- Bitcoin price reaches a new all-time high of $93,900 on Tuesday, suggesting an upside move ahead.
- Ethereum shows signs of a pullback, approaching its key support level of $3000.
- Ripple price faces resistance around $1.13, hinting at a short-term correction on the horizon.
Bitcoin (BTC) reached a new all-time high of $93,900 on Tuesday, suggesting a further upside toward $100K. However, Ethereum (ETH) and Ripple (XRP) showed signs of weakness and suggested a downturn as they faced key resistance levels.
Bitcoin bulls eys for $100K mark
Bitcoin price reached a new all-time high of $93,905 on Tuesday. At the time of writing on Wednesday, it trades slightly down around $91,900.
If BTC continues its upward momentum, it could extend the rally to retest the significant psychological level of $100,000.
However, the Relative Strength Index (RSI) momentum indicator stands at 75, hovering above the overbought level of 70, signaling an increasing risk of a correction. Traders should exercise caution when adding to their long positions, as the RSI's move out of the overbought territory could provide a clear sign of a pullback.
BTC/USDT daily chart
Conversely, if BTC drops below the $87,000 support level, it could extend the decline to nearly $85,000 (November 12 low). A successful close below this level might trigger a deeper sell-off to $78,800 (the 141.4% Fibonacci extension drawn from July’s high of $70,079 to August’s low of $49,000).
Ethereum price is set for a downturn if it closes below $3,000
Ethereum price declined more than 7.8% until Tuesday after facing resistance around the weekly level of $3,454 on November 12. On Wednesday, it continues to trade down around $3,100, approaching its psychologically important level of $3,000.
If ETH closes below the $3,000 level, it could decline to retest its 200-day Exponential Moving Average of around $2,806.
The RSI indicator on the daily chart reads 58, pointing downwards after exiting its overbought level of 70. If the RSI continues its decline and closes below the neutral level of 50, the Ethereum price will further decline.
ETH/USDT daily chart
On the other hand, if ETH breaks and closes above the weekly resistance at $3,454, it will rally to retest its psychologically important $4,000 level.
Ripple price is poised for a decline as it faces rejection around $1.13
Ripple price has faced rejection around $1.13 multiple times since Sunday and has declined slightly until Tuesday. As of Wednesday, it continues to trade down around $1.08.
Suppose XRP fails to close above the $1.13 level and continues trading down. It could extend the decline to retest its $0.938 support level.
The RSI on the daily chart read 80, well above its overbought level of 70 and points downwards, signaling increasing risk. Traders should exercise caution when adding to their long positions, as a move out of the overbought territory by the RSI could provide a clear sign of a pullback.
XRP/USDT daily chart
However, if XRP closes above $1.13, it will extend the rally to retest its daily resistance level at $1.37.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks

Bitcoin Weekly Forecast: BTC shows weakness, bears aiming for $90,000 mark
Bitcoin (BTC) price hovers around $97,000 on Friday after losing nearly 5% in the last three days. CryptoQuant weekly report shows that activity on the Bitcoin network has declined to its lowest level in a year.

ONDO Price Forecast: Ondo Chain launched while TVL rises to $654 million
Ondo price is nearing its key weekly resistance of $1.38 on Friday, and a firm close above this level hints at a rally ahead. Ondo launches its Ondo Chain, a new Layer 1 blockchain purpose-built for institutional-grade RWAs.

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP are at risk of for further declines
Bitcoin (BTC) hovers around $97,400 on Friday after losing nearly 5% in the last three days. Ethereum (ETH) and Ripple (XRP) fail to recover and face rejection from their key levels, hinting at further corrections.

XRP ETF gains traction as SEC acknowledges Grayscale filing for Solana and Litecoin funds
Ripple's XRP was in the limelight on Thursday following the Chicago Board Options Exchange (Cboe) 19b-4 filing to the SEC to list and begin trading XRP exchange-traded funds (ETFs) for asset managers Canary Capital, WisdomTree, 21Shares and Bitwise.

Bitcoin: BTC shows weakness, bears aiming for $90,000 mark
Bitcoin (BTC) price hovers around $97,000 on Friday after losing nearly 5% in the last three days. CryptoQuant weekly report shows that activity on the Bitcoin network has declined to its lowest level in a year. Traders should watch FTX's upcoming repayments to creditors starting on February 18, which could bring in volatility for Bitcoin prices.

The Best Brokers of the Year
SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.