Bitcoin (BTC) and Ethereum (ETH) find themselves at crucial junctures, with both cryptocurrencies exhibiting signs of potential consolidation amidst broader market trends. Meanwhile, XRP is testing the significant $2 support level once again.
Currently, Bitcoin is trading within a rising channel on the hourly chart, nested inside a larger descending trend. A decisive breakout above $96,500 could signal a bullish trend resumption, as this figure represents the intersection of the channel”s upper boundary and the overarching bearish trendline. The weekly chart indicates that the 100-week simple moving average has held strong, suggesting sellers may be running out of steam and increasing the likelihood of a bullish reversal. Nevertheless, if buyers fail to confirm this upward move, there remains a risk of renewed downward pressure, potentially pushing prices back towards the $80,000 support zone.
Ethereum mirrors this technical pattern, also navigating a rising channel within a broader downward trend. A critical breakout above $3,200 would confirm a bullish resurgence, potentially targeting $3,620, which is identified as the lower high resistance from November 10. However, the risk of a downside breach persists; if sellers manage to invalidate the channel, it could lead to a downturn towards recent lows around $2,630, establishing initial support ahead of deeper corrections. Thus, the $3,200 mark is essential for traders to monitor closely.
On the other hand, XRP is probing the pivotal $2 support level once more. This level has previously indicated seller exhaustion, demonstrated by long-tailed weekly candles. The current momentum appears to lean bearish, as evidenced by the declining 5- and 10-week simple moving averages. A break below $2 could prompt capitulation among holders, exposing the next significant support level at $1.63, corresponding to the 61.8% Fibonacci retracement of the anticipated rally in 2024-2025. Conversely, if XRP can achieve consecutive daily closes above $2.30, it may indicate a bullish reversal, invalidating the current pattern of lower highs.
Lastly, Solana (SOL) remains caught in a range-bound market, oscillating between upper resistance at $145 and lower support at $120, with current trading around $134. This indecision highlights the necessity for a clear breakout from this consolidation range. A bullish resolution could pave the way for a move toward $160 and beyond, while a downside breach would likely extend the prevailing downtrend.
