- Bitcoin price seems poised for a decline as it tests the crucial resistance level around $62,000.
- Ethereum price is at risk of a decline after encountering a significant resistance barrier around $2,843.
- Ripple price retests the daily level at $0.544; failure to maintain this support could result in a decline.
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) each encountered resistance at key levels and declined on Sunday. Technical analysis and current market conditions suggest that these cryptocurrencies' overall downward trends are likely to continue in the coming days.
Bitcoin faces potential decline as it tests key $62,000 resistance level
Bitcoin's price was repeatedly tested and rejected by the 61.8% Fibonacci retracement level of $62,066 (drawn from the swing high of $70,079 on July 29 to Monday's low of $49,101). On Monday, it trades slightly lower by 0.3% at $58,564.
If the $62,066 level holds as resistance, aligning with the broken trendline and the 100-day Exponential Moving Average at approximately $63,021, selling pressure may rise.
Failure to surpass $62,066 could lead to a 19% drop, potentially revisiting the $49,917 daily support level.
The Relative Strength Index (RSI) indicator and Awesome Oscillator (AO) on the daily chart are trading below the neutral levels of 50 and zero. These momentum indicators strongly indicate bearish dominance.
BTC/USDT daily chart
Conversely, if Bitcoin closes above the August 2 high of $65,596, it would establish a higher high on the daily chart, potentially driving a 6% increase in its price to challenge the weekly resistance at $69,648.
Ethereum price at risk of decline after facing key resistance barrier
Ethereum faces resistance around the 50% retracement level of $2,843, derived from the swing high of $3,562 on July 22 and the low of $2,124 on August 5. This level coincides closely with the daily resistance at $2,927. Following a bounce last week after finding support from the weekly support at $2,118 on August 5, Ethereum is currently trading slightly lower at $2,537, down 0.7% as of Monday.
If Ethereum price fails to surpass the $2,843 level, it could drop 25% to test its weekly support at $2,118.
This bearish thesis is supported by the daily RSI and AO, which have fallen below their neutral thresholds of 50 and zero, respectively, signaling a bearish dominance.
ETH/USDT daily chart
Conversely, if Ethereum's price closes above the July 29 high of $3,396, it will establish a higher high on the daily chart, potentially driving a 5% increase to revisit the July 22 high of $3,562.
Ripple price could fall deeper if a break below key daily support occurs
Ripple's price faced rejection at the daily resistance level of $0.643 on August 8, resulting in a 10.35% decline over the next three days. As of Monday, it has found support around $0.544 and is trading slightly higher by 1.45% at $0.560.
If XRP breaks below the $0.544 daily level, it could continue to decline 10% to retest the low of August 7 at $0.492.
The daily chart RSI has slipped below its neutral level of 50, and AO is on its way to doing the same. If both momentum indicators fall below their neutral levels, it will reinforce the bearish trend.
XRP/USDT daily chart
Conversely, if Ripple's price closes above the $0.643 daily resistance level, it would change the market structure by forming a higher high on the daily chart, potentially driving a 12% increase toward the next daily resistance level at $0.724.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks

EOS 22% pump steals the show unveiling Vaulta’s web3 banking ecosystem
EOS, the token behind the recently rebranded Vaulta network, has increased by a staggering 22% in the last 24 hours.

Curve DAO Price Forecast: CRV bulls could aim for double-digit gains above key resistance
Curve DAO (CRV) price is in the green, up 8%, trading above $0.53 on Thursday after rallying nearly 15% so far this week.

Bitcoin price reacts as Gold sets fresh record highs after Trump’s reciprocal tariffs announcement
Bitcoin price plunges towards $82,000 as Gold soars past $3,150 after US President Donald Trump imposed new tariffs on Israel and UK, triggering global markets turbulence.

Bitcoin and top altcoins slide as Trump kicks off reciprocal tariffs
Bitcoin (BTC) and the entire crypto market saw a quick correction on Wednesday following President Donald Trump's reciprocal tariff announcements based on half of each country's respective rates.

Bitcoin: BTC remains calm before a storm
Bitcoin's price has been consolidating between $85,000 and $88,000 this week. A K33 report explains how the markets are relatively calm and shaping up for volatility as traders absorb the tariff announcements. PlanB’s S2F model shows that Bitcoin looks extremely undervalued compared to Gold and the housing market.

The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.