• Bitcoin price hovers below $68,000 on Monday, down over 6% from the previous week.
• Ethereum price slips below key support, increasing the likelihood of a deeper correction.
• XRP extends its downtrend, printing seven consecutive red candlesticks.

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) continue to weaken on Monday after correcting by more than 6%, 5% and 4%, respectively, in the previous week. BTC slips below $68,000 while ETH and XRP trade below their key support levels. The top three cryptocurrencies are showing early signs of weakness after losing key support, hinting at a deeper correction in the upcoming days.

Bitcoin momentum indicators show early bearish signs

Bitcoin price is trading at $68,000 as of Monday. The near-term bias turns mildly bearish as price holds below the channel’s upper boundary near $72,600 while respecting the lower band around $65,900, indicating sellers dominate on rallies within the downward structure. Daily closes remain well beneath the 50-day and 100-day Exponential Moving Averages (EMAs) clustered above $72,000–$78,000, underscoring a corrective phase within a broader high-level range. 

Momentum has cooled, with the Relative Strength Index (RSI) on the daily chart slipping back toward the mid-40s, and the Moving Average Convergence Divergence (MACD) below its signal line and sliding toward the zero axis, reinforcing fading bullish momentum after the failure to sustain levels above $72,000.

Initial resistance aligns with the recent swing high near $69,000, followed by the channel top just under $72,600, where the 50-day Exponential Moving Average overhead strengthens the supply zone; a daily close above this confluence would be needed to ease the current downside bias and open the way toward $73,500 and beyond. 

On the downside, immediate support emerges around the channel floor near $65,900; a break below this area would expose $64,000 and then $62,500, where prior demand and the lower extremes of the recent range could attract dip buyers.

Ethereum extends correction after failing to hold above key support

Ethereum price is trading at $2,048 on Monday. The near-term bias stays mildly bearish as price holds below the channel top near $2,148. ETH remains well below the 50-day and 100-day EMAs clustered around $2,200 and $2,470, reinforcing downside pressure after the latest bounce failed to sustain above $2,100. 

The RSI on the daily chart at 45 softens from recent highs, signaling fading bullish momentum, while the MACD line has slipped below the signal line and turned negative, indicating building selling pressure.

Initial resistance emerges at the channel top near $2,148, with the 23.6% Fibonacci retracement from the $1,747.80 low to the $3,402.89 high at $2,138 adding weight to this barrier. A daily close above this zone would expose the 38.2% retracement at $2,380, aligning ETH with the 50-day EMA region and weakening the current bearish structure. 

On the downside, immediate support stands around $2,000, ahead of the channel base and major horizontal floor at $1,747, where a break would extend the broader decline and create room for a deeper slide within the prevailing downtrend.

XRP prints seven consecutive red candlesticks

XRP price is trading below $1.39 as of writing on Monday. XRP remains locked inside a descending parallel channel anchored from $2.83, with price hovering closer to the lower boundary near $1.09 than to the upper line around $1.90, keeping the broader tone bearish. Daily closes stay well below the 50-day and 100-day EMAs clustered between $1.49 and $1.67, reinforcing downside pressure as rallies fail to challenge these layers of dynamic resistance.

The RSI on the daily chart at 43 drifts below the midline, indicating subdued bullish momentum after the late push toward $1.54, while the MACD indicator rolls over toward the zero line, with the MACD line converging on its signal line and a shrinking positive histogram suggesting fading upside impulse within the broader downtrend.

Initial support is seen at $1.30, where a prior horizontal floor aligns beneath and serves as the last notable buffer before the channel’s lower boundary near $1.09, a break of which would open the way to a deeper leg lower in the prevailing bearish structure. 

On the upside, the first resistance is defined by the recent swing high area around $1.45, followed by the psychological $1.50 region, where overhead supply coincides with the descending 50-day EMA. A daily close above that zone would be required to challenge the channel top near $1.90, which converges with a long-standing horizontal resistance at $1.90 and represents the key level to negate the medium-term bearish bias.

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