Brace for Impact: Bitcoin, Ethereum, and Ripple Show Signs of a Pullback

Market Overview

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are all facing significant resistance at critical levels, hinting at a potential pullback in the coming days.

Bitcoin Bulls Show Signs of Exhaustion

Bitcoin's recent price action indicates bearish momentum on the RSI indicator, suggesting a potential decline ahead. After reaching an all-time high (ATH) of $104,088, BTC sharply fell to a daily low of $90,500, recovering slightly to close above $96,900. Currently, it trades around $99,500.

Despite this recovery, the RSI signals warning signs of a bearish divergence, hinting at a possible short-term correction. Traders should prepare for a small rally towards the recent high of $104,088 before a potential drop to the $90,000 support level. A close below this level could extend the decline to $85,000.

If BTC manages to close above $104,088, it could continue its rally towards a new ATH of $119,510, aligning with the 141.4% Fibonacci extension.

Ethereum Price Set for a Pullback

Ethereum has also shown strength, rallying 8% last week but facing resistance at the $4,000 mark. Currently trading around $3,948, if this resistance holds, ETH may decline to retest its support at $3,721. The RSI on the daily chart has dropped from the overbought level, indicating a weakening bullish momentum.

Should ETH break above $4,000, it could extend its rally to $4,200.

Ripple Price Faces Downturn

Ripple is currently trading around $2.47 after facing resistance at $2.66. If this level continues to resist, XRP may retest the psychologically significant level of $2.00. The RSI indicates a potential sell signal if it exits the overbought territory.

Conversely, if XRP breaks above $2.66, it could extend its rally towards $3.00.