Bitcoin Recovery Halted, Ethereum Defends Support, Ripple Breakout Imminent, What's Next?

▲ Bitcoin, Ethereum ©

The cryptocurrency market has entered a mixed phase, leaving behind its recent rebound and searching for direction, as major assets continue a tense tug-of-war around key support and resistance levels, heightening anticipation for future trends.

According to investment media outlet FXStreet on June 17 (local time), Bitcoin (BTC), Ethereum (ETH), and XRP (Ripple) have shown different technical trends after their recent recovery, failing to establish a unified direction. Bitcoin's upward momentum stalled around $66,000, while Ethereum defended key support levels, keeping the spark of a rebound alive. XRP, on the other hand, is closely approaching strong resistance, focusing on creating a breakthrough for further gains.

As of Wednesday, Bitcoin is hovering around the $66,000 mark, taking a breather. The current price is below the 50-day moving average of $70,351 and the 100-day moving average of $73,084, suggesting strong selling pressure on any upward moves. The daily chart's Relative Strength Index (RSI) is lingering in the low 40s, indicating weak buying momentum, but the Moving Average Convergence Divergence (MACD) is positive above the zero line, suggesting that the recent rebound is an attempt to reverse the trend within the overall consolidation range. Downside, a break below the horizontal support level of $64,005 could lead to a more significant further correction.

Ethereum is holding steady, maintaining the $1,804 level after its recent modest recovery. In the short term, it remains significantly below the 50-day ($1,955), 100-day ($2,117), and 200-day ($2,377) moving averages, indicating persistent downward pressure. The RSI is out of the oversold zone, sitting at 46, and the positive MACD trend suggests ongoing attempts at a temporary rebound to defend support levels despite being blocked by the overhead moving averages. Breaking above the horizontal resistance of $2,000 is the immediate challenge, while a break below the major structural support of $1,385 could significantly weaken the trend.

After being rejected by resistance the previous day, XRP is once again attempting to break above the upper boundary of its descending channel at $1.250, currently trading around $1.22. The RSI pointing at 49, just below the neutral midline, and the MACD slightly turning positive above the zero line, indicate that selling pressure is gradually weakening. If it surpasses the channel's upper boundary at $1.250 and the 50-day moving average at $1.280, upside targets of $1.373 and $1.580 could open up. As there is no clear lower support level indicated by current metrics, investors should use previous lows or psychological support levels as a basis for their strategies.

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