- Bitcoin (BTC) has been rejected by the overbought level on the Relative Strength Index (RSI) chart, suggesting a possible dip below the $106k support level.
- Ethereum (ETH) has also been said to be going through a fading momentum, increasing the likelihood of plunging below the $2,400 level.
The crypto market shows signs of uncertainty as Bitcoin’s (BTC) stability forces most altcoins to move in a tight range. The hope for an altseason in the near term has also been dashed by the retreat of the altcoin Index from 29/100 indicated by CNF in a previous report, to 23/100. Even so, the spotlight remains on Bitcoin (BTC), Ethereum (ETH), and XRP as traders monitor them for a decisive change in sentiment.
Bitcoin (BTC) Price Analysis
Bitcoin continues to trade below its all-time high at $111,980 after declining to a support level of $106k on May 24. According to data, the asset rebounded to $110k in a few days after and declined again to $108k.
At the time of writing, Bitcoin had declined by 0.4% in the last 24 hours, surged by 0.7% in the last seven days, and recorded 15% gains on its monthly price chart.
Currently, the Relative Strength Index (RSI) is showing signs of exhaustion as it declines from the overbought territory at 70 to 64.
As highlighted in our previous analysis, the Moving Average Convergence Divergence (MACD) is also showing a bearish crossover, suggesting that Bitcoin could fall to as low as $100k once it breaks below the $106k level. However, a move above the $110k could see BTC hitting the $120k level, as also mentioned in our previous coverage.
Ethereum (ETH) Price Analysis
Ethereum (ETH) is strongly held above its support level at $2,566 after declining from a daily high of $2,712. According to our market data, the asset is currently attempting to breach its $2,700 resistance level on the 1-hour chart at a current price of $2,631. However, this could also be reversed as the asset loses its steam, declining from 70 to 66 on the RSI chart.
According to analysts, the asset is going through a fading bullish momentum with a bearish crossover recorded on the MACD indicator. A continued hold of this trend could see the price falling to $2,400. Breaking the existing resistance point on the daily chart could also see ETH making a decisive run into the $3000 zone. As detailed in our earlier discussion, analysts have also hinted that ETH is seeking to imitate the 25,000% surge recorded in the 2017 cycle.
XRP Price Analysis
XRP has plunged below a crucial support level of $2.3 to trade at $2.29 after recording losses of 0.4% and 3.5% on its daily and weekly price charts.
Currently, XRP has fallen below the neutral level of 50 on the RSI chart to 48, signalling a bearish momentum. A continuation of this trend could see the price falling to $1.96. Holding and rebounding could also see XRP surging to $2.72. From here, the asset could extend this run to $15 in the medium term, according to our recent analysis.
