Predicted prices for the top 3 cryptocurrencies: BTC and XRP are nearing record highs, while ETH is approaching the $4,000 mark.

Bitcoin (BTC) and Ripple (XRP) are approaching historical price peaks, while Ethereum (ETH) continues to maintain a strong upward momentum, gradually moving towards the important milestone of $4,000. The top three cryptocurrencies are sending strong bounce back signals, supported by a solid technical platform and an increasing wave of interest from investors.

Bitcoin could reach a new record level of over $120,000

After setting a new historical peak at $123,218 on July 14, the price of Bitcoin is currently moving sideways within a narrow range from $116,000 to $120,000. As of the time of writing on (Wednesday), BTC is hovering close to the upper resistance level at $120,000 – an important signal for the next phase.

If Bitcoin can close above $120,000 on the daily time frame, the bounce back momentum is likely to be strengthened, paving the way for a breakout towards a new peak at $123,218.

BTC/USDT daily chart | Source: TradingViewThe RSI indicator on the daily chart is currently at 65, still having a gap from the overbought zone (70), indicating that there is still room for growth. Meanwhile, the MACD is in a sideways state with the MACD line converging with the signal line, reflecting the market’s indecisive sentiment. To confirm an upward trend, a clear bullish crossover from the MACD is needed.

On the contrary, if BTC breaks the support of $116,000 during the day, the adjustment pressure may increase, pushing the price back to test the 50-day EMA line – currently around the $110,989 mark.

Ethereum finds support around a key level

Last week, the price of Ethereum recorded an impressive increase of 26.40%, officially surpassing the important resistance level at $3,730 during the Sunday closing session. Entering the new week, ETH continues to maintain its position as it stabilizes above this threshold. As of Wednesday, this coin is fluctuating around $3,736 – a signal indicating that the upward trend is still being sustained.

If the $3,730 region continues to serve as strong support, Ethereum may extend its bounce back, aiming for the next important psychological level at $4,000.

Daily ETH/USDT Chart | Source: TradingViewThe RSI indicator on the daily frame has surged to 85 - significantly higher than the overbought threshold of 70 - clearly reflecting the strength of the bullish trend. In addition, the bullish crossover signal of the MACD established since the beginning of July is still in effect. The blue histogram bars are getting longer and expanding above the neutral line, indicating that the bullish momentum is gradually increasing in intensity.

However, the adjustment scenario still needs to be taken into account. If Ethereum weakens and closes below the key support area of $3,730, the price may turn back down to the $3,500 area to seek buying pressure again.

XRP approaches historical peak

XRP recorded an increase of over 20% in the past week, setting a new historical peak at $3.66 before experiencing a slight correction on Friday. On Saturday, the coin tested the important support area around the $3.40 mark and successfully held, recovering 4.15% in the following three days. As of Wednesday, the price is stabilizing around $3.50.

If the upward momentum continues to be maintained, XRP could completely bounce back to challenge the old peak level of $3.66. A solid close above this level will open up potential towards the 141.40% Fibonacci extension target at $4.13 — calculated from the January peak ($3,40) to the April bottom ($1,61).

XRP/USDT daily chart | Source: TradingViewCurrently, the RSI indicator on the daily frame is at 82, signaling a strong overbought condition and warning traders to be cautious. However, similar to Ethereum, the MACD indicator is still sending positive signals, indicating that the upward trend of XRP is likely to continue in the short term.

In the opposite scenario, if selling pressure increases causing the price to adjust, XRP may return to test the key support zone around the $3.40 level.

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