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Bitcoin, Ethereum, Ripple – BTC fails to hold $85,000, ETH downside risks rise, XRP momentum fades
- Bitcoin remains under pressure, trading below $84,100 on Wednesday after a 2.88% correction so far this week.
- Ethereum extends its decline, falling more than 3.88% and trading below $2,620.
- XRP extends correction as momentum indicators show fading bullish strength.
Bitcoin (BTC) remains under pressure on Wednesday, trading below $84,100 after a 2.88% correction so far this week. Ethereum (ETH) and Ripple (XRP) followed in BTC’s footsteps and extended their corrections, trading below $2,620 and $1.500, respectively. Momentum indicators for these top three cryptocurrencies show signs of weakening and hint at deeper correction risk.
Bitcoin bulls fail to close above recent highs
Bitcoin price trades at $84,022 on Wednesday after two consecutive days of correction so far this week. BTC failed to surpass the recent highs around $87,000 and slipped below the key $85,000 support.
Despite the pullback, BTC remains broadly bullish, holding well above the 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs) clustered between roughly $79,600 and $75,500.
The Relative Strength Index (14) has cooled to 55, hinting at a normalization from prior overbought readings rather than outright weakness. At the same time, the Moving Average Convergence Divergence (MACD) has slipped back below zero, suggesting waning upside momentum as price consolidates just under the nearby ceiling.
On the topside, immediate resistance is located at the horizontal barrier at $85,000, where a clear daily close above would reopen the path toward the recent highs around $87,000.
On the downside, initial demand is seen at the 50-day EMA near $79,600, followed by the 100-day EMA at $75,739 and the 200-day EMA at $75,507, which together define a broad structural support band; deeper pullbacks would expose the previous horizontal floors at $66,500 and $62,300.
Ethereum bullish pressure is waning
Ethereum price trades at $2,619 on Wednesday, falling over 3.88% so far this week. ETH bulls failed to reclaim the $2,800 mark and extended the correction. However, ETH structure remains constructive as it holds above the key EMAs. The 50-day EMA at $2,505, the 100-day EMA at $2,335, and the 200-day EMA at $2,286 form a broad underlying demand zone, suggesting the broader uptrend remains intact despite the latest pullback.
However, the RSI has eased to around 49, signaling neutral momentum. At the same time, the Moving Average Convergence Divergence (MACD) indicator has slipped further into negative territory, hinting that bullish pressure is waning in the near term.
On the topside, initial resistance sits at the horizontal barrier near $2,800, with a stronger cap at $3,000, where profit-taking could intensify if the rally extends.
On the downside, immediate support is located at the 50-day EMA at $2,505, closely backed by the horizontal floor at $2,500; a daily close below this cluster would expose the 100-day EMA at $2,335 and the 200-day EMA at $2,286 as deeper supports. Below these, more medium-term structural demand is found at $2,000 and then $1,385, levels that would likely come into play only if selling accelerates significantly.
XRP’s momentum indicators show signs of weakening
XRP price trades at $1.458 on Wednesday, continuing its correction after failing to close above the $1.671 resistance level last week.
The 50-day EMA at $1.401, the 200-day EMA at $1.379, and the 100-day EMA at $1.335 all sit below spot, hinting at an underlying uptrend structure despite the latest pullback from recent highs.
Momentum is mixed, with the RSI hovering near a neutral 49 while the Moving Average Convergence Divergence (MACD) remains below zero, suggesting that bullish pressure is present but not yet impulsive.
On the topside, initial resistance appears at the horizontal barrier around $1.671, ahead of a stronger cap near $1.9000, where prior supply is likely to re-emerge if the advance resumes.
On the downside, immediate demand is seen around the 50-day EMA at $1.401, followed by the 200-day EMA at $1.379 and the 100-day EMA at $1.335, forming a broad support cluster that underpins the current constructive bias; below these, structural floors at $1.300 and $1.000 would come into focus only on a deeper correction.
