- Technical Overview of Altcoins: Both Ethereum and XRP face difficulties as challenges persist:
Ethereum is trading at $1,676, maintaining a clear downward bias in the short term as the price remains well below the 50-day, 100-day, and 200-day exponential moving averages, which are clustered around $2,058, $2,189, and $2,430 respectively.
Momentum remains weak, with the Relative Strength Index hovering near the oversold zone around 27 on the daily chart, while the MACD indicator remains in negative territory with its line below the signal line and a continuing negative histogram, collectively indicating that selling pressure still dominates despite extended conditions.
Daily chart of ETH/USDT pair
On the bullish side, initial resistance appears at the 50-day exponential moving average near $2,058, followed by resistance at the 100-day EMA around $2,189, then the 200-day EMA near $2,430, forming a dense supply zone that must be reclaimed to ease the overall bearish trend. On the downside, psychological support levels at $1,600 and $1,500 are potential zones where buyers might step in to stabilize the price during declines.
On the other hand, XRP is trading at around $1.16 under clear downward pressure. Its spot price is significantly below the 50-day EMA at $1.32, the 100-day EMA at $1.41, and the 200-day EMA at $1.62, levels that collectively challenge upward movement and reinforce the near-term bearish outlook.
The Relative Strength Index hovers above the oversold zone near 34 on the daily chart, while the MACD remains in negative territory, indicating that although selling momentum still dominates, selling pressure may start to weaken with further declines.
Daily chart of XRP/USDT pair
On the bullish side, initial resistance is at the 50-day EMA at $1.32, with additional hurdles at the 100-day EMA at $1.41 and the 200-day EMA at $1.62, where any recovery is likely to face difficulty unless buyers can sustain a breakout above these moving averages. In the absence of nearby technical support levels on the daily chart, traders may look to previous lows for potential demand zones at $1.05 and $1.00. However, as long as XRP remains below the clustered exponential moving averages, selling on rallies rather than continuation is more probable.
$ETH
$XRP