Bitcoin BTC price broke below the weekly support at $58,375, signaling a bearish trend.
Ethereum (ETH) price fell below the daily low of $3,240 on June 24, indicating a shift in market structure from bullish to bearish.
Ripple price is trading below the weekly support at $0.413, signaling a bearish trend ahead.
Bitcoin (BTC) broke through its weekly support at $58,375 on Thursday; as of Friday, it was trading 2.8% lower at $55,314. Ethereum (ETH) and Ripple (XRP) have fallen below key support levels, suggesting that these assets could see a downtrend in the coming days.
Bitcoin BTC price falls below weekly support at $58,375
Bitcoin BTC price encountered resistance at $63,956 on the daily level on Monday, and then fell 9.2% in the next three days. As of Thursday's close, Bitcoin BTC price had fallen below the weekly support level of $58,375. As of Friday, Bitcoin BTC price was trading at around $55,314, a further drop of 2.8% from the previous day.
If BTC price closes below the May 1 low of $56,522, it could drop 7.3% to revisit the daily support at $52,266.
The Relative Strength Index (RSI) and the Awesome Oscillator (AO) on the daily chart support this bearish thesis as both indicators are below their respective neutral levels of 50 and 0. This suggests that the momentum continues to be in the favor of the bears, which could lead to further declines in the price of Bitcoin.
However, if BTC closes above the daily resistance at $63,956 and forms a higher high on the daily timeframe, it could indicate that bullish sentiment persists. Such a development could spark a 5% rally in Bitcoin price to revisit its next weekly resistance at $67,147.
Ethereum ETH price falls below $3,000
Ethereum ETH price was rejected by the descending trendline on Monday, resulting in an 11% drop in the next three days. As of Thursday's close, Ethereum ETH price has fallen below the June 24 low of $3,240 and is currently returning to the May 1 low of $2,817. As of Friday, the price of Ethereum was trading around $2,914, a further 4.4% drop from the previous day's level.
If the price of ETH closes below the May 1 low of $2,817, it could drop by 6.5% to revisit the daily support at $2,621.
The Relative Strength Index (RSI) and the Awesome Oscillator (AO) on the daily chart support this bearish thesis as both indicators are below their respective neutral levels of 50 and 0. This suggests that the ongoing momentum is in favor of the bears and could lead to further declines in Ethereum prices.
ETH/USDT daily chart
On the other hand, if Ethereum closes above $3,524 to form a higher high on the daily chart, it could indicate that bullish sentiment persists. Such a scenario could spark a 5.6% rally in Ethereum price to revisit the June 9 high of $3,717.
Ripple price trades below weekly support at $0.413
Ripple’s price encountered resistance at the $0.499 daily level on Tuesday, leading to an 11% drop over the next two days. At the time of writing, it is trading 8.7% lower at $0.393, below the weekly support at $0.413.
If XRP records a daily close below $0.413, it could plunge 15% and revisit its March 12, 2023 low of $0.347.
The Relative Strength Index (RSI) and the Awesome Oscillator (AO) on the daily chart support this bearish thesis as both indicators are below their respective neutral levels of 50 and 0. This suggests that the ongoing momentum favors the bears and could lead to further declines in the price of XRP.
XRP/USDT Daily Chart
Conversely, if the XRP price closes above $0.499 and forms a higher high on the daily chart, it could indicate that bullish sentiment persists. Such a scenario could spark a 6% rally in the XRP price to revisit the June 5 high of $0.532.
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