Crypto Today: Bitcoin, Ethereum and XRP stay rangebound as market sentiment remains subdued

• Weak market sentiment persists as Bitcoin holds above $78,000, drawing support from the 100-day EMA.
• Technical barriers continue to restrict Ethereum’s upside, despite indications of a recovery near $2,300.
• Further downside remains a risk for XRP under pressure from major moving averages and other technical indicators, despite short-term support holding at $1.25.

Caution continues to dominate cryptocurrency trading on Monday, with Bitcoin (BTC) consolidating around initial psychological support at $78,000. Last week’s steep correction came as investors reacted to the $6.3 billion Binance hack. Ethereum (ETH), meanwhile, is edging higher for a third consecutive day near $2,300. Its modest rebound from support around $2,200 has not dispelled traders’ caution, as significant structural barriers are likely to constrain ETH’s upside potential.

For Ripple (XRP), consolidation continues just above the  $1.25 demand zone, with bulls targeting a near-term rebound towards the next resistance area at $1.30-$1.33.

Can a recovery gain traction while market sentiment remains weak?

Confidence in digital assets suffered sharply after a major security breach at Binance, the largest cryptocurrency exchange, resulted in losses of approximately $6.3 billion. Investors were left unsettled by the widespread, steep decline in crypto prices. The sell-off also brought a marked deterioration in sentiment: the Fear & Greed Index stood at 37 in Fear territory on Monday, only marginally above the previous day’s 34.

The index offers a subdued reading compared with last week’s neutral level of 50 and the previous month’s Greed sentiment reading of 37. Market direction will become clearer over the coming days and weeks. Stronger risk appetite would improve the prospects for a recovery, whereas persistently weak sentiment may leave investors on the sidelines and raise the likelihood of a downtrend taking shape.

According to QCP’s ‘Market Colour’ report, “Binance's recovery is on track so far: withdrawals reopened across 15 networks, with a net outflow of $3.64 billion, about 2.1% of assets. It says 95% of stolen funds are covered, though its full proof of reserves has slipped to Tuesday,” with the report adding, “The attacker still holds the BTC and is splitting it into 1,000 and 100 BTC pieces.”

Bitcoin technical analysis: Can lower key support withstand the pressure?

A near-term bearish bias persists for Bitcoin at $78,149, below both the 50-day Exponential Moving Average (EMA) near $80,295 and SuperTrend resistance around $83,470. However, trading above the 100-day and 200-day EMAs, at approximately $77,825 and $76,484 respectively, indicates that the broader uptrend structure remains intact despite pressure from the latest pullback.

With the Relative Strength Index (RSI) near 39 and the Moving Average Convergence Divergence (MACD) still negative, momentum remains subdued. Recoveries could therefore struggle while those overhead barriers continue to limit gains.

The 50-day EMA near $80,295 presents the first resistance, followed by the SuperTrend line around $83,470, together reinforcing a wider supply zone. Immediate downside support lies at the 100-day EMA around $77,825, with the 200-day EMA at approximately $76,484 next in line. A break below the latter would leave the pair exposed to a deeper correction within the daily range.

Ethereum technical analysis: Can ETH bulls regain control of the trend?

Trading at $2,291, Ethereum retains a bearish near-term bias below the 200-day EMA at $2,317 and the 100-day EMA at $2,353. Higher up, the 50-day EMA near $2,417 and the SuperTrend line at $2,490 add further layers to the overhead supply zone, indicating that rallies are likely to encounter selling pressure.

Although the RSI has climbed out of oversold territory towards 37, it continues to signal bearish conditions. The MACD also remains negative despite narrowing losses, suggesting that downward momentum is slowing rather than reversing.

The first upside obstacle is the 200-day EMA around $2,317. Beyond it lie the broken rising trendline region near $2,335 and the 100-day EMA at $2,353. Bulls would then have to overcome the 50-day EMA at $2,417 to test the SuperTrend barrier around $2,490. This dataset shows no nearby structural support below the prevailing price, leaving ETH susceptible to fresh declines while it remains beneath the cluster of moving averages and trend resistance.

XRP technical analysis: Will sideways trading continue?

A bearish bias continues to weigh on XRP near $1.25, with the price below key moving averages and the recently reclaimed downtrend line. Overhead resistance from the 100-day, 50-day and 200-day EMAs at $1.33, $1.34 and $1.37, respectively, suggests limited scope for rallies as the pair attempts to recoup its recent losses.

The absence of sustained buying interest keeps the risk of further declines in focus. Momentum indicators remain weak, with the RSI near 37 and the MACD below zero.

The former downtrend line breakout level near $1.30 marks initial resistance, ahead of the 100-day EMA at $1.33. Further up, the 50-day EMA at $1.34 and the 200-day EMA at $1.37 form a broader supply zone, beyond which the SuperTrend barrier at $1.40 becomes relevant.

The current set of daily chart indicators provides no clear nearby support. Traders may therefore turn to intraday price movements and earlier swing lows to identify potential floors. Any rebound is likely to be viewed as corrective while XRP stays below the clustered EMAs.

(The technical analysis of this story was written with the help of an AI tool. Know more.)