Price Prediction for Top 3 Cryptocurrencies: BTC, ETH, and XRP Weakening Around Support, Risk of Stronger Correction

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) are all experiencing a slowdown as the excitement in the crypto market weakens. BTC and XRP are currently weakening around important support levels of 116,000 USD and 2.99 USD, respectively, while ETH is still struggling to break through the resistance level of 4,488 USD. All momentum indicators are sending warning signals, indicating the risk of the market entering a deeper correction.

Bitcoin may extend its decline if it breaks below the support level of 116,000 USD

Bitcoin recently set a new historical peak at 124,474 USD on Thursday, but the upward momentum did not last long as the price quickly adjusted down by 4% on the same day. By the weekend, BTC mainly fluctuated around the 117,300 USD range. As we enter this week, selling pressure remains present, causing the price to continue to weaken on Monday, slipping slightly below the key support level of 116,000 USD.

If Bitcoin closes below the 116,000 USD level on the daily chart, the downtrend could extend, with the target testing the (EMA) 50-day moving average at 115,031 USD. A break below this level will open up the risk of a deeper decline towards the next support area around 111,980 USD.

Daily BTC/USDT chart | Source: TradingViewTechnical indicators are also leaning towards a bearish scenario. The RSI indicator on the daily chart has fallen below the neutral level of 50 and continues to decline, reflecting increased selling pressure. Meanwhile, the MACD had a bearish crossover on Sunday, signaling a sell and reinforcing the risk of a downward trend.

However, if BTC recovers to the level of 116,000 USD, the market may witness a rebound, aiming to return to the psychological threshold of 120,000 USD.

Ethereum faces the risk of correction

Ethereum reached a new yearly high of 4,788 USD on Thursday, just a short distance from the historical record of 4,868 USD. However, the rapid increase quickly stalled as the price plummeted nearly 7% on Saturday. By Sunday, ETH slightly bounced back but continued to fail at the resistance level of 4,488 USD. As of the beginning of the week, this cryptocurrency remains in a weakening trend, fluctuating around 4,364 USD.

If the adjustment pressure is maintained, ETH could retreat deeply to the important support area at 3,946 USD.

Daily ETH/USDT chart | Source: TradingViewThe technical indicators are also leaning towards a bearish scenario: the daily RSI is at 62, having left the overbought zone from last week and is currently trending down, reflecting the waning bullish momentum. Meanwhile, the MACD indicator's moving averages are gradually converging and are at risk of soon creating a bearish crossover, further reinforcing the risk of a correction.

Conversely, a positive scenario will unfold if ETH recovers and closes above 4,488 USD, at which point the upward trend may be extended, even bringing the price back to challenge the historical peak of 4,868 USD.

XRP shows clear signs of weakness

Ripple (XRP) was unable to break through the resistance level of 3.40 USD on Thursday, causing the price to plummet nearly 6% by the end of the weekend. Moving into Monday, this crypto asset remains in a downward trend, approaching the key support level of 2.99 USD.

If XRP closes below the 2.99 USD threshold, selling pressure may continue to push the price down to the next support area at 2.72 USD. Important technical indicators such as RSI and MACD are also currently reinforcing this bearish scenario, similar to what is happening with Bitcoin.

Daily XRP/USDT chart | Source: TradingViewHowever, if XRP can hold the 2.99 USD level, the chance of a rebound and testing the 3.40 USD level is not completely closed yet.

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