Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) stabilize mid-week after correcting sharply earlier this week. BTC hovers near $92,000 after briefly slipping below $90,000 earlier. Meanwhile, ETH and XRP are defending key support levels, suggesting a recovery in the coming days.
Bitcoin finds support around a key psychological level at $90,000
Bitcoin started the week on a negative note and extended its decline by 2%, closing below the 61.8% Fibonacci retracement level at $94,253 (drawn from the April 7 low of $74,508 to the all-time high of $126,299 set on October 6). On Tuesday, BTC dipped to $89,253 but rebounded from the key psychological $90,000 level, ultimately closing the day higher at $92,960. At the time of writing on Wednesday, BTC hovers at around $92,600.
If the psychological level at $90,000 continues to hold, BTC could extend the recovery toward the 61.8% Fibonacci retracement at $94,253.
The Relative Strength Index (RSI) on the daily chart is 30, hovering near oversold territory, suggesting bearish momentum may be slowing and a potential short-term rebound could emerge.
On the other hand, if BTC closes below $90,000, it could extend the correction toward the next daily support at $85,000.
Ethereum rebounds slightly after retesting the key support level
Ethereum price faced rejection at the previous broken trendline around $3,592 last week and declined by nearly 14%. ETH continued its correction at the start of this week, reaching a low of $2,946 on Tuesday, but rebounded slightly after retesting the low at $3,017. At the time of writing on Wednesday, ETH hovers at around $3,118.
If ETH finds support around $3,017, it could extend the recovery toward the key resistance level at $3,592.
Like Bitcoin, Ethereum’s RSI is rebounding from oversold territory, suggesting fading bearish momentum and early signs of recovery.
However, if ETH closes below $3,017, it could extend the decline toward the next key support at $2,749.
XRP’s momentum indicators hint at fading bearish strength
XRP price found rejection from the 50-day EMA at $2.47 last week and declined nearly 7%. XRP continued its correction on Monday, but recovered slightly the next day. At the time of writing on Wednesday, XRP hovers at around $2.21.
If XRP continues its recovery, it could extend the rally toward the 50-day EMA at $2.47.
The RSI on the daily chart is 41, near its neutral level of 50, suggesting fading bearish momentum. For the recovery rally to be sustained, the RSI must move above the neutral level.
However, if XRP continues its correction, it could extend the decline toward the next daily support at $1.96.