Ether 'Bear Trap' Confirmed as Bitcoin Probes $93K, XRP Eyes $2.30 Hurdle

This is a technical analysis post by CoinDesk analyst and Chartered Market Technician Omkar Godbole.

Bitcoin BTC$89,543.74 has bounced strongly from the $80,000-$83,000 support zone, probing the Friday swing high at $93,100. A breakout here would expose the trendline drawn from Oct. 8 record highs, which remains an important near-term resistance.

Consolidation looks more likely before the breakout, as the hourly MACD histogram produces shallow bars above zero, indicating a loss of upward momentum. The daily MACD, meanwhile, remains bullish, supporting a bullish resolution to the consolidation.​

On the downside, the $80,000-$83,000 support zone remains the key level for bulls to defend.

XRP

XRP$2.0621 has once again turned higher from the long-held $2 support, crossing bullishly above the Ichimoku cloud on the hourly chart. An intraday uptrend is clearly taking shape, but it remains to be seen if it can clear the immediate resistance zone of $2.28-$2.30.​

That would shift the focus to the bearish trendline at around $2.50. Inability to cross the resistance zone could lead to a renewed drop to $2.00.

ETH

Ether's ETH$3,046.63 hourly chart exhibits a classic bear trap, with price action feigning a breakdown below the lower boundary of the descending channel before staging a bounce.

This type of price action following a notable downtrend indicates that selling pressure has been absorbed and buyers have established the path of least resistance to the upside.

With bulls now holding the initiative, price action eyes Friday's swing high at $3,100, with potential progression toward the $3,500 low from the Oct. 10 selloff. On the downside, $2,600-$2,700 remains the key support zone.

SOL

Solana SOL$133.13 appears to be approaching the upper boundary of a well-defined sideways channel near $145. A decisive top above this level would open upside toward $165.​

The breakout may not occur immediately, as the hourly MACD exhibits deceleration in bullish momentum. However, with the daily MACD remaining bullish, eventual upside resolution looks more likely.