Trend Reversal or Another Sharp Drop? Bitcoin, Ethereum, and XRP Near Critical Price Level

▲ Bitcoin (BTC), Ethereum (ETH), XRP (XRP) / ChatGPT-generated image ©

After experiencing a sharp downturn, Bitcoin, Ethereum, and XRP (Ripple) are moving sideways at key price levels, showing signs of easing selling pressure. Although short-term rebound signals have emerged, whether they can break above major resistance levels is expected to determine their future direction.

According to investment-focused media outlet FXStreet on February 16 (local time), Bitcoin (BTC) has been trading within a range between $65,729 and $71,746 since February 7. It is currently trading around $68,376, and a breakout above the upper boundary of $71,746 could extend the rebound toward the daily resistance level of $73,072. On the daily chart, the Relative Strength Index (RSI) has rebounded from oversold territory at 35, while the Moving Average Convergence Divergence (MACD) indicator has formed a bullish crossover, suggesting that downward momentum is weakening. However, if Bitcoin closes below $65,729, further downside toward the $60,000 support level remains possible.

Ethereum (ETH) is seeking direction within a range of $1,700 to $2,150. After confirming resistance near the upper level of $2,149, it declined 5.75% and is currently trading around $1,957. Analysts suggest that a daily close above $2,149 could pave the way for a recovery toward the next resistance level at $2,400. Similar to Bitcoin, the RSI and MACD indicators point to weakening bearish momentum. Conversely, if ETH falls below the lower boundary of $1,747, the correction could deepen once again.

XRP has broken above the lower trendline of a falling wedge pattern and is now testing support around $1.45. It is currently trading near this level, and if the lower trendline holds as support, there is potential for a rebound toward $1.73, where the 50-day exponential moving average is located. Momentum indicators are also signaling a recovery. However, if XRP falls back below the trendline, a decline toward the weekly support level at $1.30 cannot be ruled out.

FXStreet noted that while all three assets are showing signs of reduced selling pressure in the short term, a confirmed breakout above key resistance levels is necessary to discuss a full-fledged trend reversal. The current phase is viewed as neutral, where both a technical rebound and further correction remain possible.

*Disclaimer: This article is for investment reference purposes only and the publisher is not responsible for any investment losses incurred based on it. The content should be interpreted for informational purposes only.*