Bitcoin tests $75,600 support line…XRP and Ethereum caught in a bearish slump

▲ Bitcoin (BTC), Ethereum (ETH), XRP / ChatGPT generated image ©

As the leading virtual asset, Bitcoin (BTC), precariously tests a key support line, even the leading altcoins, Ethereum (ETH) and XRP (Ripple), are flashing bearish signals one after another, standing at a critical juncture that will determine the short-term direction of the market.

According to investment specialized media FXStreet on April 29 (local time), Bitcoin has experienced a two-day consecutive correction this week, trading at $76,508 as of Wednesday. It currently maintains a positive bias above the 50-day exponential moving average (EMA) of $73,588 and the 100-day EMA of $75,648. However, the Relative Strength Index (RSI) hovers around 56, and the Moving Average Convergence Divergence (MACD) has fallen below 0, suggesting a slowdown in upward momentum. If the $75,648 support line breaks, it could fall to $74,487. Conversely, if it rises, $78,962 and the psychological barrier of $80,000 are expected to act as initial resistance levels.

Ethereum is trading at $2,290, showing a neutral to slightly bullish trend. In the short term, it has found support above the 50-day EMA of $2,244, but it remains trapped below the 100-day EMA of $2,348, limiting a full recovery. The RSI is at 52, indicating neutral momentum, and the MACD also remains in negative territory, suggesting a shaky rebound rather than a strong breakout.

For Ethereum to decisively turn bullish, it must break above the 100-day EMA of $2,348 and the $2,367 level on a daily closing basis. If successful, it could extend its gains to $2,558 and then to the 200-day EMA of $2,606. Conversely, in case of a decline, $2,244 will act as the initial support, and failure to hold this level risks a drop to the top of the horizontal channel at $2,148.

XRP is trading at $1.37, having broken below key support levels and entered a short-term bearish phase. The 50-day EMA at $1.41, the 100-day EMA at $1.52, and the 200-day EMA at $1.75 are all stacked above it as heavy resistance walls. The RSI hovers at 46, and the MACD is sliding deeper into negative territory, indicating that buying momentum is gradually losing strength.

If XRP's downward pressure continues, the area around $1.30, where buyers previously defended, will become the initial support. In the worst-case scenario, a structural drop to the bottom of the parallel channel at $0.79 could occur. To aim for a rebound, it must first reclaim the $1.41 level, then successively overcome the channel tops at $1.52 and $1.60 to shake off the heavy bearish shadow.

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