- Bitcoin’s price hovers around $105,000 on Monday after a decline of 3% last week.
- Ethereum is supported near its 200-day EMA, but a close below may lead to a sharper downturn.
- XRP encounters resistance at the $2.23 level, indicating a possible short-term pullback.
Bitcoin (BTC) remains around the $105,000 mark, following a 3% drop last week. Ethereum (ETH) is sitting just above a crucial technical support level that could influence its immediate future, while Ripple (XRP) is grappling with a significant resistance level, heightening the possibility of a pullback as bullish trends diminish.
Bitcoin Approaches $100,000 as Bullish Momentum Wanes
Bitcoin’s price fell below the daily support level of $106,406 on Thursday and dropped by 1.50% the following day. It saw a slight recovery over the weekend, trading at approximately $105,000 on Monday.
If BTC continues to meet resistance around the $106,406 daily level, further declines may occur, driving the price to the psychologically significant $100,000 mark.
The current Relative Strength Index (RSI) reads 53, trending downward toward its neutral point at 50, indicating a loss of bullish momentum. Similarly, the Moving Average Convergence Divergence (MACD) shows a bearish crossover with rising red histogram bars below the neutral level, suggesting a potential correction.
Ethereum May Decline If It Closes Below Its 200-Day EMA
Ethereum’s price faced resistance at the $2,724 level on Thursday and declined by 5.7% the next day. However, it found support around the 200-day Exponential Moving Average (EMA) at $2,456 over the weekend, trading slightly lower as of Monday.
If the 200-day EMA at $2,456 fails to hold, ETH could retest the next support level at $2,302, its 50-day EMA.
The RSI is currently at 54, having been rejected from the overbought zone, and is trending down toward 50. The MACD also reinforced this weak momentum with a bearish crossover, indicating a possible downward shift.
XRP Faces Downward Pressure After Closing Below $2.23
XRP closed below its daily support of $2.23 on Friday and dropped by 4.65%. It has remained below this level for the following two days, now trading around $2.15 on Monday.
Should the $2.23 level remain as resistance, XRP may decline further to test its next daily support at $1.96.
The RSI is presently at 39, indicating strong bearish momentum as it sits below the neutral level, while the MACD also exhibits a bearish crossover, pointing toward a continuation of the downward trend.
Conversely, if XRP makes a recovery, it could challenge its 50-day EMA at $2.27.
