Bitcoin & Ethereum Skyrocket! Are You Ready for $100K BTC and $3,500 ETH Before It’s Too Late?

On Wednesday, the cryptocurrency market experienced a notable upswing, with major players like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all trading in the green. Each asset saw significant gains the previous day, with BTC rising more than 4%, ETH surging by over 7%, and XRP climbing approximately 5%. These movements have analysts speculating that the top three cryptocurrencies by market capitalization could maintain their momentum, eyeing bold targets of $100,000 for BTC, $3,500 for ETH, and $2.35 for XRP.

Bitcoin's Breakthrough and Potential

Bitcoin recently closed at $94,253, breaking through a crucial resistance level after finding support around the $90,000 mark on January 8. On Tuesday, BTC rallied more than 4%, eclipsing the 61.8% Fibonacci retracement level from its April low of $74,508 to its all-time high of $126,199. As of Wednesday, BTC was trading around $95,300, with optimism mounting as it approaches the psychological threshold of $100,000.

The Relative Strength Index (RSI) on Bitcoin’s daily chart stands at 66, indicating bullish momentum, having crossed above the neutral level of 50. Additionally, the Moving Average Convergence Divergence (MACD) has shown a bullish crossover, with rising green histogram bars, further solidifying a positive outlook for the cryptocurrency.

However, should Bitcoin experience a contraction, it could retreat toward the key support level at $94,253, a point crucial for maintaining its bullish trend.

Ethereum's Resurgence

Ethereum is also witnessing a rebound after recently retesting its 50-day exponential moving average (EMA) at $3,139. Following this support, ETH surged over 7% on Tuesday, closing at $3,325. By Wednesday, Ethereum was trading around $3,200. If this momentum continues, ETH could aim for a target near its December 10 high of $3,447.

Similar to Bitcoin, Ethereum's technical indicators—the RSI and MACD—signal bullishness, reinforcing a favorable outlook for the asset.

Nonetheless, should Ethereum face any setbacks, it may fall back toward its 50-day EMA at $3,139, making this an important level for traders to monitor.

XRP Targets $2.35

Meanwhile, XRP has also demonstrated positive momentum, finding support around its 50-day EMA at $2.07 last week. The asset rose more than 5% on Tuesday, and as of Wednesday, it is trading around $2.16. Should XRP continue its upward trajectory, it may soon test the daily resistance level at $2.35.

As with Bitcoin and Ethereum, XRP’s momentum indicators suggest bullish trends, contributing to an overall positive sentiment in the cryptocurrency market.

However, like its counterparts, a pullback could see XRP retreat towards its 50-day EMA at $2.07, highlighting the importance of this support level for traders and investors.

The recent gains among these major cryptocurrencies underscore a notable shift in the market sentiment, as investors appear cautiously optimistic about the future. The gains and technical indicators signal potential bullish trends, but it’s essential for investors to stay vigilant regarding key support and resistance levels as the market continues to evolve.