• Bitcoin price nears the upper channel boundary on Wednesday; a breakout would suggest a bullish move.
• Ethereum trades above key resistance after a rally of over 6% this week.
• XRP approaches its 50-day EMA at $1.42, where a close above could extend further gains.

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) extend their recovery on Wednesday, supported by improving risk sentiment following the announcement of a two-week ceasefire between the US and Iran. The easing of geopolitical tensions boosted risk appetite across the market, with BTC climbing to $72,000, ETH to $2,200, and XRP to $1.38.

Bitcoin nears the upper boundary of the parallel channel

Bitcoin price is trading at $71,600 on Wednesday, up over 4% from the previous day. BTC holds in the upper half of a channel capped near $72,600, keeping a mildly bullish near-term bias within a broader corrective structure. BTC has reclaimed the 50-day Exponential Moving Average around $70,500, turning it into dynamic support and aligning with improving tone in the Moving Average Convergence Divergence (MACD) histogram, which has flipped positive as the MACD line advances above the signal line while both hover near the zero mark. The Relative Strength Index (RSI) around 58 remains above its midline, signaling that buyers retain momentum.

Initial resistance emerges at the channel top near $72,600, with a daily close above this barrier opening the way toward the recent swing high in the $74,800 region. A failure under $72,600 would keep BTC confined to the channel, with immediate support at the reclaimed 50-day EMA near $70,500, followed by $69,900, where recent lows cluster. 

Below there, the lower boundary of the descending channel around $65,900 serves as a more significant downside pivot, reinforced by the broader uptrend implied by the much higher 100- and 200-day exponential moving averages.

Ethereum closes above key resistance zone

Ethereum price is trading above $2,200 on Wednesday after rallying over 6% in the previous day. The near-term bias is cautiously bullish as price grinds higher off the $1,747 low while closing above the upper boundary of the channel that has capped advances since early February. ETH trades above the 50-day EMA near $2,150, but remains well below the 100-day and 200-day EMAs, which still frame a broader downtrend.

Momentum has improved, with the RSI on the daily chart holding around 60 and the MACD line extending above its signal in positive territory, suggesting buyers retain the initiative despite overhead structural resistance.

Initial support emerges at the 23.6% Fibonacci retracement of the $3,402 to $1,747 decline at $2,138, aligning with the broken 50-day EMA to form a pivotal floor for the nascent recovery. A break below this area would expose the channel midpoint, followed by the lower boundary near $1,750. 

On the topside, immediate resistance stands the 38.2% retracement at $2,380, where the falling 100-day EMA converges to reinforce supply. A daily close above $2,380 would signal growing bullish conviction and open the way toward the 50% retracement at $2,575 as the next upside objective.

XRP rebounds after finding support around the $1.30 level

XRP price is trading at $1.37 on Wednesday, up 4.35% from the previous day. XRP remains embedded in a descending channel from above $2.80, keeping the broader structure bearish while price holds well below the upper boundary near $1.74. Daily closes continue to track under the clustered 50-day, 100-day and 200-day EMAs, reinforcing downside pressure despite last session’s modest rebound. 

Momentum stabilizes rather than improves, with the RSI on the daily chart hovering near 50 and the MACD indicator edging back above its signal line but still near the zero mark, suggesting a weak recovery attempt within a dominant downtrend.

Initial support lies at the $1.30 horizontal level, where a break would reopen the lower half of the descending channel and expose the $0.93 region defined by the channel floor. Holding above $1.30 would leave scope for a corrective bounce toward the $1.40–$1.45 area, where the descending channel mid-zone aligns with recent closing congestion. The first meaningful resistance sits near the 50-day EMA around $1.42, followed by the channel cap near $1.74, while the more distant horizontal barrier at $1.9000 marks a pivotal level that bulls would need to reclaim to challenge the prevailing bearish bias.

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