Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all closed below important support levels this week, reflecting a clearer adjustment trend. BTC has lost its upward trend line, while ETH slipped below a key mark and faces the risk of retreating below the 4,000 USD region. Similarly, XRP closed below the 50-day exponential moving average (EMA) at 2.93 USD. This trend indicates that all three leading cryptocurrencies are signaling warnings about the possibility of prolonged downward pressure.
Bitcoin breaks the upward trend line, market structure reverses
Bitcoin price continues to slide sharply, starting the new week with a close below 116,300 USD. By Tuesday, BTC officially broke the upward trend line established since early April, while also dropping below the 50-day EMA at 114,903 USD. As of Wednesday noon, this cryptocurrency only managed a slight recovery, fluctuating around 113,400 USD.
If selling pressure persists, BTC is likely to retreat deeply to the important support zone at 111,980 USD.
On the daily frame, the RSI is currently at 41 points, below the neutral threshold of 50, reflecting momentum leaning towards the bears. At the same time, the MACD has created a bearish crossover since last week, reinforcing the signal for a corrective scenario.
However, if buying demand returns, BTC still has a chance to bounce back to test the 116,000 USD region.
Ethereum weakens as momentum indicators shift direction
Last week, Ethereum (ETH) surged to a new yearly high of 4,788 USD on Thursday, but the upward momentum quickly faltered. In just the next 5 days, ETH plunged nearly 14%, with the sharpest drop occurring on Tuesday. As of Wednesday noon, ETH's price hovered around 4,132 USD.
The resistance zone at 4,232 USD has now become a key barrier: if it cannot be conquered, ETH risks falling deeply to the next support at 3,946 USD.
Technical indicators are also reinforcing the negative scenario. The daily RSI has dropped to 53, escaping the overbought state of last week and continuing the downward trend, reflecting weakened demand. Meanwhile, the MACD just showed a bearish crossover on Tuesday, adding additional warning signals for the bulls.
Conversely, if ETH rebounds and closes firmly above 4,232 USD, the upward momentum could be reactivated, opening up opportunities to challenge the record peak of 4,488 USD.
XRP breaks through an important threshold, signaling a new correction
Ripple (XRP) was stopped at the resistance level of 3.40 USD on August 14, before plummeting more than 12% in just 5 days, closing below the 50-day EMA at 2.93 USD on Tuesday. By Wednesday noon, this coin continued to fluctuate around the 2.88 USD mark.
If selling pressure is maintained, XRP could retreat deeply to the support zone at 2.72 USD. Technical indicators such as RSI and MACD are also leaning towards a bearish scenario, similar to Bitcoin's current trend.
However, if buying pressure returns, XRP could recover and aim to challenge the nearest resistance at 2.99 USD.
