The cryptocurrency market is witnessing vibrant activity, with Ethereum’s anticipated Dencun update on March 13 potentially sparking further excitement. Ethereum’s price recently surpassed the $4,000 mark, a significant psychological threshold, after an extended period. This surge prompts questions about potential trends for Ethereum, Binance Coin (BNB), and Ripple (XRP).
Ethereum’s Bullish Momentum
Despite bearish attempts to drag Ethereum’s price down to the $3,600 level, robust purchasing at lower prices is evident from the long wick of the March 11 candlestick. With the price now above $4,000, the pathway appears open for an ascent towards $4,372. Overcoming this resistance could further catapult the ETH/USDT pair to highs around $4,868. However, the market must tread cautiously as the relative strength index (RSI) has entered a deep overbought zone.
BNB’s Upward Trajectory
BNB is also showcasing a strong uptrend, with prices advancing past $460, fueling further bullish momentum. The BNB/USDT pair looks set to challenge the $560 resistance level, and if bulls maintain their stance near this level, the uptrend is likely to persist, potentially reaching up to $617. Key support levels to watch include $460 and the 20-day EMA average of $433.
XRP has seen repeated failures by bears to sustain prices below the 20-day EMA average of $0.60, which has seemingly attracted buyers. After overcoming the immediate resistance at $0.67, the XRP/USDT pair may aim for the significant resistance at $0.74. Successfully breaching this barrier could signal a new uptrend leading to price targets of $0.85 and $0.95. Conversely, a pullback from $0.74 would indicate that sellers are still exerting pressure at elevated levels, with potential retraction to the $0.67 support.