Price Predictions for Bitcoin, Ethereum, and Ripple Amid Bearish Trends

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Price Predictions for Bitcoin, Ethereum, and Ripple Amid Bearish Trends

Bitcoin is consolidating between $94,000 and $100,000, currently at $95,600, with a risk of dropping to $90,000 if it breaks below $94,000. Ethereum, trading around $2,754, may face a decline towards $2,359, whereas Ripple is struggling at $2.49, facing resistance at $2.72 with potential to fall to $1.96.

The current price analysis highlights Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) as they exhibit bearish momentum indicators. Bitcoin has been consolidating between $94,000 and $100,000 since early February and is currently trading around $95,600. If it breaches the $94,000 support, a further decline to $90,000 may occur, indicated by a Relative Strength Index (RSI) of 43, portraying increased bearish momentum.

Ethereum, trading around $2,754 after a 6% rise last week, shows signs of a weakened momentum with an RSI of 46. Should ETH continue its downward trend, it may retest support at $2,359. Conversely, a price rally could lead Ethereum towards the $3,000 level if upward trends persist.

Ripple has experienced a 5.57% decline last week, currently priced at $2.49 after facing resistance at $2.72. If resistance holds, XRP could fall to the next support level of $1.96, with the current RSI at 42, signaling bearish movement. A breakthrough above resistance may allow XRP to target the January high of $3.40.

In summary, Bitcoin, Ethereum, and Ripple are currently under bearish pressure, with Bitcoin positioned at a critical support level. Ethereum exhibits weakness in its momentum, while Ripple’s continued struggle against resistance may result in a further decline. Market participants should maintain vigilance as these cryptocurrencies navigate their respective trading conditions.

Original Source: www.fxstreet.com