Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are showing signs of stabilization on Wednesday after a sharp market-wide correction earlier in the week. These top three cryptocurrencies are consolidating near key support levels, suggesting traders are reassessing their next moves amid easing volatility.
Bitcoin finds support around the $100,353 support level
Bitcoin price faced rejection around its previously broken trendline on Monday and declined 8.18% until the next day, retesting the 50% retracement level at $100,353. At the time of writing on Wednesday, BTC is finding support around $100,353 and trading slightly above $102,000.
If the 50% retracement level at $100,353 continues to hold as support, BTC could extend its recovery toward the next key resistance level at $106,435.
The Relative Strength Index (RSI) is 33, hovering near oversold territory, suggesting that selling momentum may be easing and that a potential short-term rebound could be on the horizon.
On the other hand, if BTC closes below the $100,353 support level, it could extend the decline toward the next daily support at $97,460.
Ethereum could rebound after retesting key support at $3,171
Ethereum price faced rejection from the 100-day EMA at $3,928 on Monday and declined by 15.73% the next day. At the time of writing on Wednesday, ETH rebounds slightly after retesting the 50% retracement level at $3,171.
If the $3,171 continues to hold as support, ETH could extend the recovery toward the 61.8% Fibonacci retracement level at $3,593.
The Relative Strength Index (RSI) reads 31 and points upwards after retesting oversold territory, indicating that selling momentum may be easing and a potential short-term rebound could be on the horizon.
However, if ETH closes below $3,171, it could extend the decline toward the next daily support at $3,017.
XRP could recover if the $2.35 level holds as support
XRP price started the week on a negative note, declining by more than 12% through Tuesday after being rejected around the 50-day EMA at $2.60 on Monday. At the time of writing on Wednesday, XRP hovers at around $2.24.
If the daily support at $2.35 holds, XRP could extend the recovery toward the 50-day EMA at $2.60.
Like Bitcoin and Ethereum, XRP RSI indicates that selling momentum is starting to ease, suggesting a potential short-term rebound may be on the horizon.
However, if XRP closes below $2.35, it could extend the decline toward the next daily support at $1.96.