- Bitcoin fell below $56,552 on Sunday, breaking the market structure and prompting a bearish outlook.
- Ethereum revisits the $2,817 support level, a close below it would indicate a bearish move.
- Ripple price finds support around the weekly support level of $0.413, breaking below signals a bearish move.
Bitcoin (BTC) dropped below $56,552 on Sunday, disrupting market structure and signaling a bearish outlook. Ethereum (ETH) and Ripple (XRP) also revisited their support levels, slipping below critical thresholds, indicating a possible downtrend for these assets in the days ahead.
Bitcoin price shows potential for a downward move
Bitcoin's price encountered resistance at the weekly resistance level of $58,375 on Saturday, resulting in a 4% decline the next day. By Sunday's close, it had fallen below the low of $56,552 from May 1 and traded around $54,900, 1.65% down on Monday.
If BTC's weekly support at $58,375 acts as a resistance, it could decline 5% to revisit its 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 zero. This suggests continued momentum favoring bears, potentially leading to a further decline in the Bitcoin price.
Additionally, if the bears are aggressive and the overall crypto market outlook is negative, BTC could extend an additional decline of 3.3% to retest its February 23 low of $50,521.
BTC/USDT daily chart
However, if BTC closes above the $58,375 weekly resistance level and forms a higher high in the daily time frame, it could indicate that bullish sentiment persists. Such a development may trigger a 9.7% rise in Bitcoin's price to revisit its next daily resistance at $63,956.
Ethereum price is poised to decline shortly
Ethereum's price retested the May 1 low of $2,817 on Friday, bouncing 3.35% on Saturday.
However, this Sunday, it fell 4.5%, and at the time of writing, it is again revisiting that low.
If ETH's price closes below its May 1 low of $2,817, it could decline 6.5% to revisit its 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 zero. This suggests continued momentum favoring bears, potentially leading to a further decline in the Ethereum price.
However, if ETH's price closes below $2,621, it could extend an additional decline of 9.5% to retest its next daily support at $2,376.
ETH/USDT daily chart
On the other hand, if Ethereum's daily candlestick price closes above $3,524, forming a higher high in the daily time frame, it could indicate that bullish sentiment persists. Such a development may trigger a 5.6% rise in Ethereum's price to revisit its high of June 9 at $3,717.
Ripple price outlook suggests a downward trajectory
Ripple price finds support around the weekly level of $0.413.At the time of writing, it trades 1% down at $0.414.
If XRP’s daily closes below $0.413, it could crash 15% to 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 zero. This suggests continued momentum favoring bears, potentially leading to a further decline in the Ripple price.
XRP/USDT daily chart
Conversely, if the Ripple price daily candlestick closes above $0.499 and forms a higher high in the daily time frame, it could indicate that bullish sentiment persists. Such a development may trigger a 6% rise in Ripple's price to revisit its high of June 5 at $0.532.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
XRP struggles near $0.7440, could still sustain rally after Robinhood listing
Ripple's XRP is trading near $0.6900, down nearly 3% on Wednesday, as declining open interest could extend its price correction. However, other on-chain metrics point to a long-term bullish setup.
Dogecoin price forecast: Miners offload $240M as DOGE approaches risk zone
Since Donald Trump’s victory on November 5, Dogecoin has emerged as the best performing asset among the top 10 ranked cryptocurrencies. On November 12, DOGE reached a new milestone price propelled by Trump’s statement confirming Elon Musk’s involvement in the incoming administration.
Ethereum Price Forecast: ETH's declining supply could fuel bullish pressure toward $3,732
Ethereum is trading near $3,220, down 2.5% on Wednesday after its supply began trending downward. The declining supply could fuel bullish pressure for the top altcoin, especially as institutional demand for ETH ETFs is also rising.
PEPE hits new all-time high, rallies nearly 50% following Robinhood and Coinbase listing
PEPE rallied over 50% on Wednesday and hit a new all-time high after crypto exchanges Robinhood and Coinbase announced they would list the meme coin on their respective trading platforms.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.