After the increase in the price of Bitcoin, most altcoins were unable to achieve sustainable gains. Convincing rallies in altcoins are usually not seen until Bitcoin enters the consolidation phase. The leading cryptocurrency is trying to determine its peak, and it is a matter of curiosity how high it can rise in a possible bear scenario for the three popular cryptocurrencies.
Ethereum surpassed $2,200 with the support of the Bitcoin rally but remained distant from the excitement of ETFs. Breaking the long-standing critical trendline can trigger significant increases independent of the graph. When looking at the price graph, the rising 20-day EMA ($2,063) and RSI support the expectation of a rally. The focus can be on the target of $3,400, which is aimed at breaking out of the triangular formation of the graph.
Bears for Ethereum may try to create a new selling wall between $2,500 and $3,000. If the Ether price closes below $2,200, it could be the first sign of weakness and may decrease the expectations of a rally. Therefore, the daily closing that will take place in a few hours will be important.
XRP, despite breaking above the 20-day EMA ($0.62) on December 2, brought quick profit realization due to the fluctuations in Bitcoin’s price. Bitcoin’s RSI indicator remaining in the overbought zone has led altcoin investors to expect a correction and be extremely cautious. If Bitcoin can close above $42,000, the $0.67 barrier can be broken.
Closing above $0.67 for XRP Coin can pave the way for new movements between $0.74 and $0.93. On the other hand, closing below $0.60 can lead to a drop to $0.56 and $0.46 as mentioned before.
The expected second major rally for SOL Coin may start with closings above the $68.2 resistance. Bulls can climb to $85 with closings above $68.2 in order to invalidate the bearish trend formation. On the other hand, SOL Coin investors should be cautious in case of a possible Bitcoin bear scenario and closing below $57. According to technical readings, closings below this zone will target a test of $51.