Recently, the market has suddenly changed, and the three main cryptocurrencies—Ethereum, Bitcoin—have faced critical technical pressure in succession. To be honest, this wave of decline appears to be a pullback, but behind it hides a deeper turning point in funding sentiment.
Now let me clarify these three lines and see how we should respond.
XRP: The $3 myth has ended, don't fantasize anymore!
The '3 Dollar Club' for XRP is completely closed. The weekly chart continues to decline, and today it officially lost the $3 mark, currently oscillating around $2.92, having already stabilized on a downward slope from the July high of $3.7.
To put it bluntly, $3 is no longer support but a looming mountain. The 26-day moving average has also been breached, with volume unimpressive; if no one rushes to buy, don’t expect miracles. The RSI has dropped to 40+, and the weakening momentum is evident.
Next, focus on the $2.70-$2.60 range; that is the convergence area of the 50-day moving average and a historically dense trading zone. If it cannot hold, don’t rule out a drop back to $2.30-$2.20 to restructure.
My view is straightforward: don’t stubbornly cling to the breached price; let go of the $3 fantasy. Follow the trend, and opportunities will be clearer.
ETH: It is not a crash; it is a proactive cooling.
After Ethereum surged to nearly $4000, it experienced a natural pullback of about 10%, currently stabilizing around $3620. Looking at the red candles during the pullback, the root cause lies in the fact that the RSI previously reached 78; the rapid rise indeed required a breather.
The good news is that the 26-day moving average is approaching (around $3480), which is expected to become a short-term support level. The trading volume has not increased, indicating that this is not a panic sell-off, but rather a healthy washout.
The RSI has retraced to 61; momentum is cooling off but the structure hasn't broken, it’s in a state of 'can still be rescued'. If it holds above $3480, then it will be a bottoming oscillation, or even a buildup for the next upward surge.
If it cannot hold, it may need to test the 50-day moving average near $3000. Thus, these next couple of days are particularly critical; the rhythm of ETH determines whether altcoins can still hold on.
BTC: $120,000 is not the takeoff point, but a ceiling.
Bitcoin just touched a high of just over $120,000 before being shot down, currently pulling back to $114,700. In the short term, this $120,000 level has become a pressure point rather than a pivot.
In the past few attempts to breach $120,000, the volume has been decreasing; it is clear: buying pressure is receding, and momentum is weakening. The RSI has also broken below 60, indicating that bullish momentum is starting to cool off.
Currently, the bulls need to hold: the support level of the 26-day moving average (around $111,800). If it holds, there is still a chance to rebound and fight for $120,000; if it doesn't hold, it will have to move towards the 50-day moving average at $107,000.
This pullback is not coincidental; it is compounded by the macroeconomic background of a stronger dollar, which has directly dampened risk appetite in the cryptocurrency market.
Summary of viewpoints:
XRP: $3 has become a historical burden; stop fighting it, focus on the structural reactions in the $2.6-$2.3 range.
ETH: Proactive cooling, don’t panic. The key is in the $3480-$3500 range; short-term traders can try to buy on dips.
BTC: Confirming the top at $120,000; let’s see if the support can hold at $111,800, then decide the direction.
This round of adjustment may seem frightening, but it is actually a cleansing of FOMO funds. Under the storm, the calmer one is, the better the opportunity to pick up cheap chips. The next 'starting point for wealth' is often hidden in moments when no one dares to act.
The team still has positions; they will never bring fans to an explosion! Get on board quickly!
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