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- BTC technical indicators like RSI (44) and MACD hint at potential further bearishness, with $90,000 serving as a crucial support level if the price dips lower.
- After a sharp decline below $3,000, Ethereum has rebounded with a 3% weekly gain, closing at $2,690. Ripple (XRP) gained 7% this week, trading at $2.55 after recovering from recent losses.
Bitcoin (BTC) price continued to stay in consolidation mode, trading between $94,000 and $100,000 over the last nine days. In contrast, Ethereum (ETH) and Ripple (XRP) have been quite resilient, registering weekly gains of almost 3% and 7%, respectively.
Bitcoin (BTC) Fails To Escape Its Consolidation Range
Bitcoin has been moving in a tight range since falling below $100,000 on February 4. The BTC price has remained between $94,000 and $100,000, struggling to find a clear direction. As of Friday, BTC is trading at around $96,600.
Should Bitcoin break through the $100,000 ceiling, it would then try its luck at its January 31 high of $106,012. Technical charts are not quite agreeing, though. The Relative Strength Index (RSI) in the daily time frame reads 44, hinting at a weakening stance after being knocked off the 50 neutral points last week. The Moving Average Convergence Divergence (MACD) indicator gave a bearish crossover, pointing towards more bearishness to come, as noted in our previous article.
On the flip side, in case Bitcoin dips below the lower end of its consolidation range of $94,000, the next important level to observe would be $90,000. It will serve as a crucial psychological support level.
Ethereum Attempts To Recover From Recent Losses
Ethereum price had a quick pullback following a failure to break above a declining trendline resistance on February 1. The rejection caused a 13.87% decline, dropping ETH below the $3,000 psychological barrier on February 2. The drop continued last week with ETH price falling a further 9% before consolidating.
Ethereum has registered some recovery signs this week, increasing by close to 3% and closing at about $2,690 on Friday. If the uptrend continues, the next level of major resistance to challenge would be $3,000.
The RSI on Ethereum’s daily chart now stands at 38, having recovered from an oversold reading at 30. Although this indicates easing selling pressure, a close above the neutral 50 level would be needed to validate a more solid uptrend. Should selling continue and Ethereum drop below $2,359, the next important support level to observe is $1,905, a pivotal weekly support level.
Ripple Faces Resistance at $2.72
Ripple price registered a significant fall after it dropped below an upward trendline on February 2, down by 10.35% and closing below the $2.72 support mark. The slide continued last week, with XRP being rejected at the $2.72 level before plummeting 11.38% by Sunday’s close.
However, XRP price has rebounded this week, rising almost 7% and trading at about $2.55 on Friday. A continued rebound could drive the price to its prior support-turned-resistance level at $2.72. According to TradingView, the RSI on XRP is 54, recovering from an oversold level of 30, indicating some bullish strength, as per the previous report.
Like Ethereum, XRP price requires an RSI reading above 50 to indicate sustained upward momentum. On the negative side, in case Ripple is again under selling pressure and drops below $1.96, the fall may continue toward the next weekly support level at $1.40.
