Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) Face Major Downtrends as Prices Drop Below Key Support Levels

The cryptocurrency market is currently experiencing significant turbulence, with Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all closing below their crucial support levels. As of Monday, the three major cryptocurrencies have seen substantial declines, signaling possible further downtrends ahead. Bitcoin, Ethereum, and Ripple’s technical outlooks indicate weakness, with signs pointing toward prolonged bearish momentum.

Bitcoin (BTC) Breaks Key Support at $100K, Down 4.3%

Bitcoin price suffered a heavy blow over the weekend, breaking below the important $100,000 support level and closing below its 50-day Exponential Moving Average (EMA) at $98,611. On Monday, Bitcoin continued to dip, down 4.3%, hovering around $93,800. The technical indicators for BTC are showing strong bearish momentum, with the Relative Strength Index (RSI) at 36, well below the neutral level of 50, indicating further downside pressure.

Bitcoin’s immediate next support level is seen around $90,000. If it fails to hold this level, a further decline toward $85,000 is likely. The Moving Average Convergence Divergence (MACD) also indicates a bearish crossover, reinforcing the likelihood of continued correction. However, if BTC finds support at the $90,000 level, it could attempt a recovery toward the 50-day EMA at $98,611.

Ethereum (ETH) Faces Steep Drop, Dips Below $2,500

Ethereum also experienced a significant drop over the weekend, facing rejection around its descending trendline and declining by 13.87%. It closed below the $3,000 psychological level, continuing to trade down by 13% on Monday at $2,490. With the RSI at 27, well below the oversold threshold of 30, Ethereum is showing signs of strong bearish momentum.

If Ethereum continues its decline and fails to hold $2,359, it could test its weekly support at $1,905. The MACD also shows a continued bearish crossover, signaling further downward pressure. However, if ETH finds support around $2,359, a potential recovery toward the $3,000 level could occur.

Ripple (XRP) Breaks Trendline, Trading Below $2.25

Ripple is also feeling the heat, with the price breaking below its ascending trendline on Sunday, marking a 10.35% drop. XRP closed below its 50-day EMA at $2.60 and continued to slide by 12.6% on Monday, hovering around $2.25. The RSI for Ripple is at 30, near the oversold level, and the MACD continues to display a bearish crossover, indicating that further downside could be in the cards.

If XRP falls below its daily support at $1.96, the next key level of support would be around $1.40. However, should XRP find support at the $2.25 level, it could recover towards its 50-day EMA at $2.60.

Key Takeaways on the Crypto Market Current Downtrend

With Bitcoin, Ethereum, and Ripple all facing significant pullbacks and breaking below their key support levels, the crypto market is clearly under pressure. Technical indicators such as the RSI and MACD for all three coins are signaling continued bearish momentum, making it crucial for traders and investors to keep a close eye on these levels.

The immediate future looks uncertain, and investors may need to brace for further declines, particularly if these coins fail to find support at their critical levels.