Crypto Market Update: Bitcoin, Ethereum, and Ripple 👀
The crypto market is showing some signs of weakness, with key support levels being tested for Bitcoin, Ethereum, and Ripple.
Bitcoin (BTC)
Bitcoin is hovering around the crucial support level of $56,000. If it closes below this level, we could see a further decline of 3.5% to retest the $54,000 psychological level. Momentum indicators suggest weak momentum and a continuation of the downward trend.
However, if Bitcoin breaks above the $59,560 resistance and closes above $62,019, the bearish thesis would be invalidated. In this scenario, BTC could rise by 5.5% to revisit its daily resistance level at $65,379.
Ethereum (ETH)
Ethereum is approaching the $2,300 level. A firm close below this level would suggest a decline ahead. If ETH closes below the $2,327 level, it could decline by 8.5% to retest its weekly support at $2,118.
Momentum indicators signal a continuation of the bearish dominance. However, if ETH breaks above the $2,619 level and closes above the daily resistance at $2,927, forming a higher high on the daily chart, this would invalidate the bearish thesis. In this scenario, it could rally 11% to retest its weekly resistance level at $3,236.
Ripple (XRP)
Ripple is hovering around its daily support level at $0.544. A break below this level could signal a bearish trend ahead. If XRP breaks below the $0.544 level, it could drop by 10% to retest the August 7 low of $0.492.
Momentum indicators strongly indicate bearish dominance. However, if the Ripple price closes above the $0.626 daily resistance level, it would potentially lead to a 5.3% rise to revisit the July 31 high of $0.658.
Remember, this is just a snapshot of the current market situation. It’s important to conduct your own research before making any investment decisions.
