Bitcoin, Ethereum, and Ripple Trade Near Support Levels
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) started the week cautiously. All three are trading close to important support levels. Last week, BTC fell about 10%, ETH dropped 14%, and XRP declined 7%. The market sentiment is still fragile after recent price swings. If these coins hold their support, they could continue recovering.
Bitcoin Price Near Key Support Level
Bitcoin was rejected near the 38.20% Fibonacci retracement level at $106,453 last week. This level is based on the move from the April low of $74,508 to the October high of $126,299. After this rejection, BTC dropped nearly 10%. On Monday, BTC traded around $95,300.
If Bitcoin stays above the 61.8% Fibonacci level at $94,253, it could recover toward $106,453. The Relative Strength Index (RSI) is 33, rising from oversold levels. This suggests bearish momentum might be easing. For a stronger recovery, the RSI needs to rise above its neutral level.
If BTC closes below $94,253, it may fall further toward the psychological support at $90,000.
Ethereum May Recover If Key Support Holds
Ethereum faced rejection near $3,592 last week and dropped about 14%. On Monday, ETH traded near $3,100. If ETH holds the support at $3,017, it could move back up toward $3,592. Like Bitcoin, Ethereum’s RSI is climbing from oversold levels, which points to weakening bearish pressure.
If ETH falls below $3,017, it could decline further to the next support at $2,749.
Ripple Faces Resistance at 50-Day EMA
XRP was rejected by the 50-day exponential moving average (EMA) at $2.49 and fell nearly 7%. On Monday, XRP traded around $2.25. If XRP continues its recovery, it could try to break above the 50-day EMA at $2.49.
The RSI for XRP is 42, close to the neutral 50 level, showing bearish momentum is fading. For the rally to last, RSI must go above 50. If XRP keeps falling, the next support level is $1.96.
