Bitcoin (BTC) shows early signs of recovery, trading around $63,400 on Wednesday after a 2.9% gain and a close above key resistance earlier this week. Ethereum (ETH) continues to trade sideways, nearing the upper consolidation range near $1,919, where a close above this level suggests a rally ahead. Ripple (XRP) shows signs of a mild recovery as it holds around the key psychological level of $1.
Bitcoin closes above key resistance
Bitcoin price trades at $64,391 on Wednesday, holding just above the 50-day Exponential Moving Average (EMA) at $64,376 but still capped by a dense band of overhead resistance. BTC remains below the 100-day EMA at $66,334 and the key horizontal barrier at $66,500, keeping the near-term bias cautiously bearish despite improving momentum.
The Relative Strength Index (RSI) at 52 leans slightly positive. At the same time, the Moving Average Convergence Divergence (MACD) is above its signal line and back in positive territory, hinting at recovering upside pressure that has yet to overcome the prevailing resistance structure.
On the topside, initial resistance is seen at the 38.2% Fibonacci retracement at $65,547 (drawn from May 26 high of $78,080 to the yearly low of $57,800 recorded on July 1), followed by the 100-day EMA at $66,334 and the horizontal cap at $66,500. A sustained break above these levels would open the way toward the 50% retracement at $67,940, with the 200-day EMA higher at $71,451 acting as a broader trend ceiling.
On the downside, the 50-day EMA at $64,376 provides immediate support; a daily close below this floor would expose the 23.6% Fibonacci retracement at $62,586 and the horizontal support at $62,300 as the next demand zone.
Ethereum could rally if it closes above 100-day EMA
Ethereum price trades at $1,909 on Wednesday, retaining a capped tone as price holds above the 50-day EMA at $1,871 but remains below the 100-day EMA at $1,918 and the 200-day EMA at $2,115. This configuration suggests recovery attempts are meeting overhead supply from medium- and long-term averages, even as the RSI at 55 stays in mildly positive territory and the Moving Average Convergence Divergence (MACD) hovers just below zero, hinting at waning bearish momentum rather than a clear bullish turn.
On the topside, initial resistance sits at the 100-day EMA near $1,918, followed by the horizontal barrier at $2,000, before the 200-day EMA at $2,115 caps broader upside.
On the downside, immediate support is the 50-day EMA around $1,871, with a deeper structural floor only emerging at the distant horizontal level at $1,385, where stronger demand could emerge if the current range breaks lower.
XRP hovers around the key psychological level of $1
XRP price trades at $0.99 on Wednesday, extending a bearish near-term bias as spot holds beneath the 50-day, 100-day, and 200-day EMAs at $1.07, $1.15, and $1.34, respectively.
The cluster of overhead EMAs suggests the pair remains capped after its recent pullback, while the RSI around 36 leans toward weak momentum and the MACD histogram stays marginally negative, hinting at lingering downside pressure rather than an imminent bullish reversal.
On the topside, immediate resistance is at the 50-day EMA at $1.07, then the 100-day EMA at $1.15. Above these, further barriers align at $1.30 and the 200-day EMA at $1.34, ahead of a more distant horizontal level at $1.90.
With XRP hovering around the psychological $1.00 mark, a loss of this meaningful support level would leave XRP exposed to further downside, driven primarily by momentum and broader market sentiment.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
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