- Bitcoin trading dips below $94,000 on Monday after failing to break a key resistance on Friday.
- Ethereum drops to around $1,861, with a correction potentially leading to a broader downtrend.
- XRP falls below its 50-day EMA at $2.20, increasing the possibility of further declines toward $1.96.
As of Monday, Bitcoin (BTC) is trading near $94,000, following its resistance rejection last Friday. Similar to Bitcoin, Ethereum (ETH) and Ripple (XRP) encountered resistance at important levels last week, with concerns that the current corrections may develop into a more extensive bearish trend.
Bitcoin Sees Decline After Resistance Rejection at $97,700
Bitcoin retested its daily resistance level of $97,700 last Friday and subsequently dropped nearly 3% over the following two days. Currently, on Monday, it’s trading at around $94,000.
Should BTC continue its correction, it may revisit its next significant support at $90,000. The Relative Strength Index (RSI) currently reads 60, down from its overbought level of 70, indicating waning bullish momentum. If the RSI dips below 50, it would signal a stronger bearish trend, likely leading to a notable drop in Bitcoin’s price.
However, if Bitcoin manages to rebound and surpass its daily resistance of $97,700, it could potentially rally toward its psychological resistance level of $100,000.
Ethereum Faces Possible Further Correction After Resistance at $1,861
Ethereum encountered resistance around its daily level of $1,861 on Friday and has seen a 1.87% decline in the following days. As of Monday, it trades lower at about $1,795.
If ETH continues to pull back, it may seek to retest the psychologically significant level of $1,700. A close below this point could lead to further declines toward the next support level at $1,449. With the RSI currently at 52, hovering around neutrality, traders are indecisive. A drop below the neutral 50 level is needed to maintain bearish momentum.
XRP Indicates Weakness as it Falls Below 50-Day EMA
XRP closed below its 50-day EMA at $2.20 on Saturday, experiencing a 2.26% decline shortly thereafter. As of Monday, it trades at approximately $2.14.
If XRP’s downward trend persists, it may fall further toward $1.96. The current RSI on the daily chart is at 47, indicating bearish momentum. Conversely, if XRP breaks and closes above the $2.20 mark, it could rally back to retest its March 24 high of $2.50, and potentially reach $3.00.
