Currently, Bitcoin has dipped below $62,000, signaling a bearish trend as geopolitical tensions rise. Ethereum has fallen below key support at $2,461, and Ripple is testing its 50-day EMA at $0.578. All three cryptocurrencies face potential declines unless they can reclaim critical resistance levels.

Bitcoin has recently declined below the significant support level of $62,000, indicating a weakening bullish momentum. As tensions escalate between Israel and Iran, Bitcoin’s price dropped more than 7% from its psychological resistance at $66,000, leading to a trading price of approximately $61,800 at the time of writing. A further decline could see Bitcoin retesting the September 17 low of $57,610 if it closes beneath its 200-day Exponential Moving Average (EMA) at $59,895. The Relative Strength Index (RSI) on the daily chart is currently at 49, which suggests bearish momentum if it remains below the neutral level of 50. Ethereum also faced a downturn, closing beneath both its 50-day EMA at $2,591 and its daily support level of $2,461. Presently trading around $2,484, if the $2,461 mark remains a resistance level, Ethereum may retest its previous low of $2,155. The RSI for Ethereum is positioned at 46, further indicating a potential decline in price. However, a breakout above $2,461 could revitalize its bullish trend. Ripple’s price observed rejection at $0.657, subsequently dropping below its support level of $0.626 and finding temporary support at its 50-day EMA around $0.578. Currently trading at $0.601, a close beneath the EMA could lead to further downside towards the next support level at $0.544. The RSI stands at 54, which suggests a potential decrease in bullish momentum, while a rise above $0.626 could allow for a recovery towards the July high at $0.657.

The cryptocurrency market is sensitive to geopolitical events, which can significantly impact prices. The decline of Bitcoin,Ethereum, and Ripple in light of the heightened tensions between Israel and Iran highlights this vulnerability. The analysis focuses on key support and resistance levels, as well as market indicators like the RSI, which help in predicting potential price movements. Understanding these aspects provides insights into the current market dynamics and potential future trends for these cryptocurrencies.

In summary, the recent price movements for Bitcoin, Ethereum, and Ripple indicate bearish trends as both Bitcoin and Ethereum have closed below critical support levels, while Ripple hovers near its 50-day EMA. The geopolitical climate is influencing market confidence, and if these cryptocurrencies fail to recover above their respective resistance levels, further declines may ensue. Investors should remain cautious and monitor the situation closely while considering the volatility and risks associated with cryptocurrency investments.

Original Source: www.fxstreet.com

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