Recent trends in the cryptocurrency market have seen Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) experience noticeable corrections, leading to significant weekly losses. As of the end of the week, BTC has decreased approximately 6%, ETH around 3%, and XRP about 5%.
Bitcoin Price Prediction: Continues Downward Pressure
Bitcoin started the week positively but encountered resistance around $90,000. A failure to maintain momentum resulted in a sharp correction of 5.23%, closing below the consolidation boundary at $85,569. Currently, BTC is trading near $82,000 and is approaching the November low of $80,600. A decisive drop below this level could escalate the decline toward the April low of $74,508.
- Current BTC Price: Approximately $82,000
- November Low: $80,600
- April Low: $74,508
The Relative Strength Index (RSI) indicates a bearish trend, reading 29, below the oversold threshold of 30. Furthermore, the Moving Average Convergence Divergence (MACD) has shown a negative crossover, reinforcing the bearish sentiment in the market.
Potential Recovery Scenarios for Bitcoin
Should BTC begin to recover, it may advance towards the previous support level at $85,569, which coincides with a 78.6% Fibonacci retracement level, drawn from the April low of $74,508 to the highest point in October of $126,199.
Ethereum Price Prediction: Heading Below Key Support
Ethereum began the week with a recovery surge of 7.62%. However, it couldn’t break resistance at $3,017 and subsequently fell 6.25%. Now trading below $2,749, closing under this Fibonacci retracement level could push ETH down toward the November 21 low of $2,623.
- Current ETH Price: Below $2,749
- Key Support Level: $2,749
- November Low: $2,623
- Potential Target: $2,000 if further losses occur
Both the RSI and MACD indicators signal a strong bearish momentum for Ethereum, as they exhibit downward trends.
Ethereum Recovery Possibilities
If Ethereum manages to recover, it could aim for the resistance level of $3,017 in the coming days.
Ripple Price Prediction: Reaching New Lows
Ripple’s XRP has failed to retain gains, declining 5.42% after failing to break resistance at $1.96. Currently trading at $1.75, XRP has fallen to its lowest level since mid-October. If this downward trend persists, it may approach the lower trendline near $1.50.
- Current XRP Price: $1.75
- Resistance Level: $1.96
- Potential Low: $1.50 if the decline continues
The momentum indicators for XRP are also indicating a bearish outlook, aligning with the trends observed in both Bitcoin and Ethereum.
Possible Recovery for XRP
If XRP sees a reversal, it may attempt to rise toward the resistance level of $1.83.
The current price movements for Bitcoin, Ethereum, and Ripple indicate a challenging landscape for traders, with bearish signals dominating the market. Close observation of support and resistance levels will be crucial for future predictions.
