- Bitcoin price hovers around $97,400 on Friday after losing nearly 5% in the last three days.
- Ethereum price failed to recover, trading around $2,700 and hinting at a downleg ahead.
- Ripple faced rejection around the $2.72 daily resistance; further correction on the cards.
Bitcoin (BTC) hovers around $97,400 on Friday after losing nearly 5% in the last three days. Ethereum (ETH) and Ripple (XRP) fail to recover and face rejection from their key levels, hinting at further corrections.
Bitcoin bears aim for the $90,000 mark
Bitcoin price faced a pullback, reaching a low of $91,231, but quickly recovered to close above $101,300 on Monday. However, it failed to maintain its recovery and declined nearly 5% in the next three days. At the time of writing on Friday, BTC trades at around $97,000.
If BTC continues its correction, it could extend the decline to test its psychologically important level of $90,000.
The Relative Strength Index (RSI) on the daily chart reads 44 after being rejected from below its neutral level of 50 on Monday, indicating bearish momentum. Moreover, the Moving Average Convergence Divergence (MACD) showed a bearish crossover last week, hinting at further correction ahead.
BTC/USDT daily chart
Conversely, if BTC recovers and finds support around $100,000, it would extend the recovery to retest its January 31 high of $106,012.
Ethereum price is poised for a downleg as it fails to recover above $3,000
Ethereum price faced a rejection around its descending trendline on February 1 and declined 13.87%, closing below its $3,000 psychologically important level the next day. On Monday, ETH dips and reaches a low of $2,125 but quickly recovers to close at $2,879. However, it failed to maintain its recovery and declined almost 7% in the next three days. At the time of writing on Friday, it hovers around $2,715.
If ETH continues its decline and closes below $2,359, it will extend the decline to test its next weekly support at $1,905.
The RSI on the daily chart reads 33, nearing its oversold level of 30, indicating a strong bearish momentum. The MACD also continued to show a bearish crossover last week, suggesting the continuation of a bearish trend.
ETH/USDT daily chart
However, if ETH recovers, it could extend the recovery to test its $3,000 level.
Ripple is set for a downward move as it faces rejection around $2.72
Ripple price broke below its ascending trendline (drawn by connecting multiple lows since early January) on February 2 and declined by 10.35%, closing below its 50-day EMA at $2.59. On Monday, Ripple dipped and reached a low of $1.77 but quickly recovered to close at $2.70. However, it failed to maintain its recovery, was rejected from the daily resistance level at $2.72, and declined nearly 14% in the next three days. At the time of writing on Friday, it hovers around $2.35.
Suppose XRP continues its pullback and closes below its daily support at $1.96. It could extend the decline to test its weekly support level at $1.40.
The RSI on the daily chart reads 35, heading towards its oversold level of 30, indicating a strong bearish momentum. The MACD also continued to show a bearish crossover last week, suggesting the continuation of a bearish trend.
XRP/USDT daily chart
On the other hand, if XRP recovers, it could extend the recovery to test its daily resistance level at $2.72.
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
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
Crypto morning: Bitcoin's bullish surge, Fidelity's Ethereum leap, Trump-backed WLF's $3M MNT buy
Bitcoin traders are reacting positively to the US Federal Reserve’s (Fed) policy shift. As BTC hovers around the $88,000 level on Monday, analysts are optimistic about Bitcoin price gains this week. Technical analysis supports Bitcoin’s bullish thesis.
Dogecoin remains brand leader in meme coins – Fei Chen, Founder and CEO of Intellectia AI
Dogecoin open interest plunged to a near four-month low in mid-March before beginning a slow recovery. Mr. Fei Chen, founder and CEO of Intellectia AI, shared his thoughts on Dogecoin, a potential DOGE ETF, and the likelihood of DOGE inclusion in a US Strategic Crypto Reserve in an interview.
Bitcoin could hit $110,000, supported by the Fed’s dovish stance and Trump’s flexibility on tariffs
Bitcoin price extends its gains and trade above $87,400 at the time of writing on Monday after recovering 4.25% last week. BitMEX co-founder Arthur Hayes predicts that BTC could hit $110,000 before retracing to $76,500, supported by the US Fed's dovish stance on inflation and US President Donald Trump’s flexibility on tariffs.
Solana bull aims for $160 mark as White House narrows April 2 tariffs
Solana’s price extends its gains on Monday after recovering 5.32% last week. Reports suggest that the White House is narrowing its approach to tariffs set to take effect on April 2, likely omitting a set of industry-specific tariffs.
Bitcoin: BTC stabilizes around $84,000 despite US SEC regularity clarity and Fed rate stability
Bitcoin price stabilizes around $84,000 at the time of writing on Friday after recovering nearly 2% so far this week. The recent announcement by the US SEC that Proof-of-Work mining rewards are not securities could boost BTC investors' confidence.
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.