- Bitcoin and Ethereum show signs of weakness near key support levels, risking further declines if momentum doesn’t shift.
- Meanwhile, XRP holds steady above its 200-day EMA, hinting at a potential rebound.
In the ever-volatile world of cryptocurrencies, this week paints a telling picture: Bitcoin (BTC) and Ethereum (ETH) show signs of weakness after recent rejections, while Ripple (XRP) hints at a possible rebound with strong technical support.
Also read: SEC Issues New Crypto Disclosure Guidelines to Boost Transparency for Digital Asset Securities
Bitcoin: At a Fork in the Road
Bitcoin has been oscillating near the $80,000 mark on Friday after being pushed back from the descending trendline resistance on Thursday. The rejection comes after a notable rally earlier in the week that took BTC from a YTD low of $74,508 to a high of $82,600. Now, traders are left wondering: is this just a “dead cat bounce” or the early signs of a breakout?
The Relative Strength Index (RSI) at 45, trending downwards, supports the bearish case. If this momentum continues, BTC could slide further to test its next support at $73,072. However, a strong recovery above the $85,000 resistance and the 200-day EMA could open the door to $90,000 and potentially $95,000.
- Ethereum: Support on Shaky Ground
Ethereum isn’t faring much better. After a sharp 13% drop last week, ETH found some relief at $1,449 mid-week but quickly lost steam. As of Friday, it’s clinging to the $1,500 level. The RSI at 35 signals growing bearish momentum. If ETH breaks below the $1,449 support, it could plunge toward the psychological level of $1,300. On the upside, bulls will need to reclaim $1,700 to revive a sustained rally.
XRP: A Beacon of Stability?
Among the top three, XRP shows the most promise. After reclaiming its 200-day EMA at $1.94, it’s now slightly above that level, hinting at a potential recovery. A bounce here could propel XRP back to its April 2 high of $2.23. The RSI at 43 is moving upward, suggesting easing bearish pressure. However, failure to hold the EMA could push XRP down to $1.77.
The Verdict
While BTC and ETH struggle to maintain momentum, XRP’s resilience at a key technical level makes it one to watch. With markets teetering on critical thresholds, the coming days could be decisive for the next big crypto move.
