- Bitcoin is approaching a crucial support level at $100,000; if it closes below this threshold, a further downturn is likely.
- Ethereum saw a significant drop of nearly 13% over the week, falling below its vital support level of $2,461.
- XRP is nearing its daily support level at $1.96, and a close beneath this level could lead to a decline towards $1.77.
Last week, Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) faced declines of about 5%, 13%, and 7% respectively, influenced by rising tensions in the Middle East. BTC is currently nearly at its critical support of around $100,000; if it closes below this, it may prompt further corrections. In the meantime, ETH and XRP have both dropped past their key support levels, indicating a potential weakness which could drive ETH toward $2,000 and XRP down to $1.77.
Bitcoin may encounter a sharper correction if it drops below the $100,000 support level
Bitcoin’s price dropped below its 50-day Exponential Moving Average (EMA) at $102,942 on Saturday, with a 1.13% decline that brought it down to a low of $98,200 the next day. As of Monday, it’s hovering near the key $100,000 mark.
If BTC continues the trend and closes below $100,000 consistently, it could face a further decline to test the low from Sunday at $98,200.
The Relative Strength Index (RSI) on the daily chart is at 38, falling below the neutral level, which reflects strong bearish momentum. Furthermore, the Moving Average Convergence Divergence (MACD) has displayed a bearish crossover, with a rising red histogram bar beneath its neutral zone, indicating bearish strength and suggesting continued downward movement.
Ethereum is poised for a downtrend as it closes below its 50-day EMA
Ethereum’s price broke below the significant support level of $2,461 and closed under the 50-day EMA at $2,416 on Friday. Over the next two days, it fell by 7.65%, trading at approximately $2,241 on Monday.
If ETH keeps declining, it may retest its next support at $2,000.
The RSI on the daily chart reads 34, indicating strong bearish momentum and nearing oversold conditions. The MACD indicators have also shown a bearish crossover, with a rising red histogram below neutral, suggesting continued downward trend.
XRP may extend its downturn if it closes below the daily support level of $1.96
XRP encountered resistance at its 50-day EMA of $2.21 on June 17, resulting in a 10% decline by Sunday. Currently, it is approaching its daily support at $1.96.
On the flip side, should XRP recover, it might target its 50-day EMA at $2.21.
