Major Cryptos XRP and ETH Under Bearish Pressure, Analysts Warn of Further Declines
Major Cryptos XRP and ETH Under Bearish Pressure, Analysts Warn of Further Declines
Both XRP and Ethereum are experiencing significant bearish pressure, with analysts warning of potential further declines. XRP has fallen from $2.550, struggling to hold above key support levels and showing clear bearish signs on technical indicators like MACD and RSI. Similarly, Ethereum has started a fresh decline below $3,850, breaking crucial support channels and exhibiting strong bearish momentum according to technical analysis.
Bitcoin is also noted to be facing similar downside corrections, indicating a broader market weakness across major cryptocurrencies.
XRP Battles Bearish Momentum
XRP has initiated a fresh decline, failing to sustain above the $2.550 mark and now trading below the $2.50 level and its 100-hourly Simple Moving Average. Technical indicators are firmly in the bearish zone, with the Hourly MACD gaining pace downwards and the Hourly RSI below 50. Key resistance levels are identified around $2.550 and $2.580, while critical support lies near $2.410 and $2.380. A failure to clear resistance could lead to further declines towards $2.320 and potentially $2.20.
Ethereum Under Renewed Pressure
Ethereum is also facing significant downside, having dipped below $3,850 and the 100-hourly Simple Moving Average. The cryptocurrency broke below a rising channel at $3,840, with technicals like the MACD and RSI indicating strong bearish momentum. Major resistance for ETH is found at $3,840 and $3,920, with a critical failure to hold above $3,680 potentially leading to drops towards $3,650 and even $3,500. Both XRP and ETH's struggles are observed amidst a broader market correction, with Bitcoin also experiencing similar downward movements.