Key Moments
- Bitcoin (BTC) trades at $61,778, staying below key EMAs and reinforcing a deepening bearish phase.
- Ethereum (ETH) at $1,638 remains under heavy selling pressure, with price far under its 50-day, 100-day, and 200-day EMAs.
- XRP at $1.128 continues to trade below layered moving-average resistance, with momentum indicators still tilted to the downside.
Broader Market Backdrop
The cryptocurrency complex remains on the defensive mid-week as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) struggle to rebuild upside momentum following last week’s steep correction. BTC is holding below $62,000, ETH trades under $1,650, and XRP’s technical indicators continue to point toward ongoing downside risks.
Bitcoin: Technical Structure Skews Bearish
Bitcoin price is quoted at $61,778 on Wednesday, extending a pronounced downward phase. The coin is trading well beneath its 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs), underscoring persistent selling control.
A prior attempt to reclaim the former horizontal barrier at $64,004 has failed, leaving BTC pinned beneath a heavy overhead supply zone. The breakdown of the previously rising trendline support near $72,981 further strengthens the negative technical bias.
The Relative Strength Index (RSI) is hovering close to oversold conditions around 24, while the Moving Average Convergence Divergence (MACD) remains firmly in negative territory. Together, these indicators signal continued downside pressure, even if price swings could become more volatile at such depressed momentum readings.
Key Bitcoin Levels
| Type | Level |
|---|---|
| Current price | $61,778 |
| Initial resistance (horizontal) | $64,004 |
| 50-day EMA | $72,045 |
| Broken ascending trendline | $72,981 |
| 100-day EMA | $74,235 |
| 200-day EMA | $79,400 |
| Major horizontal resistance | $84,410 |
On the upside, first resistance is clustered around the reclaimed horizontal area near $64,004. Above that, the 50-day EMA at $72,045 and the previously broken ascending trendline at $72,981 form a significant supply band. Higher still, the 100-day EMA at $74,235 and 200-day EMA at $79,400 compose a broader bearish ceiling, ahead of notable horizontal resistance at $84,410.
There is no nearby moving-average or structural technical support around the current price. Any additional decline is likely to probe fresh levels beneath $61,778, leaving BTC exposed to further liquidation until buyers return in greater size.
Ethereum: Bears Eye Deeper Support
Ethereum is trading at $1,638 on Wednesday, keeping a clearly negative tone and staying well below its primary EMA references. The 50-day EMA is positioned at $2,026, the 100-day EMA at $2,168, and the 200-day EMA at $2,425, all marking substantial overhead resistance zones.
On the daily chart, the RSI is lodged deep in oversold territory near 25, while the MACD continues to show negative readings. This combination suggests that although bearish momentum is stretched, a convincing reversal signal has not yet emerged.
Key Ethereum Levels
| Type | Level |
|---|---|
| Current price | $1,638 |
| Initial resistance (horizontal) | $2,000 |
| 50-day EMA | $2,026 |
| 100-day EMA | $2,168 |
| 200-day EMA | $2,425 |
| Key horizontal support | $1,385 |
On the topside, initial resistance aligns with the prior horizontal ceiling at $2,000, followed by the 50-day EMA at $2,026. Above this, the 100-day EMA at $2,168 and the 200-day EMA near $2,425 reinforce the broader bearish configuration.
To the downside, the next notable technical floor appears at horizontal support around $1,385. Any price stabilization in that area would likely coincide with an already oversold RSI and a possible easing of negative MACD momentum.
XRP: Momentum Remains Fragile
XRP is quoted at $1.128 on Wednesday, retaining a clearly bearish short-term profile. The token trades well beneath its 50-day, 100-day, and 200-day EMAs, which act as stacked resistance overhead.
The RSI is sitting just above the oversold line near 30, signaling that selling pressure is extended yet still dominant. The MACD is negative and remains below its signal line, reinforcing the ongoing downside bias.
Key XRP Levels
| Type | Level |
|---|---|
| Current price | $1.128 |
| Psychological resistance | 1.300 |
| Parallel-channel boundary | 1.301 |
| 50-day EMA | $1.311 |
| 100-day EMA | $1.402 |
| 200-day EMA | $1.607 |
| Distant horizontal resistance | $1.900 |
On the upside, initial resistance is located around the psychologically important 1.300 level, reinforced by the adjacent parallel-channel boundary at 1.301 and the 50-day EMA at $1.311. This confluence forms a tight cap that bulls would need to reclaim to alleviate immediate downside pressure.
Above this cluster, the 100-day EMA at $1.402 and the 200-day EMA near $1.607 serve as additional barriers before the more distant horizontal resistance region around $1.900. While XRP trades below this layered structure, rallies are likely to remain fragile, and the chart does not present a clear support reference beneath current prices.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
