Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) remain sideways during Wednesday’s trading session, after all recording slight gains in the previous session. From a technical perspective, Bitcoin still has room to grow as it moves within a triangle pattern, while Ethereum and Ripple are approaching and facing pressure at key resistance levels above.
Bitcoin’s early-year recovery pace may be limited
Bitcoin is trading around $88,000 at the time of writing on Wednesday, maintaining stability after a 1.43% increase in the previous session. Recent price movements show BTC oscillating within a narrow range, forming an ascending triangle pattern — a signal indicating the market is in an accumulation phase and waiting for the next breakout.
If buying pressure improves, a rebound from the current support zone could push the price up to test the upper resistance trendline, formed by the peaks on 11/15 and 12/9, around $92,000. This area also converges with the 50-day exponential moving average (EMA) at $91,829, further increasing resistance to upward movement.
Daily BTC/USDT chart | Source: TradingView Momentum indicators on the daily timeframe somewhat support the recovery scenario. The (RSI) is currently at 48 and trending toward the neutral level, reflecting weakening selling pressure and a less pessimistic market sentiment.
Additionally, the MACD line continues to rise in parallel with the signal line after crossing upward on 12/19. However, the proximity of these two lines suggests the risk of a bearish crossover remains. If this occurs, a sell signal could be triggered if BTC undergoes a sharp correction.
Conversely, if the price breaks below the support trendline connecting the lows on 11/22 and 12/1, around $85,000, Bitcoin is likely to retest the November 21 low at $80,600.
Ethereum needs to break this trendline to recover in the new year
Ethereum is currently under pressure from the resistance line formed by connecting the peaks on 10/7 and 12/10. At the time of reporting, ETH is trading around $3,000 during Wednesday’s session, continuing its 1.22% gain from the previous day.
In a successful breakout scenario above this trendline, Ethereum is likely to face its first resistance at the 50-day EMA around $3,120, before moving toward the Pivot R1 at $3,177.
Daily ETH/USDT chart | Source: TradingView Regarding technical indicators, the RSI is at 47 — still below the neutral line — indicating cautious buying interest as downward pressure has not been fully alleviated. However, the MACD indicator is signaling positive momentum as the MACD line continues to diverge from the signal line after the bullish crossover on Saturday, maintaining a short-term buy signal.
On the downside, if the price reverses and corrects, the key support zone at $2,783 — last tested on 12/18 — will serve as the first “shield.” Losing this level could cause ETH to retreat further to the November 21 bottom at around $2,623.
Ripple approaches a breakout point from the descending wedge pattern
Similar to Ethereum, Ripple (XRP) is currently under significant pressure near the resistance line formed by connecting the peaks on 11/13 and 12/9, close to the $1.90 level. This trendline, along with the support line connecting the lows on 10/17 and 11/4, completes a descending wedge pattern on the daily chart — a technical structure often signaling a potential reversal to the upside.
In an optimistic scenario, closing above $1.90 would confirm a breakout from the pattern, opening room for gains toward the 50-day EMA at around $2.05.
Daily XRP/USDT chart | Source: TradingView Momentum indicators are also signaling improvement. The RSI on the daily timeframe is at 42 and continues to rise after bouncing from the oversold zone on 12/18, indicating selling pressure is waning. If RSI crosses above the neutral line, it would reinforce the buy flow signal returning to the market.
Furthermore, the MACD indicator remains bullish since the recent crossover, with green histogram bars expanding, reflecting increasing bullish momentum.
On the downside, if XRP fails to break above the $1.90 resistance zone and reverses, the price is likely to retest the S1 Pivot at $1.79 before falling further toward the support level around $1.68.
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