In anticipation of an upcoming rise, the price of bitcoin surpassed the resistance level at about $62,000
If the price of Ethereum were to close strongly above its critical resistance level of $2,500, it would indicate that a rally is imminent.
The price of ripple is getting close to a resistance level at around $0.554, and a rejection there may mean further falling prices.
The recent spike in Bitcoin's price suggests a possible rebound, while Ethereum's price is approaching a major resistance level at $2,500. A closure above this level would indicate additional gains. On the other hand, Ripple (XRP) is getting close to its resistance, and if it is rejected, its slump can continue.
After breaking over its resistance level, the price of bitcoin is now primed for an upswing.
On October 2, the 200-day Exponential Moving Average (EMA), which is about $60,000, provided support for the Bitcoin price during its retest. It surpassed the $62,125 resistance level and climbed 3.5% in the four days that followed. Priced above $63,600 as of Monday's trading.
With $62,125 holding as support, Bitcoin's advance has the potential to reach $66,000, a psychological threshold.
On the daily chart, the Relative Strength Index (RSI) is showing that bulls are in charge of the momentum, trading at 56, which is above its neutral threshold of 50.
But if $62,125 doesn't hold, Bitcoin may not retest its 200-day exponential moving average milestone at $60,000.
Closing over the resistance level can lead to an increase in the price of Ethereum.
At the moment, the price of ether is challenging the $2,461 mark, which has served as a daily resistance level. A crucial resistance zone, it is located around or near the $2,487 mark, which is also the 50% price retracement level, and the $2,557 mark, which is the 50-day exponential moving average.
Ethereum (ETH) has the potential to continue its advance and retest its August 25 high of $2,820 if it breaks and closes above the $2,557 mark.
Indecisiveness among traders is indicated by the RSI, which is getting close to its neutral level of 50. In order for Ethereum's recent gains to be maintained, the relative strength index (RSI) has to surpass its neutral level and keep going up.
However, ETH may not revisit its $2,155 low from September 6th if it is unable to break and close below the daily barrier of about $2,461.
Investors in Ripple are indicating a lack of strength
October 2 saw Ripple's price fall below its 200-day exponential moving average (EMA) of about $0.554, with $0.544 serving as a daily support level. Its closing price was lower than its rising trendline as well. It is trading close to its critical resistance levels as of Monday, at about $0.540.
Retesting the $0.502 low from September 6th might be in the cards for XRP if opposition from the 200-day exponential moving average (EMA) at about $0.554, the daily level at $0.544, and the rising trendline remains.
Additionally, the relative strength index (RSI) on the daily chart is trading below its neutral level of 50, suggesting that the negative momentum and downward trend will persist.
If XRP, on the other hand, manages to break and close above the $0.554 mark, it may continue to increase and maybe retest its next daily barrier at $0.626.