Prices of Bitcoin, Ethereum, and XRP are showing signs of weakness after several weeks of gains.
Bitcoin: Fading Momentum and Key Levels
Bitcoin is currently trading between $115,000 and $120,000. After hitting a high of $123,218 earlier this month, the price has struggled to push higher. As of now, it is trading at $115,805.09, down 1.51%. If it falls below this point, the next support level is the 50-day Exponential Moving Average at $111,458. Indicators like the Relative Strength Index and MACD suggest weakening buying momentum.
Ethereum and XRP: Selling Pressure
Ethereum is also facing pressure, having dropped over 3% after failing to hold above $3,730. With the current price below this resistance, there is a risk of dropping to $3,000 if $3,500 does not hold. XRP has seen a sharper decline, dropping below $3.40 after hitting $3.66, currently trading around $3.10. The MACD indicates a negative trend, with the Relative Strength Index also showing weakening positions.
Future Prospects and Analysis
Despite current challenges, some analysts still believe Ethereum has potential for future growth. Former BitMEX CEO Arthur Hayes predicts it could reach $10,000 by the end of 2025. However, without fresh interest from buyers, these assets may continue to decline in the coming days.
The price declines of Bitcoin, Ethereum, and XRP raise concerns among traders. The future of these cryptocurrencies hinges on holding key support levels and the return of buyers to the market.
