During the current bullish recovery phase, the Bitcoin price is just a few dollars away from reaching a new all-time high (ATH)! As a result, the market has seen a parabolic price movement with major projects moving towards new highs.
Given Bitcoin’s new all-time high, investors are wondering if Ethereum and Ripple will follow suit and reach new ATHs in the near future. The market sentiment has become increasingly volatile, leading to a FOMO-like situation among investors.
Bitcoin (BTC)
Despite a slight drop of around 1% in the last 24 hours, the BTC price has remained above $72,000 with a 24-hour trading volume of $48.216 billion. The leading cryptocurrency is currently trading at a 2.39% discount from its ATH, indicating strong bullish momentum.
The Relative Strength Index (RSI) remains close to the overbought range on the 1D time frame, indicating increased buying pressure for BTC.
Sustaining the bullish sentiment could push the Bitcoin price to a new all-time high in the coming hours. However, a bearish trend could lead to a retest of the $71,000 level.
Curious about whether Bitcoin will reach the $100k mark this year? Check out our Bitcoin (BTC) Price Prediction!
Ethereum (ETH)
Following Bitcoin’s lead, Ethereum has also seen a similar price action, gaining 7.13% in the past week. With five consecutive days of inflows, the leading altcoin is approaching the crucial resistance level of $2.8k.
The Moving Average Convergence Divergence (MACD) is showing a decline in the red histogram with potential bullish convergence, signaling a positive outlook for Ethereum.
If the bulls maintain control, ETH could surpass $2.8k and head towards $3,000. Conversely, a bearish move could see a retest of the $2,500 support level.
Ripple (XRP)
Despite the ongoing SEC vs Ripple legal battle, XRP has managed to hold above $0.52 amidst the bullish recovery. The price stability suggests a positive outlook for Ripple in the near future.
The Simple Moving Average (SMA) has shown a bullish crossover on the 1D chart for Ripple, indicating potential price gains ahead.
If the bullish trend continues, XRP could break above $0.560 and target the $0.630 level. Conversely, a reversal in trend could see a test of the $0.4880 support level.
