• Bitcoin extends its correction, nearing the key support at $74,487, a close below could open the door to deeper losses.
• Ethereum faces rejection at $2,138 and eyes a decline toward $2,000.
• XRP momentum indicators continue to strengthen on the bearish side, signaling further losses.

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) remain under pressure midweek as the broader crypto market struggles to regain bullish momentum amid uncertainty over the US-Iran peace deal. BTC extends its correction nearing the key support zone, while ETH and XRP follow BTC’s footsteps, hinting at deeper losses. The cautious market tone across the top three cryptocurrencies and the overall fading risk appetite suggest downside risks could persist.

Bitcoin shows signs of caution

Bitcoin price trades at $75,705, maintaining a corrective bearish bias as it remains below the short- and medium-term Exponential Moving Averages (EMAs). The 50-day EMA at $76,715 and the 100-day EMA at $76,841 sit just overhead as immediate dynamic resistance, reinforcing the idea of a capped recovery while price also remains well below the 200-day EMA at $81,388.

Momentum conditions support this softer tone, with the Relative Strength Index (RSI) hovering in the low 42s and the Moving Average Convergence Divergence (MACD) indicator entrenched in negative territory, suggesting downside pressure remains prevalent despite the recent stabilization.

On the topside, initial resistance is seen at the 50-day EMA at $76,715, followed closely by the 100-day EMA at $76,841; a sustained break above this cluster would open the way toward the 50% retracement of the broader upswing at $78,962. Higher up, the 200-day EMA at $81,388 aligns with the 61.8% Fibonacci retracement at $83,437 and the horizontal barrier near $84,410 to form a dense resistance band. 

On the downside, immediate support is defined by the 38.2% Fibonacci retracement at $74,487, with further protection at the former trendline break area around $71,519 and then the 23.6% Fibonacci retracement at $68,950; a loss of these levels would significantly deepen the corrective phase.

Ethereum bulls continue to weaken

Ethereum price trades at $2,071, maintaining a bearish bias as price remains below the 50-, 100-, and 200-day EMAs, clustered between roughly $2,210 and $2,521. ETH has slipped back below the 23.6% Fibonacci retracement of the broader upswing at $2,138, keeping the latest bounce shallow within a broader corrective phase. 

The RSI at 35 hovers just above oversold territory, while the MACD remains in negative territory with a subdued reading, both hinting at persistent downside pressure rather than a confirmed reversal.

On the topside, immediate resistance is now located at the 23.6% Fibonacci retracement at $2,138, followed by the 50-day EMA at $2,210 and the 100-day EMA at $2,289. Further ahead, the 38.2% Fibonacci retracement at $2,380 and the 200-day EMA at $2,521 are likely to cap stronger recoveries, with higher Fibonacci hurdles aligning at $2,575 and $2,770 before the $3,048 and $3,402 levels from the prior cycle high. 

On the downside, initial support is seen near $2,000, ahead of the broader swing low region around the Fibonacci anchor at $1,747, where buyers are expected to show more interest if the decline extends.

XRP bears tighten grip as downside risks increase

XRP price trades at $1.328, maintaining a bearish near-term bias as price remains below the 50-day, 100-day, and 200-day EMAs, clustered between roughly $1.400 and $1.670. XRP also trades below the upper boundary of a downward parallel channel at $1.383, reinforcing a capped tone, while the RSI at about 38 remains in bearish territory without yet signaling oversold conditions; the MACD indicator remains in negative territory, with the line below zero, suggesting persistent downside pressure.

On the topside, immediate resistance comes at the channel boundary around $1.383, followed by the 50-day EMA at $1.396, with further barriers at the 100-day EMA near $1.465 and the 200-day EMA around $1.665 before a more distant horizontal cap at $1.900.

On the downside, initial support is seen at the horizontal level of $1.300; a sustained break below this floor would open the way for an extension of the current downtrend, while recovery attempts are likely to struggle as long as price remains below the nearby EMA cluster and channel resistance.

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