Bitcoin, Ethereum, and XRP posted losses over the past week and have reached pivotal technical levels that will likely determine their near-term direction, according to analyst Ali Martinez.
Bitcoin and Ethereum at Key Junctures
Bitcoin currently trades around $82,500 after briefly falling below $80,000 last week. The critical support level to monitor is $81,000, which marks the lower boundary of a daily rising channel. If this level holds, Bitcoin could rebound toward $84,000 and then $86,500. A break below $81,000 could trigger a deeper decline toward $76,000.
Ethereum faces a similar test at $2,350, identified as the support line of a right-angled ascending broadening pattern. Currently trading near $2,440, a bounce from $2,350 could push the asset toward $2,700 or the $3,000 level. However, a daily close below $2,350 could open the door to a decline toward $2,000.
XRP's Technical Setup
Ripple's XRP token has declined 7% over the past week and is trading near $1.32. The key support level to watch is $1.25, which could complete the right shoulder of a potential inverse head-and-shoulders pattern on the 3-day chart. For a decisive breakout, XRP would need to sustain a close above $1.56, which could set the stage for a move toward $2. Loss of the $1.25 level could result in a drop to $1.
Recent on-chain activity on the XRP Ledger showed a significant spike, with the total dollar value of coins transferred reaching $49.70 billion as the token's price hovered near the $1.25 support level, suggesting this could mark a potential bottom.
