- Bitcoin’s price remains stable at around $105,000 on Monday after experiencing a drop below a crucial support level last week.
- Ethereum is trading near its lower consolidation boundary of $2,461; a close below this level may suggest an impending correction.
- Ripple’s XRP ends lower than its 50-day EMA support at $2.24, increasing the likelihood of a more substantial correction.
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are showing indications of stabilization around important support levels after a recent downturn. BTC is trying to regain momentum after closing beneath its significant support, while ETH and XRP are hovering near technical thresholds that may influence their next movements.
Bitcoin Faces Potential Decline Below 50-Day EMA
Bitcoin’s price fell below its daily support of $106,406 on Thursday and rebounded by retesting its 50-day Exponential Moving Average (EMA) at $102,893 the following day. Over the weekend, BTC stabilized near the $105,000 mark and, as of Monday, is trading around $105,788.
If BTC cannot maintain above the $106,406 resistance and continues to decline, it may retest the critical psychological level at $100,000. The Relative Strength Index (RSI) on the daily chart is hovering around 50, suggesting indecision among traders. Additionally, the Moving Average Convergence Divergence (MACD) indicator has shown a bearish crossover, indicating a potential downward trend.
Ethereum Could See a Downtrend if it Drops Below 50-Day EMA
The price of Ethereum failed to secure support at the upper consolidation level of $2,724 on Thursday, leading to an 8.69% decline by Saturday. However, ETH remained above its lower consolidation boundary of $2,461 through the weekend. As of Monday, it is still positioned above this level.
If ETH corrects and closes below its 50-day EMA at $2,429, it could extend the drop to retest the next support level at $2,000. The RSI on the daily chart is also around 50, pointing towards trader indecisiveness, while the MACD indicates a bearish crossover, suggesting a downward trend.
XRP Prepared for Downtrend Below 50-Day EMA
XRP’s price fell below its 50-day EMA at $2.24 on Thursday, experiencing a nearly 6% drop until Saturday, although it slightly recovered by 1.22% the next day. As of Monday, it is approaching its 50-day EMA at $2.24.
If XRP encounters resistance at its 50-day EMA, it may decline further to retest its next support level at $1.96. The RSI on the daily chart is currently at 45, showing strong bearish momentum. Additionally, the MACD has displayed a bearish crossover, indicating a possible downward trend.
