- Bitcoin slipped below the key $106,400 support, signaling a possible drop toward $100,000, while Ethereum and Ripple also show weakening momentum with bearish indicators.
- Both ETH and XRP risk further declines unless they break above critical resistance levels.
In a week marked by increasing bearish sentiment, the top three cryptocurrencies—Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP)—are showing signs of weakening momentum, hinting at potential further corrections ahead.
Bitcoin Breaks Below Crucial $106,400 Support
Bitcoin recently closed under the vital $106,400 support level, settling around $105,600 as of Friday’s trading. This breach raises the likelihood of a deeper pullback, possibly targeting the psychologically significant $100,000 mark. Technical indicators paint a cautious picture: the Relative Strength Index (RSI) is trending downward from 54 toward the neutral 50 level, signaling fading bullish strength. Meanwhile, the Moving Average Convergence Divergence (MACD) has formed a bearish crossover with rising red histogram bars, reinforcing the possibility of further downside.
However, if Bitcoin manages to reclaim and sustain above its all-time high, bulls may regain control and push the price toward the $120,000 milestone.
Also read: Crypto Market Dips on US-China Trade Tensions, But DEXE, SPX, and XAUt Altcoins Show Strong Gains
Ethereum Struggles Near $2,724 Resistance
Ethereum’s price action also signals caution, having faced rejection near the key $2,724 resistance level. Currently hovering around $2,600, ETH risks a further slide if it breaks below the 200-day Exponential Moving Average (EMA) at $2,455. Such a move could see ETH retesting its 50-day EMA support around $2,277.
The RSI’s dip from an overbought 70 to 64 with a downward slope highlights waning bullish momentum. The MACD’s bearish crossover aligns with these warning signs, indicating a possible continuation of downward pressure. On the flip side, a breakout above $2,724 could rejuvenate Ethereum’s rally toward the critical $3,000 level.
Ripple Slides Below 50-Day EMA, Eyeing $1.96 Support
Ripple’s XRP has slipped beneath its 50-day EMA at $2.29, trading near $2.21 and down about 3% in recent sessions. If the bearish trend persists, XRP may test its next support near $1.96. The RSI’s position at 41 and its downward trajectory indicate strong selling momentum, confirmed by a bearish MACD crossover.
Nonetheless, a rebound is possible if XRP climbs back above its 50-day EMA, potentially setting the stage for a recovery.
As BTC, ETH, and XRP all show technical signs of vulnerability, traders and investors should stay alert to key support and resistance levels. While the broader crypto market remains volatile, any decisive moves could set the tone for the next major trend in these flagship assets.