Bitcoin Holds Steady at $87K: What’s Next for ETH and XRP?

Bitcoin price stabilizes around $87,000 on Friday, with its RSI indicating indecisiveness among traders. Meanwhile, Ethereum (ETH) and Ripple (XRP) are showing signs of weakness as they confront resistance at critical levels this week.

Bitcoin’s RSI Indicator Signals Indecision

Bitcoin has broken above its 200-day Exponential Moving Average (EMA) at approximately $85,580 and rose by 4.45% until Monday. However, it has since stabilized around $87,000, finding support at the 200-day EMA. If Bitcoin breaks above the descending trendline, it could reach the psychological level of $90,000, with a successful close above potentially leading to a rally towards $95,000.

BTC/USDT daily chart

Conversely, a rejection from the trendline or a close below the 200-day EMA may push Bitcoin down to its next support level at $78,258.

Ethereum Displays Weakness

Ethereum has found support near $1,861 for two weeks, recovering nearly 7% last week. However, it has faced a 4% correction over the last three days, trading below $2,000 at the moment. If this downward trend continues, it might retest its support at $1,861.

ETH/USDT daily chart

Ripple Faces Potential Downtrend

Ripple's price broke above its 100-day EMA at $2.32 last week but has since declined 5.74%. Currently, it is nearing its 100-day EMA of approximately $2.31. If Ripple closes below this level, it could drop to its next support at $1.96.

XRP/USDT daily chart

If the 100-day EMA holds, Ripple may recover to test its resistance level at $2.72.

FAQs

• Bitcoin is the leading cryptocurrency by market cap, designed to function as money without centralized control.
• Altcoins are all cryptocurrencies except Bitcoin, with Ethereum sometimes excluded from this definition.
• Stablecoins are cryptocurrencies pegged to a reserve asset to maintain price stability.
• Bitcoin dominance reflects Bitcoin's market cap relative to all cryptocurrencies, often signaling investor sentiment.

Disclaimer: This article contains forward-looking statements and should not be construed as investment advice. Always conduct thorough research before making investment decisions.