Bitcoin, Ethereum, and Ripple: Are Price Drops Inevitable as Key Support Levels Approached?

Bitcoin Faces Resistance Near All-Time High

Bitcoin is currently declining and is nearing its key support level of $69,500. A sustained close below this mark could trigger further declines. As of Friday, Bitcoin trades around $69,400, reflecting a 3.2% decline from its all-time high (ATH) of $73,777 seen in mid-March. If it continues to decline and closes below the $69,500 level, it could extend its decline by over 5% to retest the next key support level at $66,000.

The Relative Strength Index (RSI) peaked at an overbought level of 70 but has since dropped to 57, indicating a weakening bullish momentum. However, if Bitcoin holds above $69,500, it may reattempt to break through its ATH.

Ethereum's Downturn Potential

Ethereum is also facing critical levels, with its price nearing $2,450 after a decline of 5.4% on Thursday. This level aligns with the 50% price retracement at $2,485 and the ascending trendline from early September. A close below the $2,419 support level could lead to an 11% decline, retesting the September 6 low of $2,150.

The RSI for Ethereum is at 47, below neutral, suggesting increasing bearish momentum. If the ascending trendline holds, Ethereum could rally to retest its October 21 high of $2,769.

Ripple's Signs of Weakness

Ripple is facing resistance around $0.544, with a 3.5% decline observed until Thursday. Currently trading around $0.512, if Ripple closes below $0.488, it may extend its decline by 12% to retest the August 5 low of $0.431.

The RSI for Ripple is at 41, signaling bearish momentum. A close above the 200-day EMA at $0.549 could see a potential rally of 13%, retesting the next resistance level at $0.626.