The price of Bitcoin remains steady at approximately $84,500 on Friday, having rebounded nearly 3% throughout the week.
Ethereum is finding support near the $1,861 mark, hinting at an upcoming recovery.
XRP has broken through and retraced its support level at the 50-day EMA positioned at $2.43, signaling a potential bounce.
Bitcoin (BTC) is presently priced around $84,500 on Friday, reflecting a recovery of nearly 3% this week. Both Ethereum (ETH) and Ripple (XRP) are showing support at critical levels, suggesting that a recovery may be forthcoming.
Additionally, the US Securities and Exchange Commission (SEC) Crypto Task Force is scheduled to host its inaugural roundtable on cryptocurrency asset regulation on Friday. This roundtable will delve into topics like digital assets, cryptocurrencies, tokens, and associated protocols. This event has the potential to introduce volatility into the cryptocurrency market, marking a significant public initiative by the SEC to confront the regulatory ambiguities surrounding cryptocurrencies.
Bitcoin BTC bulls set sights on $90,000 if it surpasses its 200-day EMA
The price of Bitcoin broke above its 200-day Exponential Moving Average (EMA) on Wednesday, hitting a daily high of $87,000. However, it struggled to maintain support at the 200-day EMA of $85,515 on Thursday, experiencing a 3% decline and closing below it. As of Friday, Bitcoin has made a slight recovery and sits around $84,500.
If BTC manages to recover, break through, and establish support at the 200-day EMA, it might advance towards its significant psychological level of $90,000.
The Relative Strength Index (RSI) on the daily chart is currently at 46 after being rejected from the neutral level of 50 on Wednesday, indicating slight bearish momentum. For the recovery rally to gain traction, the RSI needs to move above its neutral level of 50.
The Moving Average Convergence Divergence (MACD) indicator signaled a bullish crossover on the daily chart last week, providing a buy signal and suggesting a bullish trend on the horizon. Furthermore, it demonstrates rising green histogram levels above the neutral level of zero, highlighting strength in upward momentum.
BTC/USDT daily chart
On the other hand, if BTC continues to trend downward, it may test its next support level at $78,258.
Ethereum has recovery potential if it maintains support around $1,861
Ethereum’s price has found support at the daily level of $1,861 since last week and has recovered by 9% through Wednesday. However, it experienced a 3.5% drop the following day. Presently, ETH is trading around $1,970.
If the daily support at $1,861 holds firm, the price of ETH might continue its recovery to attempt retesting its high from March 7 of $2,258.
The RSI on the daily chart is currently at 40, having bounced off its oversold level of 30 last week, indicating decreasing bearish momentum. Nevertheless, the RSI must rise above its neutral level of 50 for a sustainable recovery rally. The MACD indicator provided a bullish crossover on the daily chart this past Monday, generating a buy signal and signaling a bullish trend ahead. Moreover, it shows increasing green histogram levels above the neutral level of zero, implying growing upward momentum.
ETH/USDT daily chart
Conversely, should ETH break and close below the daily support at $1,861, it may experience a further decline to test the next support level at $1,700.
Ripple could see a recovery if the 50-day EMA remains intact
Ripple’s price surged past its 50-day EMA at $2.43 on Wednesday, marking a rally of 11.46%. However, it saw a slight decline afterward, retracing back to its 50-day EMA the following day. As of Friday, XRP is trading around $2.42.
If XRP can secure support at the 50-day EMA, it could continue its recovery and aim to retest the $2.72 level.
The RSI on the daily chart stands at 51, positioned near the neutral level of 50, signifying a state of indecision among traders. For bullish momentum to sustain, the RSI needs to show an upward trend and surpass its neutral level of 50. The MACD indicator provided a bullish crossover on the daily chart last week, generating a buy signal and indicating a positive trend ahead.
XRP/USDT daily chart
If XRP fails to find support at its 50-day EMA and closes below it, the price may decline further to test the next support level at $1.96.
