- Bitcoin price reaches a new all-time high of $93,900 on Tuesday, suggesting an upside move ahead.
- Ethereum shows signs of a pullback, approaching its key support level of $3000.
- Ripple price faces resistance around $1.13, hinting at a short-term correction on the horizon.
Bitcoin (BTC) reached a new all-time high of $93,900 on Tuesday, suggesting a further upside toward $100K. However, Ethereum (ETH) and Ripple (XRP) showed signs of weakness and suggested a downturn as they faced key resistance levels.
Bitcoin bulls eys for $100K mark
Bitcoin price reached a new all-time high of $93,905 on Tuesday. At the time of writing on Wednesday, it trades slightly down around $91,900.
If BTC continues its upward momentum, it could extend the rally to retest the significant psychological level of $100,000.
However, the Relative Strength Index (RSI) momentum indicator stands at 75, hovering above the overbought level of 70, signaling an increasing risk of a correction. Traders should exercise caution when adding to their long positions, as the RSI’s move out of the overbought territory could provide a clear sign of a pullback.
BTC/USDT daily chart
Conversely, if BTC drops below the $87,000 support level, it could extend the decline to nearly $85,000 (November 12 low). A successful close below this level might trigger a deeper sell-off to $78,800 (the 141.4% Fibonacci extension drawn from July’s high of $70,079 to August’s low of $49,000).
Ethereum price is set for a downturn if it closes below $3,000
Ethereum price declined more than 7.8% until Tuesday after facing resistance around the weekly level of $3,454 on November 12. On Wednesday, it continues to trade down around $3,100, approaching its psychologically important level of $3,000.
If ETH closes below the $3,000 level, it could decline to retest its 200-day Exponential Moving Average of around $2,806.
The RSI indicator on the daily chart reads 58, pointing downwards after exiting its overbought level of 70. If the RSI continues its decline and closes below the neutral level of 50, the Ethereum price will further decline.
ETH/USDT daily chart
On the other hand, if ETH breaks and closes above the weekly resistance at $3,454, it will rally to retest its psychologically important $4,000 level.
Ripple price is poised for a decline as it faces rejection around $1.13
Ripple price has faced rejection around $1.13 multiple times since Sunday and has declined slightly until Tuesday. As of Wednesday, it continues to trade down around $1.08.
Suppose XRP fails to close above the $1.13 level and continues trading down. It could extend the decline to retest its $0.938 support level.
The RSI on the daily chart read 80, well above its overbought level of 70 and points downwards, signaling increasing risk. Traders should exercise caution when adding to their long positions, as a move out of the overbought territory by the RSI could provide a clear sign of a pullback.
XRP/USDT daily chart
However, if XRP closes above $1.13, it will extend the rally to retest its daily resistance level at $1.37.
