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- Bitcoin is declining and nearing its key support level of $69,500; a sustained close below this mark could trigger further declines.
- Ethereum is approaching its ascending trendline support; a close below could signal a possible downturn.
- Ripple price is nearing the $0.488 level; a firm close below would suggest a continuation of its downtrend.
Bitcoin (BTC) and Ethereum (ETH) are approaching their key support levels, and a sustained close below these marks could lead to further declines. Similarly, Ripple (XRP) is nearing its critical support level, where a firm close below would indicate a continuation of its downtrend.
Bitcoin declines as it faces resistance around its all-time high
Bitcoin price faced resistance around its all-time high (ATH) level of $73,777, seen in mid-March, on Tuesday and declined 3.2% in the next two days. At the time of writing on Friday, it continues to decline and trades around $69,400.
If BTC continues its decline and closes below the $69,500 level, it could extend its decline by over 5% to retest its next key support level at $66,000.
The Relative Strength Index (RSI) on the daily chart, which peaked at an overbought level of 70 on Tuesday, has since dropped sharply to 57, signaling a significant weakening in bullish momentum.
BTC/USDT daily chart
However, if Bitcoin holds above the $69,500 level, it may reattempt to retest and break through its all-time high of $73,777.
Ethereum is poised for a downturn if it closes below the key support level
Ethereum's price is nearing its crucial support level of around $2,450 on Friday after declining over 5.4% on Thursday. This level is important as it roughly coincides with the 50% price retracement level at $2,485, the ascending trendline (drawn from joining multiple low levels with a trendline since early September) and the daily support at $2,419.
If ETH breaks below the ascending trendline and closes below the $2,419 support level, it could extend the decline by 11% to retest its September 6 low of $2,150.
The RSI on the daily chart reads at 47, below its neutral level of 50, indicating increasing bearish momentum.
ETH/USDT daily chart
On the other hand, if the ascending trendline holds as support, ETH could rally to its current level and retest its October 21 high of $2,769.
Ripple price shows signs of weakness
Ripple price faced resistance around the daily resistance level of $0.544 on Tuesday and declined 3.5% until Thursday. At the time of writing on Friday, it trades slightly higher, around $0.512.
If XRP declines and closes below $0.488, it could extend the decline by 12% to retest its August 5 low of $0.431.
The RSI indicator on the daily chart is at 41, below its neutral level of 50, suggesting that bearish momentum is gaining traction.
XRP/USDT daily chart
If XRP breaks and closes above the 200-day EMA at $0.549, it could extend the rally by 13% and retest its next daily resistance level at $0.626.