Bitcoin (BTC) remains under pressure, trading above the $87,000 support at the time of writing on Tuesday. Selling pressure has continued to weigh on the broader cryptocurrency market since Monday, triggering declines across altcoins, including Ethereum (ETH) and Ripple (XRP).
Ethereum is trading below the pivotal $3,000 level, but remains above $2,900 short-term support at the time of writing on Tuesday. The falling 50-day EMA at $3,185, the 100-day EMA at $3,395 and the 200-day EMA at $3,401 signal that the prevailing bearish outlook could extend further. The RSI has declined to 45 on the daily chart, indicating that bearish momentum is picking up. A further slope toward oversold territory would trigger a sell-off eyeing November’s support of $2,623.
An ascending trendline could provide relief to the buyers, especially if the MACD indicator upholds a buy signal and enters the bullish region. Green histogram bars above the mean line would also signal a potential shift to a bullish environment.
A key area of interest for traders is the 50-day EMA at $3,185, which should flip to support the uptrend. Failure to breach this level would keep Ethereum engulfed in overhead pressure. XRP sellers are largely in control at the time of writing on Tuesday. The cross-border remittance token is trading under pressure and below the key $2.00 level.
The 50-day EMA at $2.12, the 100-day EMA at $2.31 and the 200-day EMA at $2.40 are sloping toward on the daily chart, which reinforces the overall bearish outlook. XRP’s downtrend will likely continue in upcoming sessions if the RSI at 39 on the same chart extends the decline toward oversold territory. A close below the immediate $1.90 hurdle could accelerate the downtrend toward Friday’s absence at $1.77 and April’s low of $1.62.
If the dominant risk-off sentiment persists, overhead pressure could overwhelm demand, increasing the odds of Bitcoin falling toward $80,000.
Bitcoin (BTC) remains under pressure, trading above the $87,000 support as selling pressure broadens across the crypto market. Since Monday, risk-off sentiment has weighed on BTC and pulled altcoins lower, with Ethereum (ETH) and Ripple (XRP) among the hardest hit.
Ethereum is trading below the pivotal $3,000 level but remains above nearby support around $2,900. The 50-day EMA sits at $3,185, with the 100-day EMA at $3,395 and the 200-day EMA at $3,401, signaling the bearish outlook could persist. The RSI has fallen to 45, indicating waning momentum; a move toward oversold territory could set up a test of November’s $2,623 support. An ascending trendline could offer relief for buyers, particularly if the MACD buys signal holds and the histogram stays above the mean line.
XRP sellers are in control at the time of writing, with the token trading below the $2.00 mark. The 50-day EMA is $2.12, the 100-day EMA is $2.31 and the 200-day EMA is $2.40, all sloping downward and reinforcing the bearish view. If the RSI slides toward oversold regions and the price closes below $1.90, the downtrend could extend toward Friday’s $1.77 area and the $1.62 low seen in April.
If the risk-off sentiment persists, overhead pressure could overwhelm demand, increasing the odds of Bitcoin moving toward the $80,000 level in coming sessions.
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