 ▲ Bitcoin (BTC), Ethereum (ETH), and XRP / ChatGPT-generated image © |
Bitcoin, Ethereum, and XRP are once again facing short-term downside risks as they have simultaneously retreated toward key support levels.
According to investment-focused media outlet FXStreet on February 18 (local time), selling pressure continues for Bitcoin (BTC), Ethereum (ETH), and XRP despite an overall sideways trend. BTC has been trading within a range between $65,729 and $71,746 since February 7, and has fallen about 2% this week, slipping below $68,000. The current price is nearing the lower boundary of $65,729.
If BTC closes below $65,729 on a daily basis, further declines toward the next major support at $60,000 could open up. On the daily chart, the Relative Strength Index (RSI) stands at 34, below the neutral 50 level and trending toward oversold territory, suggesting strengthening bearish momentum. However, the Moving Average Convergence Divergence (MACD) formed a golden cross on Sunday and continues to maintain it, indicating that bullish momentum has not been completely invalidated. Conversely, if BTC breaks above $71,746, a rebound toward the $73,072 resistance level remains possible.
Ethereum faced resistance near the $2,149 upper boundary and dropped 5.75% on Sunday alone. Over the past two days, it has fluctuated around the $2,000 level, and if the correction continues, it may decline toward the lower range boundary at $1,747. Similar to Bitcoin, the RSI signals increasing bearish pressure, while the MACD maintains a recently formed golden cross. If Ethereum closes above $2,149, a recovery toward the next resistance at $2,400 could follow.
XRP broke above the lower trendline of a falling wedge pattern but is now trading at $1.47 after finding support again near that trendline. However, if it closes below this trendline, a deeper correction toward the weekly support at $1.30 could unfold. While XRP’s RSI indicates bearish pressure, the MACD continues to show underlying bullish momentum, presenting mixed signals between indicators. If the lower trendline holds as support, a rebound attempt toward the 50-day Exponential Moving Average (EMA) at $1.71 is possible.
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