How Justifiable is the Current Cryptocurrency Spring? Bitcoin, Ethereum, and Ripple

  • BTC triggers an ascending triangle break with a 21% surge, but bulls remain unlikely to follow suit.
  • Ethereum retests the $3,241 – $3,412 daily supply region but lacks the strength to extend upward.
  • Ripple successfully flipped the $0.85 obstacle, eyeing $0.91.

Bitcoin price displayed a colossal increase in buying momentum, translating to a substantial breakout. Such developments had most alternative coins experiencing an exponential surge. Ripple appears to head higher as Ethereum encounters an obstacle.

BTC Breaks Out

Bitcoin price broke out in an ascending triangle (formed by connecting four equal peaks at $44,418 and four high lows printed since 22 January. The technical setup predicts a 21% surge. On 27 March, Bitcoin overcame the hurdle, catalyzing the 21% surge towards $53,855. Though bullish, BTC should successfully retest the $44,418 support floor and sway through the 200-day SMA at $48,292 plus $45,550 – $51,860 weekly supply territory.

Investors should be careful as BTC might endure retracements. That way, the crypto can retest $44,418. Losing steam will see BTC hitting the $42,082 level. Nevertheless, a daily candle close beneath support of $36,398 will annul the bullish narrative. Such a move will clear the road towards the last defense line at $35,000. Declines here will see Bitcoin exploring $30,000.

Ethereum Has More Obstacle to Overcome

Ethereum formed the $2.820 – $2,966 demand area before gaining 18%. The upward move pierces the daily supply region at $3,241 – $3,412, where some headwinds might emerge. Investors need to expect a slight correction towards 100-day Simple Moving Average near $3,051 or demand region below. Continued upticks to challenge the hurdles might trigger another 5% surge before meeting the 200-day Simple Moving Average at $3,488.

Beyond that, Ethereum will encounter the hurdle at $3,585, which will likely cap the upside for the leading alt. On the other side, a daily candle close below $2,829 by Ethereum will nullify the bullish narrative by overturning the demand zone at $2,820 – $2,966 to a breaker. That can see the crypto retesting the bottom support at $2,541.

Ripple Eyes Further Upside

Ripple has flourished since breaking out of a bullish pennant on 11 March. The initial surge pushed the alt to retest the first target at $0.85. XRP has slightly corrected, allowing bulls to ensure momentum for the upcoming rally. Meanwhile, XRP has pushed beyond the resistance of $0.85 and seems ready to retest the ceiling at $0.91.

Flipping $0.91 into support will support the next rally, XRP retesting the psychological zone at $1. That would mean a 15% total climb from XRP’s current price. Though the remittance token seems primed for uptrends, investors should watch the support at $0.85. Losing this barrier might trigger a drop to $0.76.

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