- Bitcoin, Ethereum, and Ripple have crashed below key support levels, signaling a strong bearish trend with further downside potential.
- If BTC, ETH, and XRP fail to hold their next support levels, deeper corrections could follow before any recovery attempts.
The cryptocurrency market is witnessing a massive sell-off as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) plunge below key support levels. The bearish momentum has intensified, signaling a potential continuation of the downtrend.
Bitcoin Bears Take Charge
Bitcoin price has slipped below the critical $100K support, breaking through the 50-day Exponential Moving Average (EMA) at $98,611. At the time of writing, BTC trades at around $93,800, reflecting a 4.3% decline.
The technical outlook suggests further downside, with the next major support at $90,000. A close below this level could trigger an extended correction toward $85,000. The Relative Strength Index (RSI) sits at 36, below its neutral level, signaling strong bearish momentum. Moreover, the Moving Average Convergence Divergence (MACD) indicator recently formed a bearish crossover, reinforcing the likelihood of continued selling pressure.
However, if Bitcoin finds support at $90,000 and stages a recovery, it could retest the $98,611 mark, potentially reigniting bullish sentiment.
Ethereum Slumps Below $2,500
Ethereum has been hit hard, dropping by 13% and trading around $2,490. The breakdown follows a rejection at its descending trendline, leading to a steep decline.
If ETH closes below $2,359, the correction could deepen, pushing prices toward the weekly support of $1,905. The RSI has dipped to 27, entering oversold territory, which suggests that further losses may be on the horizon. Similarly, the MACD continues to flash bearish signals, indicating that sellers remain in control.
On the flip side, if Ethereum manages to stabilize around $2,359, a rebound could drive prices back toward the psychological $3,000 level.
Ripple Breaks Key Support, Signals Further Downtrend
Ripple has followed the broader market downturn, dropping 12.6% and trading near $2.25. The break below its ascending trendline and 50-day EMA at $2.60 suggests a shift from bullish to bearish market structure.
Should XRP fail to hold above $2.25, a further decline toward the daily support of $1.96 is likely. A close below this level could open the doors for a deeper correction to $1.40. The RSI hovering at 30 confirms strong bearish momentum, while the MACD’s bearish crossover supports the ongoing downtrend.
However, a bounce from the $2.25 level could fuel a recovery back to the $2.60 mark, but this would require strong buying momentum.
Final Thoughts
The recent crash in BTC, ETH, and XRP underscores a heightened bearish sentiment in the crypto market. While key support levels remain in focus, a failure to hold above them could trigger deeper corrections. Traders should closely monitor price movements and technical indicators for potential trend reversals or extended losses.
