The cryptocurrency market continues to face downward pressure, with BTC, ETH, and XRP price all testing critical support levels. Bitcoin’s price remains under the $100,000 support, Ethereum is struggling to recover above $3,522, and XRP is retesting its $2.21 daily support level. Analyst Manish Chhetri weighs in on the potential outcomes for these leading cryptocurrencies.
Bitcoin (BTC) Price Forecast: Heading for Further Losses?
Bitcoin’s price hit an all-time high of $108,353 on Tuesday but quickly retraced by 7.8% to close below the $100,000 support level. As of Friday, BTC is trading near $97,500. If the downward trend persists, Bitcoin could revisit the critical $90,000 support level.
On the daily chart, the Relative Strength Index (RSI) is below its neutral level of 50, currently reading 49, and pointing downward, signaling bearish momentum. The Moving Average Convergence Divergence (MACD) also turned bearish on Wednesday, confirming the downward pressure. However, a recovery above $100,000 could lead BTC to retest its all-time high at $108,353.
Ethereum (ETH) Price Forecast: Bears Take Control
Ethereum’s price faced rejection at the $4,000 level on Monday and has since dropped by 14% to close below the key $3,522 weekly support. By Friday, ETH was trading near $3,450. If Ethereum fails to reclaim $3,522 as support and closes below $3,335, the next daily support at $3,029 could come into play.
The daily RSI for ETH stands at 42, well below the neutral 50 level, indicating strong bearish momentum. If ETH surpasses the $3,522 resistance and closes above it, a recovery toward the $4,000 level could be on the horizon.
XRP Price Forecast: Bulls Show Signs of Exhaustion
Ripple’s price was rejected at $2.66 on Tuesday, retracing 12.78% over the next two days. On Friday, XRP bounced from the $2.21 daily support level and was trading near $2.33. However, a close below $2.21 could extend the decline to the next support at $1.96.
The daily RSI for XRP dropped from the overbought level of 70 on Tuesday to 57, signaling weakening bullish momentum. If the RSI falls below the neutral 50 level, XRP could face a sharp decline. Conversely, a close above $2.66 could pave the way for a rally to retest the psychologically important $3.00 level.
Key Takeaways for Investors
BTC remains vulnerable below the $100,000 support level.
ETH needs to reclaim $3,522 to avoid further declines.
XRP risks falling below $2.21 but could rebound toward $3.00 with strong momentum.
As reported by The Bit Journal, the current market conditions demand caution and a close watch on critical support and resistance levels. Investors should prepare for potential volatility as these cryptocurrencies test their limits.
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