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The cryptocurrency market continues to experience dynamic days. With the upcoming Dencun update on March 13, the Ethereum network could see lively days, and the ETH price has managed to rise above $4,000 after a long period. So, what can be expected on the Ethereum, BNB, and XRP fronts during this process? We are examining it with detailed chart analysis.
Ethereum Chart Analysis
Bears tried to pull Ethereum down to the $3,600 break level, but the long wick on the March 11 candlestick indicates aggressive buying at lower levels. Buyers pushed the price above the psychological level of $4,000. This opens the doors to a rise to $4,372, which could act as a minor hurdle, but if this resistance is overcome, the ETH/USDT pair could leap to $4,868.
The recent sharp rise in the market has pushed the RSI level into the deep overbought zone, signaling caution. For sellers to break the rising momentum, they need to pull the price below the 20-day EMA average of $3,505. The pair could then enter a corrective phase.
BNB Chart Analysis
BNB has been in a strong uptrend for the past few days. After buyers lifted the price above $460, the momentum increased further. The BNB/USDT pair is likely to reach $560, which could act as a stiff resistance in the short term. If the bulls do not retreat much from $560, the uptrend could continue. The pair could then climb to $617.
Downward, the key support is at $460 and then at the 20-day EMA average of $433. For sellers to indicate that the uptrend may have ended in the short term, they need to pull the price below the 20-day EMA average.
XRP Chart Analysis
Bears have repeatedly failed to keep XRP below the 20-day EMA average of $0.60, which may have attracted buyers on March 11. Bulls pushed the price above the immediate resistance of $0.67, indicating solid buying at lower levels.
Buyers will try to maintain momentum and challenge the tough resistance at $0.74. If this level is scaled, it would indicate the start of a new uptrend. The XRP/USDT pair could rise to $0.85 and then to $0.95. Alternatively, if the price drops from $0.74, it would show that bears remain active at higher levels. The pair could then slide to the strong support at $0.67.
