Bitcoin Ethereum Ripple Price Prediction: Top 3 Cryptocurrencies BTC ETH and XRP Plummet as Bears Dominate the Market
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) faced significant declines this week, each recording losses of over 8% to 10% as bearish trends dominate the market.
Current Market Overview
As of Friday, Bitcoin has fallen below $86,000. Ethereum trades under $2,900, and XRP has dipped below $2. This market downturn signals a prolonged correction as bearish momentum persists.
Bitcoin Price Analysis
Starting the week on a negative note, Bitcoin’s value decreased by 2%, closing under the 61.8% Fibonacci retracement level at $94,253. This level was calculated from the low of $74,508 on April 7 to the all-time high of $126,299 recorded on October 6. Despite finding temporary support at the $90,000 mark, Bitcoin continued its decline, falling over 5% to settle at $86,637 by Thursday.
Support and Resistance Levels
- Current BTC price: approximately $85,900.
- Critical support level: $85,000.
- Potential decline target: $80,000.
The Relative Strength Index (RSI) for Bitcoin currently stands at 23, indicating intense bearish pressure and oversold conditions. If Bitcoin can maintain above the $85,000 support, it may recover toward the next resistance at $90,000.
Ethereum Price Outlook
Ethereum has experienced a notable downturn, with a nearly 14% drop following rejection at a key trendline around $3,592 last week. By Thursday, Ethereum closed under the critical support level of $3,017, trading below $2,791 on Friday.
Support Projections for Ethereum
- Current ETH price: approximately $2,791.
- Next support target: $2,749 (61.8% Fibonacci retracement).
Similar to Bitcoin, Ethereum’s RSI reflects strong bearish momentum, suggesting a possible continuation of its downward trend. If Ethereum rebounds, it may seek to regain levels around $3,017.
Ripple’s Performance in the Market
Ripple’s price has shown bearish signs recently, with a rejection from the 50-day EMA at $2.47 leading to a nearly 7% decline. By Thursday, XRP had plummeted more than 10% and now trades below $1.99 on Friday.
XRP Support and Recovery Analysis
- Current XRP price: approximately $1.99.
- Key support level: $1.77.
The RSI for XRP stands at 32, also indicating strong bearish momentum close to oversold conditions. Should XRP recover, it could aim for resistance around $2.35.
Conclusion
The cryptocurrency market is currently dominated by bearish sentiment, affecting BTC, ETH, and XRP. Traders should closely monitor these cryptocurrencies for signs of stability or further declines. Key support levels will be critical in determining the future trajectory of these assets.
