• Bitcoin price finds support around its key level on Wednesday, hinting at an upside move ahead.
• Ethereum price reclaims the 23.6% Fibonacci retracement at $2,138, a close above this level could trigger further gains.
• XRP price finds support around the 50-day EMA at $1.50, keeping hopes of a rally intact.

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) are gearing up for the next leg higher on Wednesday after holding above key technical support levels earlier this week. BTC stabilizes near a crucial zone, ETH reclaims its key Fibonacci level, while XRP  finds support at its 50-day Exponential Moving Average (EMA). These top three cryptocurrencies are signaling that bullish momentum could build if these levels continue to hold.

Bitcoin bulls aiming for levels above $78,000

Bitcoin price is trading above $74,000 as of writing on Wednesday, after finding support near $72,600, where the broken channel top roughly converges with the 50-day EMA. The near-term bias turns cautiously bullish as price breaks above the parallel channel that had capped action at roughly $72,600 since early February, signalling a shift away from the prior sequence of lower highs.

The Relative Strength Index (RSI) on the daily chart at 59 shows firm positive momentum without overbought conditions, while the Moving Average Convergence Divergence (MACD) line holds above the signal line and zero with a still-positive histogram, reinforcing enduring bullish pressure.

Initial support emerges near the former channel top around $72,600, where any pullback would test the breakout area, followed by stronger support at the 50-day EMA near $73,000 and then the lower band of recent congestion around $71,000. A deeper slide would expose the channel base and recent swing area around $65,900. 

On the upside, immediate resistance sits near the recent peak at $76,000, with a break opening the door toward the technical target for the channel breakout, which is above $78,000, based on the channel’s width.

Ethereum could extend gains if it closes above $2,140

Ethereum price is trading at $2,300 on Wednesday, after closing above the upper boundary of the channel on near $2,148 on Sunday. ETH has reclaimed the 23.6% Fibonacci retracement at $2,138, measured from the $1,747 low to the $3,402 high. Price now holds above the declining 50-day EMA near $2,223, while the 100-day EMA at $2,510 still looms well overhead, keeping the larger trend under pressure. 

Momentum has improved, with the RSI on the daily chart holding in the mid-60s and the MACD line staying above its signal and in positive territory, reinforcing a near-term bullish bias against a still corrective broader structure.

The 38.2% retracement around $2,380, which turned into immediate resistance after the latest pullback, followed by the 50% level at $2,575, where the 100-day average converges, forming a stronger supply area. 

On the downside, minor support aligns near the 50-day EMA at $2,220, ahead of the channel floor and the recent swing low around $2,050, while a deeper setback would expose the $2,138 retracement as a pivotal level to preserve the nascent bullish tone.

XRP finds support around the 50-day EMA

XRP price is trading above $1.50 on Wednesday. Price remains embedded within a descending parallel channel from above $2.80, preserving a bearish medium-term structure, yet the latest bounce from the lower half of the channel tilts the near-term bias to a cautious bullish correction. XRP remains capped well below the upper channel boundary near $1.92, and trades beneath the 100-day EMA at $1.70, keeping the longer trend under pressure even as short-term momentum improves. 

The RSI on the daily chart at 60 moves above its midline, showing strengthening bullish pressure against that backdrop. The MACD is above its signal line and in positive territory, with a modestly expanding histogram that suggests buyers are attempting to extend the recovery amid the broader downward structure.

Initial support emerges at the 50-day EMA near $1.50, ahead of the more important $1.30 horizontal floor that has contained prior downside and anchors the base of the current rebound. A break below $1.30 would expose the descending channel’s lower boundary near $1.10, where sellers would likely pause. 

On the upside, immediate resistance stands at the 100-day EMA at $1.70. A daily close above that band would open the way toward the $1.90 horizontal resistance, which aligns with the upper portion of the channel and marks the key level that bulls must clear to challenge the dominant bearish pattern.

(The technical analysis of this story was written with the help of an AI tool.)