Bitcoin’s price hovers around $76,200 on Wednesday after experiencing a 3.59% drop the previous day.
Ethereum continues to demonstrate weakness, dipping below the $1,400 mark.
XRP has broken past its support level of $1.96, indicating a potential correction is on the horizon.
Bitcoin (BTC) is currently trading around $76,200 on Wednesday after a 3.59% decrease the day before. Following BTC’s lead, Ethereum (ETH) and Ripple (XRP) have also been on a downward trajectory. The technical indicators suggest a possible correction, with targets set at $73,000 for BTC, $1,300 for ETH, and $1.30 for XRP.
Bitcoin bears are gaining traction, aiming for the $73,000 level
Bitcoin’s price faced rejection at its resistance of $85,000 on April 2, resulting in a 10.55% decline by Tuesday, reaching a yearly low of $74,508 on Monday. As of Wednesday, it remains near $76,000.
Should BTC continue its downward trend, it may drop to test its next support level at $73,072.
The Relative Strength Index (RSI) on the daily chart is approximately 33, indicating strong bearish momentum and supporting the pessimistic outlook.
BTC/USDT daily chart
However, if BTC manages to recover and close above its resistance at $85,000, this could signal a potential rally toward the significant psychological level of $90,000.
Ethereum persists in its downward trend, targeting the $1,300 mark
Ethereum’s price dropped nearly 13% last week after failing to maintain a close above $1,861. This week, it continues its downward trend, falling nearly 7% by Tuesday. Currently, it has dipped below its support level of $1,449, reaching lows not seen since October 2023.
If ETH closes below its support level of $1,449, it might further decline toward the crucial psychological level of $1,300.
The RSI currently reads 23, which is below the oversold threshold of 30, suggesting that Ethereum could be undervalued and due for an upward price correction. However, the RSI might remain under the oversold level and keep its downward trend going.
ETH/USDT daily chart
If ETH finds some recovery, it could reach back toward the important psychological level of $1,700.
XRP bears are targeting the $1.30 level
XRP’s price was turned away from its 200-day Exponential Moving Average (EMA) at $1.94 on Monday, resulting in a decline of 6.5% by the following day. Additionally, XRP hit a new yearly low of $1.61 earlier this week. As of Wednesday, it is trading around the $1.77 level.
If XRP continues to decrease and falls below the $1.77 level, it could further decline toward its recent yearly low of $1.61. A successful close below this could lead to a test of its weekly support level at $1.30.
The RSI on the daily chart stands at 30, nearing its oversold level, suggesting strong bearish momentum is in play. If the RSI dips below this level, XRP may be deemed undervalued and might initiate a price recovery. Nevertheless, the RSI could continue to remain under the oversold threshold and persist in its downward movement.
XRP/USDT daily chart
Conversely, if XRP recovers, it may aim to test its daily resistance at $1.96.
