Bitcoin, Ethereum and Ripple prices continue to trend downward, approaching critical support levels. While Bitcoin is holding on to the $56,600 level, Ethereum has fallen to $2,300. Ripple, on the other hand, is trying to hold on to the 200-day EMA support. However, closing below these levels could be a sign of bigger declines.
Bitcoinâs Critical Support Level in Danger
Bitcoin is facing critical support at $56,000. If it closes below that level, the price is likely to drop to $54,000. Bitcoin, which is down 1.5% over the past few days, is under further pressure amid weak momentum indicators.
Notably, the Relative Strength Index (RSI) and Awesome Oscillator (AO) indicators remain below the 50 and zero levels. This points to weak momentum in Bitcoin, suggesting that the downtrend may continue.
However, a close above the $59,560 resistance could invalidate this bearish thesis and open the way for the price to rally towards the $62,019 level. Such a scenario could allow Bitcoin to gain positive momentum and retest the daily resistance at $65,379.
Ethereumâs Bearish Trend Strengthens
Ethereum is also showing a weak performance, following in the footsteps of Bitcoin. Falling below the $2,300 level, Ethereum is particularly stuck at the $2,327 support. If there is a close below this support level, it is predicted that the price could fall to $2,118. The fact that the RSI and AO indicators are also below the 50 and zero levels indicates that the downward trend will continue strongly.
On the other hand, if Ethereum breaks the $ 2,619 resistance, the price may move upwards to $ 2,927 and then test the weekly resistance at $ 3,236. The rise may indicate a positive change in the market structure.
Eyes on $0.549 Support in Ripple
Ripple price is stuck at the 200-day EMA support level at $0.549. Currently trading at $0.551, if Ripple falls below this critical support level, the price is likely to drop to $0.492. RSI and AO indicators indicate that Ripple also has weak momentum and the downtrend will continue.
However, if Ripple closes above the $0.626 resistance, the market structure can be expected to change positively. In this scenario, Ripple is likely to retest the $0.658 level with a 5.3% increase.
