Midweek trading sees Bitcoin, Ethereum, and XRP struggling to maintain traction as weakness across the crypto market mounts. Over the past two days, Bitcoin has slipped nearly 3 percent, Ethereum has fallen about 6 percent, and XRP has dropped nearly 5 percent, all pointing toward a potential deeper downside correction.
Bitcoin Loses Ground, Eyes $107K in Next Leg Down
Bitcoin’s inability to hold support around $116,000 on Friday triggered a string of losses, dragging price below its 50-day Exponential Moving Average at $113,794. As of Wednesday, BTC hovered in the $112,000 range. Technical indicators now warn of further decline: the Relative Strength Index (RSI) has dipped to 42 (below the neutral 50 midpoint), and the MACD formed a bearish crossover earlier this week, with growing negative histogram bars confirming seller momentum.
If the selling continues, Bitcoin could retest its next daily support near $107,245. On the flip side, a reversal and a daily close above the 50-day EMA would open a path toward resistance around $116,000.
Ethereum Breaks Below Key Support, Looks Vulnerable
Ethereum’s slide began when price broke under $4,488 on Friday, then accelerated its decline to close below the next support zone at $4,232 by Tuesday. By Wednesday, ETH was trading near $4,171. Indicators echo Bitcoin’s signals: the RSI and MACD both favor the bears. If ETH fails to regain $4,232, it could head toward its 61.8 % Fibonacci retracement area near $3,593.
In the event of a rebound, closing above $4,232 is critical to pave the way toward further recovery up to $4,488.
XRP Bears Tighten Grip as Support Fails
XRP has also succumbed to selling pressure, failing to defend support around the 61.8 % Fibonacci level near $2.99. The token dropped by over 6 percent through Tuesday and was trading around $2.82 by Wednesday. Should XRP breach its next daily support at $2.72, sellers may push price down toward $2.35. Momentum indicators remain in bearish territory, suggesting limited upside in the near term. A bounce back over $2.99 would be required to shift sentiment toward recovery.
Broader Outlook: Momentum Fading, Correction Likely Continues
Across the top three cryptos, fading momentum and weak chart structure suggest that a more extended correction may lie ahead unless fresh buying interest emerges. Investors and traders would be wise to watch the key levels mentioned above and monitor whether BTC, ETH, or XRP can recapture their respective resistance zones to signal a potential recovery.
