On Monday, Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) were trading close to critical levels following a minor correction last week. With increasing bearish momentum in major indexes, the three biggest cryptocurrencies by market cap could be heading for more downside. Traders are paying careful attention to significant support areas for hints of stabilization or potential deeper declines.
Bitcoin struggles to break past the downtrend line
Last week, Bitcoin’s price fell below its downtrend line, which had been formed by the highs since early October. This trendline is also near the 61.8% Fibonacci retracement at $94,253 (calculated from an April low of $74,508 to an all-time high of $126,199 reached in October)—a notable resistance point. As of Monday, BTC is around $89,000.
If BTC keeps declining, it might target the next significant support level at $85,569, which aligns with the 78.6% Fibonacci retracement level.
The daily relative strength index (RSI) is at 43, just under the neutral threshold of 50, suggesting a rise in bearish momentum. Moreover, the Moving Average Convergence Divergence (MACD) lines are close together, and if they cross over to a bearish alignment, it could reinforce the negative outlook.
On a more optimistic note, should BTC climb above the downtrend line and close past the $94,253 resistance, a rally could push it toward the psychological mark of $100,000.
Ethereum faces setbacks after failing to breach the 50-day EMA
Ethereum attempted to push past the 50-day exponential moving average (EMA) of $3,280 but was unable to do so, leading to a 7.62% drop by Sunday. Currently, ETH is around $3,100.
If Ethereum continues to slide and drops below the daily support at $3,017, it could further decline to the next support level at $2,749.
The RSI for ETH is at 49, also below the neutral level, showing hints of bearish momentum. Similarly, the MACD lines are close together, and a confirmed bearish crossover could indicate a more negative trajectory.
Conversely, if ETH manages to recover, it could aim toward the 50-day EMA at $3,280.
XRP’s outlook darkens if it closes below $1.96 support
XRP has dipped by 3.22% for the second consecutive week, now retesting essential daily support at $1.96. On Monday, XRP is floating around $1.99.
If XRP closes beneath the daily support at $1.96, it might fall toward another support zone at $1.77.
If, however, XRP manages to hold the daily support at $1.96, it could potentially rally toward the next resistance level at $2.35.
