-day EMA and closes below this level, BTC risks retreating further into the daily support zone around 107,245 USD.

Ethereum could break out if it surpasses 4,232 USD

Ethereum has surged strongly after finding support at the 100-day EMA around the 3,877 USD mark on Saturday, recording an increase of 8.79% as of Monday. However, the upward momentum soon faced selling pressure as ETH tested the daily resistance level at 4,232 USD on Tuesday. By Wednesday afternoon, this coin is fluctuating around 4,154 USD.

If it breaks out and closes above the zone of 4,232 USD on the daily frame, ETH may extend the bullish wave, heading towards the next resistance at 4,488 USD.

ETH/USDT daily chart | Source: TradingViewThe RSI index on the daily chart is currently at 44, gradually heading upward and approaching the neutral threshold of 50 – a sign that selling pressure has weakened. However, for the recovery trend to become sustainable, the RSI needs to surpass this level.

In the opposite scenario, if a corrective wave appears, ETH has the potential to revisit the 100-day EMA around 3,863 USD.

The decline of XRP is weakening

XRP has found support around the support zone of 2.72 USD on Friday, before bouncing back nearly 5% by the beginning of the week. However, the upward momentum was quickly halted when the price hit the 50-day EMA line at 2.91 USD the next day, resulting in a decline of 1.16%. As of Wednesday noon, XRP is fluctuating around the mark of 2.84 USD.

If it successfully closes above the resistance level of 2.91 USD, this coin may extend its bullish momentum and aim for the important psychological milestone of 3 USD.

Similar to ETH, the RSI index of XRP also reflects a weakening signal in selling pressure. However, to strengthen the recovery trend, the RSI needs to break above the neutral zone. Additionally, the MACD lines are nearing a bullish crossover point, while the red histogram is gradually narrowing – a sign that the bears are losing their advantage.

On the contrary, if the corrective pressure returns, XRP is likely to retreat to the short-term support zone of 2.72 USD.

SN_Nour