Major cryptocurrencies have shaken off the bearish trend... continue to detect technical bullish signals

Virtual assets’ leading players in the exchange market all turned to an upward trend on Wednesday. In particular, the technical recovery signals shown by Ethereum(ETH), Bitcoin(BTC), and Ripple(XRP) are stimulating market participants’ risk appetite.

Ethereum Breaks Free from ‘Downward Spiral’

The most dramatic change was seen in Ethereum. It surged 6.21% on Tuesday, clearly breaking through the downward trend line that had persisted since October 7. Currently, ETH is fighting for supply and demand near the 50-day exponential moving average(EMA) around 2.94K.

If this price level is maintained, the next resistance is expected to be in the $3,592 range. The daily RSI at 57, rising above the neutral line(50), clearly indicates buying dominance. The MACD also maintains a golden cross, supporting upward momentum.

If a correction(reversal) occurs, the previous trendline’s upper boundary at $3,017 is expected to serve as a solid defense line.

Bitcoin Stands at the $100,000 Threshold

Bitcoin has continued its weekly upward trend with a 2.34% increase this week. BTC is currently consolidating around 87.45K, but market focus has already shifted upward. The key resistance is at $94,253.

This level corresponds to the 61.80% Fibonacci retracement from the April low(74,508 dollars) to the October high(126,199 dollars). If BTC successfully closes above this level on a daily basis, it could directly lead to the psychological milestone of $100,000.

The technical indicators are favorable. The bullish crossover of MACD remains valid, supporting the upward structure. However, RSI at 49 has not yet broken through the neutral line(50), so overcoming this level is necessary for a confirmed rally.

The downside risk point is at $85,569(78.60% Fibonacci level), which is expected to serve as the first defense point.

Ripple Rebounds After Confirming Bottom

Ripple(XRP) confirmed its bottom with a precise rebound from the support at $1.86 last Sunday. Since then, the upward trend has continued, and it is now attempting to break through the upper boundary of the box around $2.08.

If the current gentle upward trend persists, the next target is the resistance zone at $2.35. RSI at 45, still below 50, is moving in a way that raises the low point, indicating a reduction in selling pressure. The MACD also maintains an upward signal.

In the market, as long as the support at $1.96 holds, the current phase is viewed as “a stage of energy accumulation for the next rally.”

Market Interpretation

All three assets are showing technical bullish signals, with the potential breakthrough of $100,000 for BTC emerging as a key market event. However, the fact that each asset’s RSI has not yet shown full overbought signals suggests that the current upward trend is sustainable.