Bitcoin, Ethereum, and Ripple prices approach critical support levels, continuing their downward trends. Bitcoin stands at $56,600, while Ethereum has dropped to $2,300. Ripple is trying to hold on at the 200-day EMA support. However, closing below these levels could signal larger declines.
Bitcoin Faces Critical Support Level
Bitcoin is facing critical support at the $56,000 level. If it closes below this level, the price may drop to $54,000. Bitcoin has experienced a 1.5% drop in the last few days, showing weak momentum indicators and facing more pressure.
Especially, the Relative Strength Index (RSI) and Awesome Oscillator (AO) indicators remain below the 50 and zero levels. This indicates weak momentum in Bitcoin, suggesting the downtrend may continue.
However, a close above the $59,560 resistance could invalidate this bearish thesis and pave the way for the price to rise to $62,019. Such a scenario could allow Bitcoin to gain positive momentum and retest its daily resistance at $65,379.
Ethereum’s Downward Trend Strengthens
Ethereum is also showing weak performance, following Bitcoin’s lead. Ethereum has dropped below the $2,300 level, particularly stuck at the $2,327 support. If it closes below this support level, the price is expected to drop to $2,118. The RSI and AO indicators also staying below the 50 and zero levels indicate that the downward trend will continue strongly.
On the other hand, if Ethereum surpasses the $2,619 resistance, the price could move upwards to $2,927 and then test the weekly resistance at $3,236. This could indicate a positive change in the bullish market structure.
Eyes on Ripple’s $0.549 Support
Ripple is stuck at the 200-day EMA support at $0.549. Currently trading at $0.551, if Ripple falls below this critical support, the price could drop to $0.492. The RSI and AO indicators indicate weak momentum in Ripple, suggesting the downward trend will continue.
However, if Ripple closes above the $0.626 resistance, a positive change in the market structure is expected. In this scenario, Ripple is likely to retest the $0.658 level with a 5.3% increase.
