This is a technical analysis article written by CoinDesk Analyst and Certified Market Technician Omkar Godbole.
Bitcoin continues to trade within a counter-trend uptrend channel on the hourly chart that sits within a broader downtrend, leaving the price action well balanced.
A clear break above $96,500 would be technically bullish, as this level marks the confluence of the channel top and the broader downtrend line, and would argue for a resumption of the uptrend in the medium term. The weekly chart supports this scenario, with repeated defense of the 100-week simple moving average signaling downside exhaustion and increasing risk of a bullish reversal.
However, the structure also leaves room for further weakness if buyers fail to force confirmation.
A downward breakout of the counter-trend hourly channel would validate the downtrend line and pave the way for another test of the $80,000 zone, where the market had previously found support.
ETH
Ether’s technical structure mirrors that of BTC, trading in a counter-trend ascending channel on the hourly chart amid a broader downtrend. A decisive break above $3,200, the channel resistance, would confirm a bullish resumption, exposing $3,620, the lower high resistance from November 10.
Downside risks persist if sellers invalidate the countertrend channel. A break below would strengthen the broader downtrend, opening recent lows near $2,630 as initial support before a deeper correction.
Overall, $3,200 remains the pivotal level to watch.
XRP
Payments-focused XRP is retesting the critical $2 support line, which has repeatedly signaled seller exhaustion this year through long-tailed weekly candles. The momentum appears bearish, as evidenced by the sharp decline in the 5- and 10-week SMAs which confirm the bearish momentum.
A break below this level risks triggering capitulation of holders, exposing $1.63, the 61.8% Fibonacci retracement of the 2024-2025 rally, as the next major support.
Conversely, consecutive daily closes above $2.30 would invalidate the downtrend from the lower highs and signal a bullish recovery. $2 remains the key pivot of this symmetrical pattern.
GROUND
Solana continues to display range-bound indecision, trading within a sideways channel defined by upper resistance at $145 and lower support at $120, with current levels near $134.
The lack of directional momentum persists, leaving the next significant move conditional on a clean break from this consolidation range. A bullish resolution of the range would create room for a move towards $160 and above via analysis of measured moves. A breakout lower would extend the broader downtrend.
