Ethereum
Bitcoin Falls Below $56,000 Level
- Bitcoin price breaks below weekly support level at $58,375, signaling bearish movement.
- Ethereum price fell below $3,240, its daily low from June 24, indicating a shift in market structure from bullish to bearish.
- Ripple price is trading below the weekly support level of $0.413, indicating an upcoming bearish trend.
Bitcoin (BTC) broke through the weekly support level at $58,375 on Thursday. It is trading down 2.8% at $55,314 on Friday. Ethereum (ETH) and Ripple (XRP) have broken below crucial support levels, suggesting a potential bearish trend for these assets in the coming days.
Bitcoin Price Breaks Below Weekly Support Level at $58,375
Bitcoin Price The stock price encountered resistance at the daily level of $63,956 on Monday, which led to a 9.2% decline over the next three days. By Thursday’s close, it had fallen below the weekly support at $58,375. It is trading around $55,314 on Friday, which reflects a further 2.8% decline from the previous day’s level.
If BTC price closes below its May 1 low of $56,522, it could drop 7.3% to revisit its daily support at $52,266.
The Relative Strength Index (RSI) and the Awesome Oscillator (AO) on the daily chart support this bearish thesis, as both indicators Bitcoin prices are below their respective neutral levels of 50 and 0. This suggests continued momentum in favor of the bears, which could lead to a further decline in Bitcoin price.
BTC/USDT Daily Chart
However, if BTC closes above the daily resistance level of $63,956 and forms a higher high in the daily time frame, it could indicate that the bullish sentiment persists. Such a development could trigger a 5% surge in Bitcoin price to revisit its next weekly resistance at $67,147.
Ethereum price drops below $3,000
Ethereum price was rejected by the descending trendline on Monday, leading to an 11% decline over the next three days. By Thursday’s close, it had fallen below its June 24 low of $3,240, now revisiting its May 1 low of $2,817. It is trading around $2,914 on Friday, reflecting a further 4.4% decline from the previous day’s level.
If ETH price closes below its May 1 low of $2,817, it could drop 6.5% to revisit its daily support at $2,621.
The Relative Strength Index (RSI) and the Awesome Oscillator (AO) on the daily chart support this bearish thesis, as both indicators are below their respective neutral levels of 50 and zero. This suggests continued momentum favoring the bears, which could lead to a further decline in the Ethereum Price.
ETH/USDT Daily Chart
On the other hand, if Ethereum’s daily candlestick price closes above $3,524, forming a higher high in the daily time frame, it could indicate that bullish sentiment persists. Such a development could trigger a 5.6% rally in Ethereum’s price to return to its June 9 high of $3,717.
Ripple price is trading below the weekly support level of $0.413
Ripple price hit resistance at the daily level of $0.499 on Tuesday, leading to an 11% decline over the next two days. At the time of writing, it is trading down 8.7% at $0.393, below the weekly support level of $0.413.
If the daily price of XRP closes below $0.413, it could drop by 15% to return to its March 12, 2023 low of $0.347.
The Relative Strength Index (RSI) and the Awesome Oscillator (AO) on the daily chart support this bearish thesis, as both indicators are below their respective neutral levels of 50 and zero. This suggests continued momentum favoring the bears, which could lead to a further decline in Ripple price.
XRP/USDT Daily Chart
Conversely, if the Ripple Price The daily candlestick closes above $0.499 and forms a higher high in the daily time frame, which could indicate that the bullish sentiment persists. Such a development could trigger a 6% rally in Ripple’s price to return to its June 5 high of $0.532.